I blog about small business, retail, and more.

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Efficiently Run Your Small Business with an ePOS System

I recently came across a quote from entrepreneur Bill Rancic where he said that, “I'm a big fan of small business ownership. I think it's the backbone of American innovation. But to be successful, you first have to have the courage to go for it.”

Apparently the United States has a pretty strong backbone and an incomprehensible amount of courage. According to the U.S. Small Business Administration, over 50% of the current working population in the United States works in a small business setting and small businesses have generated more than 65% of the new jobs created in the U.S. since 1996. If that isn’t impressive enough, more than 540,000 new businesses are being started each month.

While those statistics may seem impressive, it also means that there is a ton of competition out there as more small businesses enter into the battle for customers’ dollars. Not only do entrepreneurs have to create products that stand out in the crowd, but they have to run their companies creatively and efficiently in order to survive. Here’s how an EPOS system can help you to do just that:

It grows as your business grows. – No entrepreneur starts a business with a small dream and minimal passion. Instead, they visualize multiple locations, immense traffic filtering through their stores, and enough product to fill a small gymnasium. So can your current EPOS software keep up with your expectations? The right one can grow as your company expands to meet future needs and help to keep your momentum.

Inventory Counts – Keeping track of your inventory is not only one of the most important aspects of your business, but it’s also one of the most time consuming. EPOS software helps you to stay on top of your stock at all times so you know what you have, where it’s located, when you need to order more, and how much you paid for it. With so much real time data, you can also adjust your pricing or create special sales events.

Easy to use. – Your to-do list is already a mile long, so you don’t have time to learn a complicated EPOS system. Fortunately, you don’t have to. EPOS systems are set up to work with hardware you may already have and can easily be integrated into your daily routine. Moreover, you can find training videos, access step-by-step guides or join free webinars to guide you through the process.

There are two things that most entrepreneurs have in limited supply: time and money. You can find out how an EPOS system can help save you both here. You can do more without having to spend more, and that is why Vend EPOS software is the best in the industry.

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5 Ways Tablet POS Software Systems Grow In-store Sales

I went to Target this morning and saw something quite comical. An elderly gentleman couldn’t find the particular Starbucks product he was looking for on the shelves and stopped a worker to ask for help. The young male employee was more than willing and ran down five aisles until he found a co-worker to ask if he knew where the coffee was located. After both of them scanned the beverage section, they finally found the right product. Unfortunately there was no price visible and so the cheerful employee jogged down another five aisles to use the price check kiosk. Well, that was more than the customer wanted to pay so the employee grabbed three other Starbucks bags, jogged back to the kiosk, and found something cheaper. Whew! I was tired from just watching the whole thing unfold.

If this can happen at a mega box store like Target, it can certainly happen to smaller retailers. Here are five reasons why all businesses should incorporate tablet POS software systems to help increase their in-store sales:

1) Improved Customer Experience – In the above example, the elderly gentleman said a couple of times, “That’s okay. Don’t worry about it.” Now I’m not sure if he said that because he didn’t want to inconvenience the employee or because he got tired of waiting, but that is besides the point. What is obvious is that if one of the employees had access to a tablet point of sale system, they could have located the product and found the pricing with minimal effort resulting in a happier customer. (Which leads me to my second point…

2) Prevent Loss of Sales – If the customer was in a hurry or got annoyed at having to wait for the product to be located, he could have easily walked away. We are in a society that wants what they want and they want it now. Any time wasted before a sale is completed means that the profit (and having a returning customer) is at risk.

3) Access Current Data – With a tablet POS, you can instantly find out if a product is in stock at your current location or at another location, you can reorder stock or you can update and access customer data such as what products they prefer so you can recommend additional items for purchase. In addition, you can collect customer information to inform them of future sales or offers. According to retail expert Shari Waters, “Excellent customer service is the key to increasing sales. Listen to your customer to understand their needs and wants. Then educate him/her about the products. Finally, let the customer know you appreciate their business. Offer value-added services and products. Create a mailing list by asking for contact information from each customer.”

4) Process Payments – Tablet POS software equips cashiers to take the checkout process to the customer while enabling them to accept credit cards, debit cards, cash, or mobile payments. Long lines and lengthy check out times are a thing of the past therefore allowing businesses to process more sales and increase customer interactions (which also ties back to point #1: creating a great customer experience).

5) Professional Image – Running back and forth to the store room, displaying inconsistent pricing, and slow moving cashier lines are all turn offs that reflect poorly on the products you sell and your company as a brand. However, running a business that is a well-oiled machine (which includes having the right items in stock, unflustered employees who can access product data and customers who share their positive experiences) contributes to having a polished, successful company and strong bottom line.

A tablet POS system is clearly one of the most progressive ways to run a business. You can find out more about a tablet point of sale solution here. Implementing the right tablet POS software system doesn’t have to be confusing or difficult, especially when Vend has created exceptional software that is easy to use. Mark Cuban wisely stated, “Make your product easier to buy than your competition, or you will find your customers buying from them, not you.” The simplest and fastest ways to do this is through a tablet POS system.

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How Secure is My Web POS Software?

Cloud computing has been a part of the Internet landscape for almost ten years now and it’s amazing how it’s progressed in such a short time. Its abilities to store information and allow its users to access innumerable software programs are quite unfathomable. However, just as absolute power corrupts absolutely, does immeasurable power create immeasurable risk?

In 2006 when the Internet cloud started to become more mainstream, I would have said to enter tentatively like when you slowly place your toe in a too cold pool and carefully inch in to the water. Now in 2015 we’ve tested the waters, assessed the threats, and continue to create safeguards to inhibit compromises in security.

Case in point: web point of sale software. While running your business using a web POS software system is incredibly convenient with its functions to manage stock, run reports, and oversee employee management from your mobile device, so much vital information stored on the cloud can create anxiety concerning hackers and the havoc they can impose. So how safe is your company’s information?

Well, it all depends on you and your staff. For example, the majority of software has basic security measures in place including deterrent controls that warn the hacker of legal repercussions of breaking into the system, preventative controls to eliminate vulnerabilities, detective controls to identify and react to a breach in security and corrective controls to limit the damage done. However, your system is more vulnerable if your laptop gets stolen or you have an untrustworthy employee that can leak important information to a competitor. InfoTech.com suggests that, “Companies should use more secure passwords, implement two-factor authentication systems and watch out for unusual IP addresses and traffic on their networks.”

But there is good news! Web based POS software doesn’t store credit card information so security breaches are highly unlikely. Secondly, web POS software companies have tech departments constantly updating and improving their programs so you don’t have to. They know what predatory malware is accosting the web and can create updates to protect your valuable information.

While hackers and cyber security is a real concern, the potential of web POS software far outweighs the fear of possible danger. You can find out more about the benefits of a web POS system here. In addition, point of sale software companies such as Vend ensure that your information is more secure than if you just stored your data on your hardware. For example, if your computer gets stolen or if your system crashes, your data would be destroyed. Vend backs up its server hourly so you always have access to your current information.

Bill Gates once said that, “The computer was born to solve problems that did not exist before.” While hackers only came into existence because of the invention of the computer, evolving software continues to prove that hackers won’t be its demise.

