Digging into retail deposit options

 

Shoppers making in-person purchases in 2018 have more payment choices at the register than ever before. They can pay with check, debit or credit, or by scanning their phone or watch. Or they can pull out their wallets and pay with cash — and despite convenient advances in payment technology, many do.

 

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It’s official: The cost of cash is more than you think

  


Get 10 retailers in a room and ask them what their most expensive form of payment is. What do you think they’ll say? I’d wager most of them would say credit – but they’d be wrong.


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Restaurants | Why accepting cash is so expensive

 

In my early restaurant days, part of our mission was to ensure the 3 F’s: food, feel and flow. Was the food great? How was the feel/vibe? Was there a great flow through the line and the restaurant? Maintaining these key metrics – and profitability, of course – was the mark of a great manager. One F I hated dealing with? Funds. Managing and reconciling cash at the end of the day was a chore and a headache.

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4 things your store managers think but don’t tell you

 

When I worked as divisional manager for a department store chain, nothing could strike fear in our hearts quite so much as a corporate visit to a store in our division. Every element of the store across all departments had to be absolutely flawless for these visits. Hundreds of extra hours were spent prepping the store to make sure it was perfect — all for a team of bigwigs that would be there less than an hour.

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3 reasons smaller retailers need to rethink cash handling

 

Every independent retailer knows they’ve got to sweat the small stuff, and they're always looking for ways to keep costs down and customer experience up. One way is cash handling, or currency management, but it's often overlooked because it’s not customer-facing and doesn’t increase sales. Or can it?

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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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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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