iVend Retail -Top Retail Management Solution | Point of Sale Software (POS)

In the competitive landscape of retail, businesses strive not only to attract customers but also to retain them, fostering a loyal customer base that generates recurring revenue and serves as brand advocates. The significance of customer loyalty in retail is underscored by compelling statistics:   Sales Boost: Selling to an existing customer is 14 times more likely than selling to a new one. New Product Adoption: Loyal customers are 50% more likely to try new products, indicating their openness to innovation and trust in the brand. Increased Spending: Repeat customers spend 31% more on average than first-time buyers. Moreover, research from Bain & Company reveals that loyal customers tend to escalate their spending over time, with a remarkable 67% higher expenditure in the last six months of a three-year period compared to the first six months. Advocacy: Loyal customers often share positive experiences, acting as brand ambassadors and attracting new customers. P...

  The retail landscape is fiercely competitive, marked by constant changes and evolving trends. Each year, countless retailers struggle to survive amidst this challenging environment, leading to closures and job losses. However, some retailers not only survive but thrive, thanks to their innovative approaches and competitive strategies. In this series of articles, we delve into the key strategies adopted by successful retailers that set them apart from the rest.   Customer-Centric Approach : Successful retailers prioritize the needs and preferences of their customers. From merchandise selection to online functionality and personalized loyalty programs , they tailor every aspect of their operations to enhance the customer experience and foster loyalty. By understanding and addressing customer pain points, they create a positive shopping experience that keeps customers coming back for more. Data-Driven Decision Making : In the realm of retail, data is king. Successful reta...

  Thrift stores are booming! Driven by sustainability, unique finds, and affordability, these retailers are attracting a growing customer base, particularly millennials and Gen Z. While they share some similarities with traditional retail, thrift stores also have unique characteristics and performance indicators. This article explores the key metrics that thrift stores should track to ensure operational efficiency and maximize charitable contributions. Beyond "Regular" Retail: Key Thrift Store Features While both regular and thrift stores strive to attract customers and sell products, a few key features differentiate thrift operations: Inventory Management : Every donated item is unique, requiring careful sorting, categorization, pricing, and labeling. Receipt of Stock: Unlike pre-labeled retail items, donated goods come without barcodes or identifying information, making this process labor-intensive. Rotation Pricing: Many stores encourage sto...

Retailers depend heavily on technology, with the retail POS system at the core of successful operations, facilitating seamless customer transactions and gathering vital sales and shopper data. Choosing the right POS solution is a critical decision, as top systems can revolutionize a retail business by boosting efficiency, growth, and profits. Retailers must opt for a POS system that can adapt to changing consumer demands, such as smooth checkout experiences, personalized shopping, and omnichannel capabilities like click-and-collect or Buy Online Return in Store (BORIS). A retail POS system should integrate all aspects of the business, including inventory, sales, returns, and loyalty programs. Retailers in different sectors (e.g., grocery, apparel, pharmacy) operate differently, so selecting the appropriate POS solution to match business needs is crucial. The right retail POS software serves as a strong foundation supporting agility and growth. Enterprise-class retail management platfo...