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What Add Ons Can Improve My Point of Sale System?

When I was a kid I loved Legos. (Heck, I still love them). For my eleventh birthday I got different sets that made up a variety of Star Wars spaceships and when I put them together, they were just stinkin’ awesome. I hung them on my ceiling and even spent hours arranging glow in the dark stars to mimic my map of the galaxy. (No wonder I didn’t get a date until I was 19, but I digress…)

Now that analogy may be a bit too simplistic, but that is how I view add ons with point of sale software. You can have one or two programs that are incredible, but when you combine a variety of functions to seamlessly integrate into one cohesive business management system, you now have the power to propel your company towards success. For example, Vend is the leader in point of sale (POS) software providing small business owners the capabilities to access real-time reports, manage stock for multiple locations, and process various types of payments. However, Vend has also partnered with other ground breaking software companies to provide entrepreneurs with a dream team of services. Here are a few add ons that can improve your POS system:

Xero – This accounting software allows you to publish daily sales totals for reconciliation with your bank account, send regular statement balances to customer accounts and assign sales and purchases to multiple accounts to track sales by category or handle multiple tax rates.

QuickBooks – QuickBooks has long been an industry leader and for good reason: they’ve been helping businesses track sales and expenses, receive payments faster, and they can even manage payroll. Now you can also see how profitable your business is at a glance with their concise dashboards. In addition, all of your accounting information can be imported into Vend from QuickBooks.

Collect – Your business is only as strong as your customer base and Collect helps you to manage loyalty programs and retrieve useful data on customer behaviors therefore allowing you to create relevant, personalized offers. Collect also integrates with Vend to easily input or edit customer information without you having to leave your sell screen

Stitch Labs – In this day and age ecommerce is just as important as your brick and mortar store. Stitch Labs syncs your Vend account to Amazon, Shopify, Etsy, Storenvy, BigCommerce, PayPal, ShipStation and more so that you can manage all of your inventory and customers centrally.

Timely – If you run a salon, restaurant, or any type of business that takes appointments or reservations, you understand that scheduling can be terribly complex. Timely allows you to reserve blocks of time for treatments, track customers, and works with Vend during the payment and product management processes.

Deputy – Overseeing  employees is another crucial aspect to businesses and you can review your store’s daily performance against staff scheduling and wages when you integrate Deputy with Vend. You can also incorporate Deputy’s hardware to track when employees clock in or out.

Finding the right software for your company can seem like finding a needle in a haystack. (If you type “business software” into your search engine, over 117,000 results appear!) Fortunately, you can find out about the best point of sale software here. What’s even better? Vend has partnered with reputable, brilliant software companies to ensure that all of your business management needs can seamlessly integrate to provide you with the best tools available. With these building blocks, just think of what you can achieve!

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What is a Cloud POS? Do I Need One for My Small Business?

“Cloud computing” first became a popular term in 2006 when Amazon.com introduced the Elastic Compute Cloud. Now if you’re like me, back in 2006 you were probably watching Pirates of the Caribbean 2, listening to some Gwen Stefani, and trying to avoid watching The Weakest Link for fear that you would actually win that title.

Now let’s fast-forward nine years to 2015. You’ve probably checked out Jurassic World in the theaters, you’re singing with Taylor Swift in your car and you’re watching America’s Got Talent and wondering why half the judges aren’t American. And what about cloud computing? While it may not be as fun to discuss as pop culture, it’s more important than ever.

Cloud computing has become as vital and integrated into our lives as the television set and the microwave. While we may have no clue as to how it works, we have come to depend on it every day. For example, every time you log onto your e-mail or use an app on your smartphone, you’re harnessing the power of the Internet cloud.

This is especially important for small business owners. Gone are the days of being chained to a desktop computer for the simplistic analysis an Excel spreadsheet provided. Now a cloud POS software system is a necessity for any entrepreneur for the variety of specialized tools it offers and the benefits that come with it. Imagine…

software that is customizable that can grow with you.

having all of your important data accessible on any mobile device so that you can access it to make the best decisions for your business.

knowing at any given time your stock levels so you can order just the right amount without over or under ordering product.

determining the perfect price point for your goods as you track your costs to improve your bottom line.

improving interactions with your customers and being able to process a variety of payment types on your mobile device.

Cloud-based point of sale systems put the most up-to-date, powerful software and tools into the hands of small business owners so that they can lead their companies based on accuracy and definitive results. You can find out more about implementing a cloud POS here. While you may feel overwhelmed or intimidated by the options and resources available, Vend has created the best that is easy to use, cost effective, and will change the way you do business in 2015 and beyond.

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5 Reasons Why Entrepreneurs Need a Great Mobile POS System

I recently came across an article on Forbes.com by psychotherapist and author Amy Morin about “the hidden dark side to being an entrepreneur.” In it she states that the entrepreneurial lifestyle “can be a setup for a variety of serious mental health issues” due to being overworked, believing self worth is equated with net worth, creating anxiety associated with struggling with a variety of pressures, and harboring an obsession to succeed.

So do you have to be crazy to be an entrepreneur? (I’ll let you answer that question yourself.) While insanity may be one of the lesser heralded qualities, these idealistic and hardworking individuals harbor an unparalleled passion for their vision but need to balance optimism with tools based in reality. One of the most important assets for a company to have is a great retail mobile POS system. Here’s why:

Product and Inventory Control – Too much inventory causes your money to be tied up while too little inventory means you could be missing out on sales and therefore profits. Knowing what you have, when you need to reorder and at what rates your items are selling helps to create a strong bottom line for your business.

Mobility – No one wants to sit in the back office all day and with mobile POS software you can conduct business anywhere from your mobile device. From processing sales at craft fairs or conferences to accessing reports of the day’s revenue, you can run your business from anywhere at any time.

Business in a Box – Starting a business is definitely overwhelming. You have contracts to sign, investors to meet with, marketing strategies to plan and a million more activities vying for your attention which means you are overwhelmed before you even open your doors. Fortunately, the right mobile POS can be delivered to your door as the perfect point of sale bundle to suit your company’s needs. Tablet stands, receipt printers, barcode scanners or cash drawers are just a few of the items that can easily be set up for your cash wrap counter. (If you already have hardware in place, many mobile POS software appss will work with those, too!)

Customer Loyalty – Running a business is twofold: not only do you have to have an incomparable product, but you also have to have stellar customer service. With a mobile POS, you can manage your customer loyalty program or track your top customers to customize (therefore optimizing) their shopping experience.

Cost Effectiveness – Most entrepreneurs are on a tight budget, and all of the previously mentioned points also positively impact your financial plan. You can save money by having the correct amount of inventory in stock, improving customer interaction, using hardware you already have, and by improving customer return rates.

Entrepreneurs have a vision and purpose that stands out from the crowd. However, they need more than passion to succeed; they need the right tools. You can find out more about incorporating a retail mobile POS system into your business here. Running a startup can be a difficult feat, but that is exactly why Vend has created the best POS software on the market… we’re ready to help you succeed.  

