For most homeware stores, profitability and sales are the two most important elements to consider when measuring the success of the business. And with good reason. However, one aspect that is often overlooked is the importance of having an integrated homeware POS software that enables you to process sales quickly, track inventory, and manage employees–all things you need to take your company to the next level.
Stay Organized throughout the Seasons
In a homeware retail environment, your store’s inventory will often change drastically with the season. To stay on top of your business and ensure retail success, it’s important to have a complete point of sale system to manage which items need to be displayed and when, and also how much of each item you will need to stock. The low margin, high volume nature of the business makes it necessary for store owners to have a homeware POS system that includes powerful inventory tracking tools.
Take the fall and winter seasons for example, and all the items that your customers will want to purchase to decorate their homes with. It is important to order enough inventory, without over stocking your warehouse with items that you will no longer need when the season changes again. This is an issue that many business owners face, and if not managed correctly can affect the business’s overall profitability. A great homeware pos system allows you to counteract this obstacle.
Employee Management
Inventory management is crucial to your business and similarly, you need a system that allows you to manage your employees and their hours. Imagine you have hired three new seasonal employees to work in your store temporarily throughout the busy season; you will need a system to manage their sales, hours, and overall time at the store. A homeware POS system will enable you to accomplish a great deal more with your business and also boost productivity as a result of the software’s ease of use and tools.
Homeware is a Growing Market
You might ask, is now a good time to purchase a point of sale system to help manage your homeware store? Our answer… absolutely! According to a report by IBIS World last year, “furniture retailing is forecast to grow by 1.7% over the next five years to hit $8.4 billion by 2020, while fast fashion homewares is expected to balloon by 11% to hit $2.1 billion over the same period” (Kirsten Robb, Smart Company). In such a growing industry, you need to make sure that your own business is set up to maintain sales and profitability to ensure long term success. It will be most important to incorporate a homeware pos system, like Smartwerks, that enables you to manage your business and inventory effectively.