Why retailers should worry about the cost of cash

 

When I talk with retailers, I occasionally get push-back when we discuss the cost of accepting cash and how to lower it. It’s always interesting to hear why a retailer might not see cash as a concern, but once we start talking, they see how the hidden costs of cash can creep up. 

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Self-checkouts | Will cashless units work for your stores?

 

Self-checkouts have come in and out of fashion in the retail world over the last several years, and with good reason: They can be a double-edged sword for any retailer who implements them.

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Can too much cash can be a bad thing?

 

Too much cash is bad? Absolutely, when it’s sitting idle in your stores. Cash is essential in a retail store, but striking the right balance of cash on hand and cash in corporate’s bank account is a never-ending challenge. If stores have too little cash, they can’t operate properly. But fear of running short often causes retailers to keep too much cash on hand, creating a costly problem — idle cash.

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Why should retailers connect their systems and devices?

 

At NRF 2018 in New York, we got a lot of questions about the messages in our booth. What did we mean by “connect your systems and devices”? And how does that help retailers with their customers and their stores?

 

Creating connections with your systems and devices powers your relationship with your data and, in turn, your stores and customers. When your technologies communicate with each other, they can work together to bring you vital information that you can use to act fast.

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11 important things retailers could be doing instead of managing store reports

 

When I was a district coordinator in a major retail chain, I was — as all retail leaders are  slammed. All the time. If I wasn’t forecasting sales or monitoring operational results, I was managing vendors and department heads. My favorite part of the job was being in stores and seeing how things were going day to day, but it felt like I was only there if there was a problem to solve. And, of course, I only heard about these problems when I’d spot them in the daily and weekly data deluges that flooded my email.

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4 ways connecting with customers will help you win in 2018

 

I found myself at the grocery store on the afternoon of Dec. 24, along with half the city, it seemed. In the checkout line, something notable happened. The store’s assistant manager approached me and said, “Did you see the rolls we have on sale? I see you here a lot, and I thought you’d like to know there was a great deal on them.”

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What are retailers' 2018 technology priorities?

 

Year after year, technology drastically changes the retail landscape. Not long ago, what’s commonplace now would have seemed impossible – like letting customers scan their own purchases at unmanned checkout lanes, the ability to buy almost anything (from almost anywhere) using a smartphone or the ability to pay for goods and services by scanning the very same phone.

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Most-clicked topics reveal one of retailers’ top concerns

 

Our most-viewed blog posts of 2017 tell us quite a bit about what’s been on retailers’ minds this year. An overall theme seems to pop up when you look at the topics that had readers clicking — process improvement.


The retailers who read our blog are looking for ways to make the “have-tos” of retail more efficient so that their employees can be more productive. After all, spending time on tasks and processes doesn’t build customer loyalty or boost profits  spending time with customers does.

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Conversion rates and customer experience

 

No one likes to admit it, but every retailer has a few stores that are…less than ideal. One might even call them bad stores. But getting them on the right track is easier than you think if you analyze your stores’ conversion rates and what they mean to your customer experience.

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8 silly things retailers do with their cash

 

Retailers don’t always give their cash the attention it deserves. Whether you take a little cash in your stores or a lot, it can still present a challenge if it isn’t managed properly.

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