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Is New Product Management Software Really Worth My Time?

Stephen R. Covey, author the popular book The Seven Habits of Highly Effective People, famously said, “The key is in not spending time, but in investing it.”

We are only given so many hours in a day and it seems nearly impossible to get everything done in those mere 24. We spend time like quarters slipped into a slot machine and we leave empty handed wondering where the day went. Sound familiar?

More importantly, we also know that there are a ton of habits that we should adopt to make our life function more smoothly: maybe take up yoga, adopt a gluten free diet, or toss out the television and pick up a book. How about professionally? Is it time to re-evaluate your mission statement? Do you need to address some employee evaluations? Have you considered new product management software?

Okay, so you probably haven’t even considered that last one, but you should. Here is the first reason why: Small Business Theft Solutions reports that “employees steal approximately $400 billion from businesses each year and an Ernst & Young survey showing that nearly 90% of organizations countrywide experienced some type of fraud in the 12 months prior to the survey.  The economic downturn has only made matters worse.  Small business theft is the biggest reason for small business failure.  The U. S. Small Business Association states that 5% of a company’s annual revenue is lost to employee fraud and theft.”

The second reason why a product management system is a must is because too much or too little inventory can be detrimental to your business. Too little and your customer leaves frustrated or disappointed and may not revisit your shop. Too much and the costs kill your bottom line (not to mention the depreciation in value of lingering goods), clutter your store which makes it difficult for your customers to find what they want, and you’ll have to pay higher taxes since excess inventory is still considered an asset.

With the right product management system, you can find the precarious balance between having too much or too little inventory. You can easily add, edit and remove products, including images, stock levels and tax. You can adjust prices based on discounting, sale campaigns, and price variation by location and customer type. You can combine items that may be put together in a basket or sold in bulk packs. Moreover, you can predict future sales based on past demand and get alerts when it’s time to re-order.

Product management software systems help take the costly guess work out of ordering new inventory or keeping track of the stock that you have on hand. You can find out more on how product management software can help you here. Your business is only as strong as the products that you sell, so Vend is dedicated to creating the best POS software to manage products and track your inventory.  

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Can I Really Run My Business from an IPad POS System?

The first iPad was released on April 3, 2010 and as of April 2015 there have been over 250 million iPads sold. While this vastly popular product started out as a seemingly fun novel gadget (much like its current cousin the Apple Watch), the value and function for this little device continues to increase. In fact, this techno tablet has become a staple in modern day business. A survey by Frost & Sullivan shows that iPad usage in office workplaces has increased employee productivity, reduced paperwork, and increased revenue. Furthermore, the research firm estimates that "The mobile-office application market in North America may reach $6.85 billion in 2015, up from an estimated $1.76 billion [in 2010].”

That may sound fine for someone else’s business, but can you really run your business off of an iPad point of sale system? It seems too good to be true, doesn’t it? After all, quality POS systems cost thousands of dollars and require expensive hardware.

Well, they may have in the past, but modern day iPad point of sale software is helping countless entrepreneurs and business people run their stores from anywhere at any time. Here are a few ways that iPads are revolutionizing retail:

Mobility – With just an iPad, your employees can move out from behind the counter and interact with your customers. They can check on inventory availability and process sales adding convenience and efficiency to your customer’s shopping experience.

Versatility – An iPad POS can do everything your old clunky POS system did! You can plug in a network receipt printer, connect a barcode scanner, or just scan barcodes using the built-in iPad camera. It even accept credit cards, debit cards, and PayPal wherever you plan to do business like at fairs, conferences, or on the go.

Simplicity – An iPad POS software is easy to use and accessible to even the most timid techno-phobe. With the click of a button you can assess employee productivity, check inventory levels, or manage your customer loyalty program.

Compatibility – If you have hardware that is in great working condition and you don’t want to replace it, you don’t have to! Much of the time iPad POS systems work with your existing equipment.

iPad point of sale systems are changing the way we do business and for the better. In just five short years they have proven to be reliable, capable, and affordable assets to both startups and established companies. You can find out more about how an iPad POS system can help here. Its mobility and functionality are all part of what makes Vend the top POS software for retailers. So are you ready to run your business from an iPad POS?

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How to Train Your Staff on Your New POS Software

Nothing gets your staff more excited than saying, “Hey guys, are you ready to try something new?!?!” (Cue groans, whines, and gnashing of teeth here.)

Let’s face it: very few people like change. However, without it there would be no progress, no growth, no expansion. Life would stagnate with the normalcy of the status quo. That being said, one of technology’s most redeeming qualities is how it has enabled us to expand our options and be flexible with the annual newest or best devices and software. Thank God we’ve tossed out pagers and Atari for Android phones and iPads. The very limited devices of yesteryear have made way for high efficiency, extremely accessible tools to increase the productivity of life.

And speaking of productivity, how effectively are you managing your business? The right software doesn’t have to be expensive or difficult to use to make a world of difference towards running your company more smoothly. However, it can track your inventory, create reports on employee performance, increase customer satisfaction, and produce real time snapshots of your financial records. So while training your staff may seem like a hurdle now, it will undoubtedly be worth the time and effort for you, your company, your customers, AND your staff in the long run. Here’s how Vend University makes it easy:

Fun Videos – Pop some popcorn, pull up some chairs, and let your employees watch these entertaining videos that show simple step-by-step instructions on how to complete a sale and many other important functions using your new POS software system.

Extended Content – Still have questions? Each video comes with a link to content that is more detailed and explains a variety of situations that may apply to your type of store or company.

Hands On – The best learning happens when you can actually play with the software and see how it works. You can set up a separate account for your employees to test the point of sale software without it actually affecting your new system (that you undoubtedly spent valuable time to perfect). They can process sales, add customer information, track customer loyalty points, or complete a return so that when they do meet with customers, they will be confident in your new point of sale software system.

Webinars – Vend offers several free webinars to keep you updated on the latest technology or to help you to unleash the potential of your new POS software tools. It’s easy to register and you can pick a time that’s best for you. In addition, these sessions are recorded so you can review the material even after the session is over.

Support System – Vend has a 24/7 support staff to help you with any specific questions you may have. You can e-mail, message on social media, find additional information on the website, or get hooked up with other Vend users in your area to exchange tips or advice.

Getting your staff on board with a new system may seem daunting at first, but once you get started it’s really quite easy. They’ll see how simple it is and you’ll benefit from the results in no time. You can check out this groundbreaking POS software at Vend and see the potential that this new software holds for your business.

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How Can a POS Software System Help Manage My Time?

Did you know that just last week on June 30 we had Leap Second Day? Since this system was implemented in 1972, 26 leap seconds have been inserted in order to keep the time of day as close to the mean solar time as possible. That sounds great, but that one second didn’t do much to help me catch up on my workload, how about you?

One of my favorite sayings and something I strive to do is to work smarter, not harder. I’ve read a small stack of self-help books, articles, and attended seminars all with the purpose of “not counting my moments but making my moments count.” The problem is that once the last page is read or I walk out the door, I forget the actual steps to making my life run better.

