Category Management in Retail

Category Management is a retailing and purchasing concept in which the range of product purchased

by a business organization or sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product categories(examples of grocery categories might be: tinned fish, washing detergent, toothpastes).There is a huge difference between natural and mainstream when it comes to category management. I use the term "true" category management to differentiate the difference.  True category management is an essential process that, when done properly, can determine your level of success in the marketplace. 

Unfortunately, many natural and organic companies either overlook or say they can't afford to invest in it.

Here's why you should make the investment in your natural store: Category management provides strategies to better connect with consumers, develop brands, manage trade spending, optimize product placement and grow sales. Combining business intelligence, logistics data, syndicated and POS data and consumer data, true category management maximizes business results.

Category management truly is the glue that unites the different business functions.  It helps retailers identify opportunities for sustainable growth, increased sales and increased foot traffic. When done correctly, it grows brands.

Are you leveraging category management to the fullest or not at all? Here are the key aspects for success:

1. Analytics

Analytics, both basic and advanced, are at the heart of category management. As a road map to achieving your goals, they encompass all aspects of trade management, business planning, assortment analysis and consumer awareness. When applied correctly, they provide invaluable business insights and actionable recommendations.

2. Trade Marketing Support

Trade marketing encompasses all aspects of promotion, pricing, product placement, assortment, merchandising and brand development. It includes analysis of historical events as well as projections for future sales trends.  

3. Consumer Insights

Consumer insights include all consumer-related information including consumer buying and shopping habits. From reducing long checkout lines to providing the best selection of merchandise at the best possible price, the ultimate goal is to improve customer satisfaction.

4. Database Management

Database management, also known as business intelligence, encompasses several different data sources such as internal and external data sources, syndicated data, retailer point-of-sale data, consumer data and marketing data. Talented category managers can help you bring together all the different data sources in a useful way. This will maximize efficiencies within the organization while building a strong sales story to help you win at shelf.

5. Shelf Management

Shelf management includes product placement and merchandising on retailer shelves. Specifically it helps the retailer maximize sales per linear foot, drive foot traffic to stores, increase customer shopping basket size and have a competitive advantage in their marketplace.

6. Category Reviews

Category reviews serve as a review of category performance. They provide the framework for retailers and manufacturers to work together in setting goals, expectations and strategic plans for future category growth.  Scorecards can be used to help obtain and measure category growth objectives.  

7. Retail Sales Support

Category managers can and should support sales at retail, such as by providing fact-based selling to support traditional sales efforts. Category management should offer a somewhat unbiased objective with the purpose of increasing a retailer's sales. 

MYCOM SYSTEMS

The Value of a Full Service POS Partner

Selecting the right POS partner for your organization or business is just as important as selecting the right POS system. For your POS system vendor to qualify as a POS partner, they have to provide your establishment with an array of services ranging from installation and set up to training and support. Choosing one quality POS vendor to be your POS partner can benefit your business in a myriad of ways. Here are just a few:

1. Eliminate Finger Pointing and Confusion by Making One Phone Call

When your vendor provides your business with both the POS hardware and software, confusion as to who to call in the case of an emergency is eliminated. One phone number means there are no doubts as to who is responsible for the upkeep and care of your POS system.

2. Ensure that Hardware and Software Integrate Properly

Purchasing your hardware and software from the same vendor can help you avoid a whole world of trouble. When hardware and software is purchased separately, there is no guarantee that it will integrate properly. Imagine making it through the POS System selection process, only to find that the equipment you have purchased isn’t compatible with the software. You’re virtually back at square one, of course less the dollars you’ve already invested in a nonfunctioning system. Avoid this situation completely by purchasing your whole POS System - hardware and software - from one vendor.

3. Reap the Benefits of Personalized Care, Installation, Training, and IT Support

A true POS partner will also provide you with options for installation, training, and technical support. If you are looking to take advantage of the training provided by your POS partner, find out what sort of training your vendor offers. Is it online or in person? What does it require? This will help to shorten the training time that you and your staff will need when learning a new system on new equipment. As a result, you will see an increase in productivity throughout your business.

Additionally, your POS partner should have several different technical support packages available for you to choose from. Would you prefer monthly or annual check-ups for your equipment and software? Or would you just like access to one reliable IT line? Depending on the support package you choose, you may have a monthly or an annual fee; however maintaining an active support contract will ensure that you will always have access to assistance when you need it.

Choosing a vendor who will be a POS partner to your organization will not only ensure the efficiency and productivity of your POS System, but also that you have zero headaches throughout the installation process. Choosing and maintaining the correct POS System can be stressful, but with a knowledgeable and cooperative POS partner, the installation, training, and maintenance of your POS System will be stress free.

For more info, Visit our website : www.mycomsys.com

Consider This When Building a Custom POS System

A POS system is vital in today’s world if you want to keep up with your business’s competition and, not to mention, it will save you plenty of time and money. If you are aiming to gain an edge on your competition, a custom POS system may be the solution for you. POS systems simplify accounting procedures, track your inventory and manage your sales. Imagine what you could achieve with a POS system specifically built for your company’s unique business needs. However, there are a few things that you should consider before jumping head-first into your custom POS purchase.

1. Select your software first, hardware will follow

There is a common misconception that you need to purchase your hardware first and that finding your software will follow naturally. This is the most common mistake made by businesses looking to purchase a new POS system. However, if you purchase your hardware first, chances are that you will find you have severely limited your software choices. You may not even be able to purchase the software that might be best for your business because it isn’t compatible with the hardware you’ve already purchased.

The safest way to approach buying hardware and software is to select your custom POS software first. Do your research. Make sure that the software you select naturally suits your business and will make your POS process more efficient. Once you have found the correct software, you can determine your custom POS hardware needs.

2. Determine which add-ons you need

There are a multitude of hardware choices when considering custom POS add-ons. From rear LCD displays to magnetic stripe and barcode readers, you have plenty of options to choose from. In fact, the sheer amount of options available to you can be completely overwhelming.

Imagine for a moment that you could purchase your custom POS system – software, hardware, and add-ons – in one fell swoop. That would make your POS system selection process a lot more efficient and a lot less time consuming, wouldn’t it? The good news is that all-in-one POS systems are available on the market. These all-in-one custom POS systems provide all of the software and hardware needed to track inventory and sales and manage customers and accounting procedures. As your business grows, so will your business needs. Even if you start with a basic system, you will still have the option to upgrade and purchase additional add-ons in the future.

3. What else can you do to customize your POS system?

Make sure that you take the time to understand other customizable options that your chosen POS system vendor may offer. For example, many vendors offer customizable inventory import, menu programming, and personalized POS interface layouts. Sometimes these are included in the price of your custom POS system and sometimes they are additional charges, so you’ll want to make sure that you clarify charges with your chosen vendor before purchase.

Additionally, before signing paperwork and closing the deal with your vendor, make sure that they offer an adequate IT support plan for your custom POS system. You won’t want to find yourself in need of some technical problem solving and realize that your vendor didn’t include any IT support solutions in your contract.

If you keep these three key things in mind as you move through your custom POS purchasing process, you will purchase the best custom POS solution for your company.

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