We will not give you the long humdrum on why a POS system is important for your business. Instead, we put together the best of what you might have spent hours reading or should we say googling.

 

Why wait any longer? We have just the Point Of Sale software these experts were taking about.

Going online- Where should you start?

People are spending over 3 hours online every single day, that’s 90 hours in a month! There has been a fundamental and profound shift to digital in India. What do the growing number of online opportunities mean for your business? Even if you are a retailer whose business runs on word of mouth and referrals. How can you derive benefit from exploring the online marketplace? Do you have a million and one questions that need to be answered? Well, you could start here.

If there’s one hard and fast rule to doing anything at all and being able to succeed, then it’s to MAKE A PLAN. This doesn’t change with the where, how, what or when. If you are looking for what to begin with, after reading everything that you found about going digital on the internet, then this is for you.

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18 Accounting terms for beginners

The A B C to understanding accounting and financial statements.

1. Fiscal Year :

A fiscal year is the twelve-month period that an organisation uses for budgeting, forecasting and reporting of financial statements and books of accounts. The fiscal year can coincide with the calendar year; however, it can also be different.

2. Revenue :

Revenue is the total amount of money collected for goods or services sold before deducting any expenses of business. It also includes any credits or discounts for returned merchandise.

3. Profit and Loss Statement :

A profit and loss statement is a report generated by the company that lists earnings, expenses and net profits for a given period of time. It’s also referred to as P&L.

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Niche Retailing

As the name suggests, nice retailing is the practice of selling only to a specific market segment. Nice retailers specialise in one particular type of products or similar products. The more narrowly a niche retailer can define his target market, the better.  While niche retailers may not appeal to a broad group of consumers, they meet the special demands of smaller groups they target.

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Mass Customisation

Giving each and every one of your customers what they want. If you were wondering how that is even possible, then visit a nearby mall, you’ll notice for yourself!

Mass customisation combines the flexibility and personalisation  of custom-made products with the low unit costs associated with mass production. Mass customised products may also be referred to as made to order or built to order.

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Dynamic Clustering

Most business have a fragmented customer base, i.e customers could be of different socio-economic backgrounds, spread across geographies, have variable product choices etc. Dynamic clustering helps the retailer identify patters or factors that drive store performance. They could be similar local patterns across stores in different locations. Product and consumer attributes are important for in-season store sales performance.

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Green Retailing

 

Eliminating waste.

Increasing efficiency

Reducing Costs.

Starting from as small environment friendly packaging material, giving your customers reusable shopping bags instead of plastic and implementing energy efficient practices like using renewable sources of energy to power operations is considered green retailing. It includes energy-efficient stores offering energy-efficient products, green merchandise, promotion and distribution, and reduced packaging.

Here’s how Nike and Wal-Mart are doing it :

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