With that said, let’s leave the clichés behind and talk about what really can help with your time management skills: current POS software. Here are practical, applicable ways that just incorporating the right point of sale software system can help you to save time, money and stress from your day to day workload.

1. Inventory Control – One of the biggest tasks that probably eats up a large majority of your time is your inventory. After all, you have to manage your product in accordance with daily sales and with re-ordering in mind. However, retail POS software can help you to not only track your products, but easily adjust prices, print out tags, calculate discounts, and perform bulk operations like import and export your data. Moreover, you can group products by color or size, organize into bundles, or split into units depending on your business needs.

When I was young, I used to help my mom sell jewelry at various conferences or at jewelry parties in her friends’ homes. We would hand write a code number in a binder for every piece of jewelry, rewrite that number on a tag and attach it to each piece, and when it sold we would copy that number onto a carbon copy sales form. The following day we would check off the inventory in the binder, add up the sales, and determine the profit. Whew! As you can imagine that took a looooooong time! Nowadays, you just have to input the item in your POS system, scan it when you sell it, print out a receipt, and then view your sales report with the click of a button whenever you want it.  

2. Convenience of Add ons – I love all the apps that are on my smartphone. In just five minutes I can view my credit card account, check to see if there is any traffic on the way home, and scan my e-mail just in case there is something important I need to respond to. Everything I need is in one place… and that is exactly what a great POS software system can do for you! You can save time by having your bank account, QuickBooks, loyalty program data, appointments, and employee scheduling and performance analytics all in sync with your POS software. You don’t have to open and close tabs or input data multiple times since all of these functions work together.

3. Managing your online store – Most of your potential customers are going to find you through the Internet. According to online marketing expert Mary Weinstein, 80% of the online population has used the Internet to make a purchase. Consequently, by the end of 2015 it is projected that e-commerce will grow by 19% totaling more than $1.4 trillion!

However, managing an online store and being your webmaster takes time that you probably don’t have. With modern POS systems, you can integrate your online store with your brick and mortar store to eliminate confusion and maintain accurate inventory counts. In addition, you can create a beautiful web store with your POS software to ensure that the feel and look of your virtual business aligns with your physical stores.

4. Easy to use – Learning a new point of sale software system and training your staff to use a new it takes time. The problem is, this article is about how you don’t have time! But here’s the good news – modern POS software is designed to be user friendly. With short videos, step-by-step instructions, and a readily available support staff, there are many resources available to help you to transition from your old POS system or start a brand new one seamlessly.

Sometimes time is our most valuable commodity that has the highest demand. You can find out more about how retail POS system can help here. Inventory management, designing your online store, maximizing add ons, and great customer service are all part of what makes Vend the top POS software for retailers. You’ll be surprised at how much time you really can save with the right tools!

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7 Reasons Why the iPad Cash Register App is a Must Have for Retailers

One of my favorite places to shop is Target. I’m a busy working mom who is juggling multiple projects at any given time and convenience is key to maintaining my sanity. I love this mega box store because I can get house supplies, clothing, make-up, medications, and grocery items all in one convenient location. Better yet, their prices are competitive and I come armed and ready with a stack of coupons to get even better deals.

This is also why my smart phone is never more than six feet away from me. Somewhere in recent history it has become as vital to my life as the air that I breathe. I get a nervous twitch if I don’t check in every hour and forgetting it at home would cause me as much stress as if I left a child behind. I’m not saying that this is healthy, I’m just speaking what is true.

As a busy business owner, I know you’re in the same boat (yeah, that’s right… I won’t judge you if you won’t judge me.) Thank God for modern technology and the efficiency it brings. For example, do you know that an ipad cash register app can save you time and money? Here’s how:

Real Time Reports - You can increase revenue with up-to-the-minute reporting and analytics tools that give you data on your sales, staff performance, product inventory, and more. You can make decisions based on facts to optimize your profits regardless of your schedule.

Awesome Ad-ons – I love Target because I don’t have to make several stops at a pharmacy, grocery store, and the mall. That is exactly what add-ons do with your point of sale system. With Vend’s POS software, you can combine accounting software, e-commerce programs, and scheduling apps so that you can access your entire database in one location without remembering multiple passwords or having a ton of different programs open at the same time slowing down your system.

Cater to Your Customers – Customers want a retail experience that is quick, easy, and caters to their needs. With an iPad cash register, you can add products to a sale by scanning their barcodes, accept various forms of payments including cash, credit cards, or PayPal, and you can locate merchandise that is not on the floor by searching multiple locations. A happy customer is a returning customer!

Tap the Internet Cloud – You have a life outside of the walls of your business, and with the Internet cloud and a mobile device, you can be on the go. Your database can be accessed anywhere at any time (even while you are in the doctor’s waiting room or sitting in the stands preparing for little Johnny’s baseball game to start).

The Economical Choice – Depending on your business, you may not have the space for a big, clunky cash register or maybe you’re on the go working at fairs or on a food truck. Instead of buying expensive hardware, you can purchase a mobile device for a couple hundred bucks. Or maybe you already have hardware and don’t want to replace your existing equipment. Much of the time current point of sale systems are compatible with what you already own.

Technologically Challenged – Let’s face it: not all of us are tech savvy. Multiple apps may seem great and helpful, but that is a whole lot to learn, right? Well, it does take some time to learn and adjust, but the benefits far outweigh the inconvenience. In addition, today’s POS systems are customized for business owners and their employees, not for other programmers. That means that it is designed for ease of use with a tech team that is ready and able to help you maximize your effectiveness.

Safety Net – Your database is the lifeblood of your company and a breach in security can be detrimental to your company’s success. With a POS system, your data is safe in that credit card info is not stored on the cloud and therefore highly unlikely to be compromised. Secondly, your information is backed up every hour so you don’t have to worry about a system crash or losing all of your data.

Finding the right iPad cash register app can make life simpler therefore saving you time, money and stress. You can find out more about it here.Through implementing new technology and combining all of your app resources into one location, Vend can help you to run your business seamlessly, intelligently, and securely from any location.

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Till Software Systems Continue to Evolve in the UK

Last weekend I was helping my friend sell some of her delicious baked goods at a craft faire. The signs were beautifully displayed, the brownies, biscuits, and muffins were individually wrapped, and we had a steady stream of customers. Unfortunately, we had a slight problem: her point of sale system that connected to her mobile phone wouldn’t work. While most people paid with cash, one family did ask if we took credit cards. I said, “Of course!” while their children unwrapped the special treats and eagerly munched away. Imagine my embarrassment when an error sign kept popping up on the screen. Needless to say, that family received free sweets and we had to turn away several others who wished to pay with their credit cards.

Has this ever happened to you? Technology can be your greatest asset and time saver, or the wrong software can cause you countless headaches and frustrations. Luckily, online till software continues to evolve to prevent disruptions in your business transactions and product management.

While once tills were just meant to store money, calculate change, and print receipts, they now are mobile databases that operate in real time allowing better decision making. Imagine never running out of a product again or eliminating large surpluses that result in detrimental markdowns. You can maximize your profit by always keeping your best sellers in stock, having them automatically re-ordered, and by viewing up-to-the-minute reports on your product flow.

