By now, most U.S. retailers and consumers have felt the effects of the supply chain issues that have plagued much of the world for the last several months. As the holiday shopping season approaches, brands and retailers are working overtime to secure the products they need to sell in order to meet sales goals.
Your store may have a leaner product assortment this holiday season, but with some careful planning and data from your point of sale system, you can minimize the impacts on customers.
Use POS to Minimize Supply Chain Impacts
According to Total Retail, there are three strategies that retailers and store managers can use to keep in-demand products in stock this holiday shopping season – and beyond.
1. Understand Demand for Categories and Products
Use your point of sale data to identify which products are in demand. If you have multiple locations, break down demand by location. Because shopping habits have shifted so much during the pandemic, you may need to gather additional data. This can be done through customer feedback and digital product testing.
Once you understand which products or product categories are in demand, you can prioritize stocking those items. Continually monitor POS product data to make adjustments as the holiday shopping season progresses.
2. Identify Opportunities for Price Elasticity
Are there products that will sell at full price, no matter what? Which products must be discounted in order to sell at large-enough volumes? Use your POS data to determine how to maximize sales and profits across products and categories.
3. Offer Omnichannel Convenience
Labor shortages and tight shipping capacity will likely add to the difficulties of the 2021 holiday shopping season. Offer – and even incentivize – customers to pick up in store instead of having purchases delivered. Not only will this avoid some of the shipping challenges, but it will also increase foot traffic – and potentially increase sales in the checkout lane or elsewhere.
Does your point of sale system provide the data you need for a successful holiday season? If not, Retail Tech is here to help! Contact us today to discuss your needs.
Retail Tech carries a wide variety of new and refurbished POS hardware and equipment. We offer installation and staging, retail point of sale system repairs, and more. If you need help choosing a hybrid POS solution, contact our POS systems specialists for help finding the perfect point of sale solution for your retail store, restaurant or other small business.