Secondly, not all business takes place at your cash register or in your brick and mortar retail store. With online till software, your information is stored in the cloud and can be accessed from any mobile device. That means that you can conduct transactions away from your physical store, garner more business through syncing your database with your website to increase customer orders, and your employees can aid customers on location through product management capabilities to locate specific items that are not on the sales floor. You can conduct business anywhere since you are not tethered by a server or power cords!

Finally, the best part of modern till software systems is its accessibility and minimal expense. It is accessible to small businesses because it is easy-to-use and because of its low price point. This is especially poignant given that the House of Commons Library published these current statistics about the UK:

In 2014, there were 5.2 million businesses.

Over 99% of businesses are mall or medium sized businesses employing 0-249 people.

96% of those businesses are micro-businesses employing 0-9 people.

Regardless if you are one of these small businesses or own a mega corporation, it is crucial that you have an updated till software system to manage your daily operations. You can find out more about the best online till software here.

My friend who runs her bakery did not have a mobile point of sale solution like what to accept credit cards, process transactions, and manage her company on the go… which resulted in a loss of sales. That’s why I highly recommended my friend to get with it and check out Vend asap. Do you really want to take that chance of losing out on sales because of outdated point of sale software? If not, hopefully you know where to go right now.

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Point of Sale Hardware: 100 Years of Evolution

I have my B.A. in History and my inner nerd gets really excited when I can combine the past with information on present technology (I’m so ready to join the cast of The Big Bang Theory). Wait! Don’t leave! I promise that this article will be really interesting and that you will be able to apply real life knowledge to improving how you run your business. (Wow, those are two really big claims. If I’m wrong, I vow to magically give you back these next ten minutes of your life.)

1883 - Of course point of sale systems started before the cash register (like with the exchange of wampum shells or calculations made on an abacus), but the first modern day version of the cash register was invented by James Ritty and John Birch following the American Civil War. Ritty owned a saloon and wanted a way to prevent his employees from stealing the cash, therefore bringing “Ritty's Incorruptible Cashier” into existence.

1884 – Unfortunately for Ritty, no one was really buying into his new invention so he decided to sell his patent. John Henry Patterson and his brother Frank Jefferson Patterson bought the company and the rights then renamed it the National Cash Register Company (NCR). Not only is it still in existence today, but it has been the premier manufacturer of cash registers and on the forefront of innovation for many decades.

1911 – NCR sells one million cash registers and employs over 6,000 workers.

1922 – John Patterson dies just as the company reaches the two million mark. The company also went public that year with an issue of $55 million in stock (the largest public offering in United States history at that time).

1953 – Carbonless copy paper is invented and protected under US Patent 2,730,457. It was sold as “NCR Paper.” In that same year, NCR acquires the Computer Research Corporation and establishes a specialized electronics division.

1956 - NCR introduces its first electronic device, the Class 29 Post-Tronic, a bank machine using magnetic stripe technology (this is the info on the bottom of your checks and deposit slips that identifies your bank code, account number, check number, etc.).

1962 - NCR introduces the NCR-315 Electronic Data Processing System which included the CRAM storage device, the first automated mass storage alternative to magnetic tape with the introduction of the microchip.

1973 - IBM releases the IBM 3650 and 3660 store systems which were basically mainframe computers used as store controllers that could manage up to 128 IBM 3653/3663 point of sale registers. This system was the first commercial use of client-server technology, peer-to-peer communications, local area network (LAN) simultaneous backup, and remote initialization.

1974 – The Universal Product Code (UPC) was introduced.

1976 - The Apple I went on sale in July for US$666.66. (It’s not an iPad POS system yet, but wait for it…) (Fun Fact with no point: On December 13, 2014, a fully functioning early Apple I was sold at auction for $365,000.)

1986 - Gene Moshe introduces the first graphical POS software. “It featured a color touch screen widget-driven interface that allowed configuration of widgets representing menu items without low level programming…This was the first commercially available POS system with a widget-driven color graphic touch screen interface and was installed in several restaurants in the USA and Canada,” explains Wikipedia.

1992 - Martin Goodwin and Bob Henry creates the first point of sale software that could run on the Microsoft Windows platform named IT Retail. This was monumental as it made available local processing power, local data storage, networking, and graphical user interface. It essentially made POS systems accessible for the masses especially since the cost also reduced greatly at this point.

2000 – Cloud computing comes into existence.

2008 –NASA's OpenNebula becomes the first open-source software for deploying private and hybrid clouds.

2010 - Vaughan Rowsell launches Vend, the first cloud-based retail software platform which enables retailers to accept payments, manage their inventories, reward customer loyalty, and garner insights into their business in real-time.

2015 – Regardless if you have one employee or 1,000, POS systems are available for any business owner on any budget. What once required expensive hardware for minimal tasks now requires access to the Internet and as little as a moderately priced mobile device. Online cash register software is now easy to use, multifunctional, and gives reports in real time.

While POS systems used to just be clunky, overpriced adding machines, now you can literally run every aspect of your business from one. Not sure how? Check out how point of sale hardware is revolutionizing the marketplace here. You to leave your old POS software system behind and reach your company’s potential by checking out what Vend has to offer.

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5 Ways Salons use Point of Sale Systems to 'Blow Out' Sales

My stylist Veronica is amazing. Not only is she absolutely gorgeous on the inside and out, but she is always right on trend. She has mastered ombre, balayage, Brazilian blowouts, and beachy waves. Not only that, but she is also on the cutting edge of business. She doesn’t just rent a chair like many stylists do; she is part of a co-op that rents actual mini-rooms where each stylist has their own cubicle-like station complete with private sink and products for sale. In addition, you won’t find a receptionist on site. Each person runs their micro-salon (complete with payments and appointments) from their iPad. Crazy, huh?

Now I know that this is the exception and not the norm to have this type of business model for a salon, but it’s amazing how far technology has come. So how can salon point of sale (POS) software help to grow your business?

Simplify Appointment Scheduling – Throw out that old appointment book if you haven’t already! With new software you can schedule appointments, prevent double bookings, block out specific amounts of time based on the procedures being done, set-up client reminders, and have your customer’s contact information all at your fingertips.

Cater to Your Best Customers – Business is based on relationships and the more information you have about your clients the better. Keep track of their hair color preference, products purchased, or chemical treatment sensitivities to optimize their future appointments and keep them coming back.

Easy to Use – Whether you have a staff of two or twenty, the right salon POS software is simple enough for anyone to use. Training them on the new software takes only minutes, or if you run your own station like my friend Veronica, you can easily learn all of the basics with the help of readily available tech support.

Product Management – Salons work hand-in-hand with the products they use and sell. Poor product management could mean running out of the proper hair color and taking a risk using another. Or imagine losing sales if a stylist introduces a product to a client only to have that space empty on the shelves. Not only are you losing money, but you are also losing credibility.

Business Reports – Mary Kay Ash, founder of the popular beauty corporation Mary Kay Cosmetics, once said, “central banks don't have divine wisdom. They try to do the best analysis they can and must be prepared to stand or fall by the quality of that analysis.”

So how do your business reports look and how quickly can you access them? Are your stylists each holding their own? What products or services are making the most money and which should you promote better? Is it time to add additional stations and stylists? Are you meeting your sales goals for the week or month? What you don’t know WILL hurt you.

If you own a salon or even just rent your own station, you can learn more about Vend's salon POS software here. With the right salon POS system, you can have a current analysis of how your salon business is running with just the click of a button. Find out more about how Vend can help you to manage your salon with style and ease!

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7 Reasons Why POS Systems for Franchises Help Sales

You know you need a great POS system regardless of the size of your business, but in a larger company everything seems to be amplified. There are more employees to manage, more products to order, larger amounts of cash flowing in and out of your bank account, and bigger headaches to resolve. However, every business revolves around a similar axis: sales growth. Can a franchise point of sale software system help you to manage all the details of your business AND actually help sales? Absolutely! Here are seven reasons why you need to put into action a franchise point of sale system that can optimize your company’s potential:

Understand Franchise Growth – Ignorance may be bliss but it sure won’t make you money (well, unless you’re a tween superstar but the chances of that are slim to none, so let’s continue). Knowing your inventory including how each product is selling, what promotions are working, and the price point of your profit margin are just some of the basics to staying afloat. Through POS software, these complicated reports with multiple columns can be quickly calculated and displayed in a chart for you to make the best decisions for your business.

Don’t Recreate the Wheel – One of the great things about a franchise is that the business model is already created with the plan of making carbon copies of the original store for different locations. If the décor, business model, and product are all the same, then obviously your software should be, too. Franchise POS systems can clone and manage new stores remotely all the while implementing the power of the Internet providing a second benefit: cost effectiveness! You don’t have to buy new software since there are no servers to maintain or networks to manage.

Simplicity is Key – With franchises, you tend to have quite a few employees in the mix. There’s little time to fully train a staff with various skill levels on complicated POS software. An easy-to-use interface that can be adapted on a variety of mobile devices can give your employees the tools to check on inventory, process a credit card, or input valuable customer information with ease.

Improve Customer Relations – Staying ahead of the competition means knowing what your customers want. Current POS systems can track customer loyalty programs, help you to cater to your best customers, and monitor which marketing strategies are the most successful. You can even pull real time stats on employee performance, sales reports, and product levels.

Keep On Growing – You want your franchise to grow and you need your POS system to grow with you. As your business requirements change to include more detailed reports or segmentation based on company growth versus individual franchise growth, a great POS system will accommodate your new data requirements.

Online Sales – It’s no secret that online sales continue to grow year after year. In fact, “desktop e-commerce sales amounted to 359 billion U.S. dollars in 2014, the majority of which were accumulated through retail e-commerce sales that year,” (source: Statista.com). This just proves that you can’t underestimate the power and potential of your website. With a great POS system, your web store and brick and mortar store are linked so you can track a product at various locations or even create a user-friendly website to attract more customers.

Data Security – Data breaches have been a hot topic for a few years now and for good reason: the damage can be extensive to both the business and the customers. Fortunately, many cloud based POS systems don’t store any sensitive data (like credit card info) so data breaches are highly unlikely. Furthermore, crashes or outages are no longer a huge detriment as many cloud servers are backed up regularly.

If you own a franchise, you can learn more about Vend's franchise POS software here. With the right franchise POS system, let the software compute the detailed reports while you determine the next step to grow your business to increase sales. With Vend POS software, we help you do just that!

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5 Reasons SMBs Need Great Customer Loyalty Programs

You know those crazy couponers who rummage through stacks of newspapers, faithfully scan online resources like coupons.com, and hit the stores with handfuls of these little papers in hopes of saving a few bucks? Yep, I’m one of them. I don’t leave the house without my coupon carrier, I never pay full price, and I literally have a separate wallet just for my customer loyalty cards.

Here’s the thing: by no means am I alone. More and more big retail chains are offering loyalty programs and their repeat customers are reaping in the rewards. Not only is this causing consumers to make regular visits to these businesses, but the businesses are profiting greatly through offering incentives. While larger retail corporations see the value in the newer marketing method, here are five reasons why SMBs also need to offer great customer loyalty programs:

It can grow your business. – Case in point: My Starbucks Rewards, the coffee giant's customer-retention program, greatly contributed to the company’s record growth.  Starbucks boasts that the program played a key role in its 26 percent rise in profit and 11 percent jump in total revenue in 2013’s second quarter fiscal results. Best Buy also took their turn in creating a customer loyalty program after experiencing stagnant revenue growth year after year in its brick-and-mortar stores (as the result from intense competition with ecommerce stores such as Amazon.com and eBay). After revamping their loyalty program by raising points from 4 percent to 5 percent, not only did their store traffic increase but their stock more than doubled in a little over one year.

A loyal customer generates more revenue. – According to a report by Manta and BIA/Kelsey, a repeat customer spends 67 percent more on a given purchase than a new customer does. In addition, a great experience can also make a returning customer one of your brand ambassadors. Loyalty points are the perfect way to show your appreciation to someone who faithfully supports your company.

Stand out from the competition. – As a small business owner, it can seem intimidating going up against the mega corporations. However, a loyalty program can help you to compete with their lower prices and their bait of incentives. A customer may not love the products or impersonal feel of a chain store but the lower prices may draw them in. By offering reward points, that customer may feel that they are also getting a deal at your location where actually like your product better.

It’s cheaper to keep customers than find new ones. – You might be thinking, “How much stuff do I have to give away in a loyalty program?” Well, obviously the point here is to make money. Incredibly, it’s far cheaper to keep existing customers than to try and acquire new ones. Karl Stark and Bill Stewart, co-founders of Avondale, ask these three pivotal questions on Inc.com:

What revenue growth will we achieve if we keep our existing customers for just one additional month, on average?

What will it cost us to do this by, say, improving customer service or adding customer benefits?

How does this growth compare, both in magnitude and cost, to acquiring new customers?

How the heck do I keep track of loyalty points? – You could do it the cheesy way and offer business cards that say “Buy 9 and get the 10th one free” and have your employees stamp it for each purchase OR… you can do it the right way that makes your store look like you are on par with the competition and use POS software with a digital customer loyalty program. This type of software tracks your sales and rewards points so you and your employees don’t have another task to worry about.

If you own or work at a retail store, you can learn more about Vend's customer loyalty software here. Through using customer loyalty programs, you can attract more customers, keep the ones you’ve got, and increase your sales revenue. With Vend POS software, we help you do just that!

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The 40 Retail Terms All Modern Point of Sale Retailers Should Know

It has been said that approximately 4,000 words are added to the English dictionary every year. Incidentally, chief executive of Oxford University Press, Nigel Portwood, feels it unlikely that it will ever be printed again. This is obvious when you consider that the second edition, published in 1989, was an astounding 21,728 pages filling 20 volumes. With modern technology, Webster’s Dictionary has about 2 million visitors each month so in no way are they moving into obscurity, but they are proving to be eco-friendly (and eco-friendly was added to the dictionary in 1989 in case you were wondering).

And speaking of new words, many of them are based on the fascinating technology obsessed world we live in. Regardless, if you have a degree in business or extensive experience in management, there are mountains of new terms that are hitting the retail world. So sit back and buckle up as we quickly and concisely get you up to date on the latest lingo in capitalism.

Anchor Store - Also known as “draw tenant”, “anchor tenant”, or “key tenant”, an anchor store is one of the largest (or the largest) store in a mall or shopping center. It’s tends to be a well-known department store or retail chain with the benefit of bringing in a ton of foot to neighboring small or medium retailers.

Big Box Store – As its name indicates, big box store is an enormous square or rectangular shaped establishment which is usually part of a major retail chain. Examples of such stores include Target, Home Depot, and Best Buy.

Big Data - This refers to sets of data so detailed and extensive that it would take sophisticated programs and genius data scientists to make sense of it all. When you’re dealing with Big Data, you’re not just looking at traffic or conversions; you’re analyzing behavior (clicks, open rates, time spent on site), demographic (Census information, income), social information (tweets, shares, etc.), timing, and a plethora of additional configurations. Think of it as analytics on steroids.

Brick and Click - This term refers to retailers that conduct business in their brick and mortar store with conjunction with their ecommerce site. Most brick and click companies include seamless web-to-store services such as in-store pick ups and returns.

Cashwrap - This is the main checkout area of a retail store. Basically, this is where shoppers head to when they’re ready to pay for their items. It’s where merchants set up their POS system and ring up sales. This also includes the shelves containing impulse merchandise that shoppers can pick up on their way out.

Click and Collect - This is a service that retailers provide so that shoppers can purchase items online and pick them up in their physical stores. Like Bricks and Clicks, Click and Collect stores put the best of two channels (ecommerce + physical retail) together. Customers are increasingly drawn to this form of shopping since they can make a purchase from the comfort of their own home, pick up the item whenever it’s convenient for them, and avoid paying costly shipping fees.

Cross Merchandising - This refers to the tactic of displaying or grouping products from different categories together to drive add-on sales. For example, if you’re at the grocery store browsing the liquor section, you might see a pack of lemons tacked to the tequila shelf. This is cross merchandising in action. Groceries know that people often take lemons with their tequila shots, so they strategically display the two items together.

Dead Stock - Sometimes called dead inventory, this is one thing no retailer wants to have, ever. Dead stock refers to merchandise that has never been sold or has been in inventory for a while. It may be because a particular item is seasonal, but other times it’s because the product simply isn’t in demand.

Drop Shipping - This refers to an agreement between a retailer and a manufacturer/distributor in which the retailer accumulates customer orders and passes them to the manufacturer/distributor who then ships the merchandise directly to the consumer. Simply put, the retailer doesn’t keep products in stock. Instead, it sends orders and shipment information to the manufacturer/distributor and they will be the ones who will ship to the consumer.

Dynamic Clustering – With the increase in e-commerce, many businesses found that they have a fragmented customer base (i.e. their customers are scattered across different locations or fall under various socio-economic categories). This means that companies who are trying to growing their business as whole can be quite challenged. This is where Dynamic Clustering comes in.

Dynamic Clustering focuses on identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster. Pretend that you’re a national US apparel chain that operates stores in all 50 states. Through using Dynamic Clustering, you are able to identify similar patterns and trends in four different states, therefore allowing you to make better and more relevant sales, purchasing, or marketing decisions for that cluster of states.

Etailing - Short for “Electronic Retailing”, this is the practice of selling products over the Internet. E-tailers come in all shapes and sizes, from big name giants such as Amazon and Zappos, to neighborhood stores selling items on their website or to stay-at-home moms selling their crafts online.

Flash Sales – Flash sales are discount events that take place for a limited time. They can last anywhere from several hours to a couple of days and attract consumers with huge bargains (usually 50% and up). The catch is that shoppers have to complete the purchase ASAP or otherwise risk losing the items to other shoppers or they may even run out of time.

Green Retailing - Environmentally-friendly practices that retailers adopt is called green retailing. This can include switching a product’s packaging to a recyclable one or giving customers reusable shopping bags instead of plastic. This can also include structural changes such adding solar panels or replacing store lighting with energy-saving alternatives.

High Speed Retail – People are impatient, therefore faster service with less wait time has created a demand for high speed retail. This is all about making the customer’s shopping experience go by quickly and seamlessly. Examples of High Speed Retail can include drive-thru grocery stores, pop-up stores, mobile businesses such as food trucks, or any retailer that implements urgent promotions or limited-time sales.

The use of mobile POS systems is extremely valuable and gaining popularity in High Speed Retail. Not only is it fast, lightweight and easy to set up, mPOS solutions run in the cloud and can update every aspect of the business (inventory, CRM, payments, etc.) in real-time, thus helping merchants stay up-to-date at all times. Most mPOS systems also come with convenient capabilities such as emailing receipts and processing mobile payments, making it easy for High Speed Retailers to conduct business much faster.

Integrated Supply Chain - This is a team effort in which businesses and contractors work and coordinate closely together to manufacture, transport, distribute, and sell retail goods. This is different than a traditional supply chain which tends to be more of a linear process that follows a product from one phase to the next. On the other hand, an Integrated Supply Chain is more collaborative and can entail joint product development, shared information, and common systems.

Keystone Pricing - This is the basic formula of selling merchandise at a rate that’s double its wholesale price. Retailers use this calculation because it’s simple and it usually covers costs while providing a decent profit margin.

Layaway / Lay-By - This is an agreement between the retailer and the customer in which the retailer puts an item on hold for the shopper until it is paid for in full. The consumer pays for the product in interest-free installments with the understanding that they will receive the item once all payments are made. This arrangement is conducive to both parties in that it makes it easier for the consumer to afford the products that they want while minimizing risk on the retailer’s side.

Leveraged Buy-Out - An LBO is the purchase of a company using borrowed funds. The purchaser will use the company’s assets as collateral so they can get the loan to buy it, and then they plan on using the acquired company’s cash flow (i.e. retail sales) to repay said loan.

Loss Leader – A well known marketing strategy in retail, a loss leader is an item that’s sold at a loss in order to attract more customers into a store. Once they’re inside, the retailer counts on the customer to buy other things together with the loss leader to generating profits for the business.

Markdown – As opposed to a limited-time sales or promotional discounts, a markdown is a devaluation of a product due to its inability to be sold at the intended price. The price of the merchandise is permanently reduced to move inventory and make room for new products (aka a clearance item).

Mass Customization - Mass Customization refers to the practice of offering products that can be tailored to each person’s preferences, but can still be produced with mass-production efficiency. Author B. Joseph Pine II likens this process to LEGO bricks. The company has all of the pieces created and the customer can mix and match them to produce their own personalized product.

Mobile Payments - This refers to the services and technology that enable consumers to pay using their mobile devices, in place of traditional forms of payment such as cash or credit cards. Mobile payment solutions come in many forms including NFC-based solutions such as ISIS or Google Wallet and app-based solutions like PayPal.

Mobile Shopping - With smartphones and tablets becoming so commonplace, mobile shopping is the practice of purchasing goods or services using a mobile device. It’s similar to shopping online using a computer, only with a smaller screen. Mobile shoppers can complete their transactions either on a retailer’s mobile site or with the use of an app.

Mystery Shopping - This is an activity practiced by market research companies, watchdog groups, or even retailers themselves to evaluate product or service quality or compliance. The mystery shopper acts like a regular customer and performs tasks like asking questions, submitting complaints, or simply completing a purchase like they normally would. After, they provide feedback or write reports detailing their experience with the retailer.

Niche Retailing - If you’re a niche retailer, you specialize in a particular type of product (or sometimes a few closely related ones) to a specific customer segment. Niche retailers can afford to be more nimble with their strategies because they cater to a particular audience. This allows them to easily identify market segments and deploy unique and more targeted strategies to address their market’s needs.

Omni-Channel Retailing - Consider this as the next generation of cross-channel and multi-channel retail. Omni-channel means establishing a presence on several channels and platforms (i.e. brick-and-mortar, mobile, online, catalog etc) and enabling customers to pay, interact, and engage across these channels simultaneously or even interchangeably.

Giving the customer the convenience and flexibility to purchase an item using your shopping app, and then letting them pick up the merchandise in your store, plus allowing them to process a return via your website, is an example of omni-channel retailing. However, just because you have a website, a mobile app, and a physical store doesn’t necessarily mean that you’re an omni-channel retailer; you must fuse all those channels together so they give customers a seamless experience.

Planogram - This is a visual representation that shows how merchandise should be arranged on store shelves in order to drive more sales. It’s a model that indicates the best placement and positioning of your merchandise especially since product positioning can influence consumers’ purchases hopefully resulting in maximized sales. Planograms can also guide and assist in store mapping and they enable retailers use space more effectively.

Pop-Up Store - Think of this as the offline cousin of flash sale websites. Pop-Up-Stores (sometimes referred to as Pop-Up Retail) are short-term shops or retail spaces that come and go within a given period of time. These stores can be set up in empty store fronts, mall booths, or even in the middle of a park. Pop-up stores usually emerge unannounced, quickly attract crowds, and then either disappear or morph into a different store the next time around.

Prestige Pricing - Usually implemented by high-end retailers and lifestyle brands, prestige pricing is a strategy in which an item is exorbitantly high in order to denote exclusivity, high quality, or luxury. When an item is prestigiously priced, it is meant to attract status-conscious individuals or consumers who want to buy premium products.

Product Life Cycle - This term is used to describe the series of stages that each commercial product goes through when it hits the market. These stages include introduction, growth in sales revenue, maturity, and decline. It is crucial to pay attention to the life cycle of each of your products at each stage to gather info that you can use to improve future products or offerings.

Relationship Retailing - This is a practice that businesses implement to create loyalty and establish long-term relationships with customers. Relationship Retailing can come in the form of loyalty programs, personalized experiences, or superb customer service.

RFID - An acronym for Radio Frequency Identification, RFID is a chip embedded in an item’s label or packaging. It stores information about the product and is primarily used for tracking purposes. Thanks to RFID technology, retailers can increase their inventory accuracy and reduce out of stocks. (However, retailers are also looking into using RFID to get additional customer insights that would allow them to create more effective marketing strategies and provide better customer experiences.)

Self-Serve - In retail, this means letting customers select and pay for goods themselves without requiring the assistance of an actual staff member. Vending machines, kiosks, as well as self-serve checkout lanes in grocery stores all fall under this category.

Shrinkage - This is the the amount of stock that you have on paper minus the actual stock you have available. In other words, it’s a reduction in inventory that isn’t caused by legit sales. Common causes include employee theft, shoplifting, administrative errors, and supplier fraud.

Stock-Keeping Unit - More commonly known as SKU, this is the unique identification of a particular product. It’s used in inventory management and enables retailers to track and distinguish products from one another. A SKU represents all the attributes of an item that make it unique including style, brand, size, color, and more.

Social Commerce - S-Commerce refers to retail models or e-commerce practices that incorporate social media, user-generated content, or social interaction. However, the role of social networks like Facebook or Twitter in S-Commerce isn’t necessarily to serve as platforms for buying and selling; many times they’re meant to assist the process and help drive customers to the company’s website.

Mashable provides a great rundown of the types of Social Commerce on the web.

According to the site, the seven species of Social Commerce are:

1. Peer-to-peer sales platforms (eBay, Etsy, Amazon Marketplace)

2. Social network-driven sales (Facebook, Pinterest, Twitter)

3. Group buying (Groupon, LivingSocial)

4. Peer recommendations (Amazon, Yelp, JustBoughtIt)

5. User-curated shopping (The Fancy, Lyst, Svpply)

6. Participatory commerce (Threadless, Kickstarter, CutOnYourBias)

7. Social shopping (Motilo, Fashism, GoTryItOn)

Tribetailing - This term refers to the retail practice of tailoring everything you do--from your store design, to your ads, to your employees--for a specific “tribe” or group of people. With Tribetailing, your goal is not to please the public or the masses, but  instead you’re focusing in on a particular niche and are catering to them and only them.

Unified Brand Experience - In retail, this concept is all about establishing a consistent brand or identity throughout multiple channels or platforms including brick-and-mortar, ecommerce, or mobile. Regardless if you’re marketing and selling to customers face-to-face, on your mobile app, or doing it online, you’ll want to deliver the same messages and give them the same great experience across all platforms. Successfully implementing this involves properly training your staff, investing in the right tools, and more importantly, having one clear strategy and message.

Virtual Augmentation - This concept is all about combining the user’s physical world with a virtual service so they appear to coexist in the same environment. Virtual augmentation brings computer-generated objects into the real world--kind of like how in the movie Space Jam, Michael Jordan can be seen playing basketball with Looney Tunes characters.

In retail, this can be implemented in several ways including apps that let you see in-store deals when you point your phone’s camera towards a specific direction or even fitting room simulators.

One recent example is when Topshop teamed up with AR Door to create a virtual fitting room for its Moscow location. Using augmented reality technology and Microsoft Kinect, they were able to create a fitting room simulator that allowed the customer to see how a dress looks on her without actually trying it on. A built in camera tracked the shopper’s body and superimposed a 3D model of the garment, so the dress moved and turned with the customer.

Webrooming - This is the practice of looking at products online before buying them in actual brick-and-mortar stores (as opposed to showrooming, where customers look at products in physical stores only to buy them online). Image-based websites and social networks such as Pinterest or Polyvore are helping to promote webrooming. Users see items that they like while browsing these sites and then go out in the real world to test or try them on.

Whew! Now you are 40 terms smarter when it comes to modern day retail and implementing groundbreaking technology. Want to be even smarter still? Check out Vend’s point of sale system that is on the cutting edge of combining these innovations with your business structure. You’ll be able to track your click and collect sales, analyze the success of your keystone prices, create accurate reports based on your SKU numbers, and prevent dead stock pile-up based on your current analytics. The right POS software can not only keep you abreast of your products, but it can also keep you on track with current retail technology trends. To learn more retail point of sale terminology, pos software, and access to great tips for retail success, you should visit Vend today and have a look around.