Significance Of Point Of Sale Technology

Point of Sale (POS) data systems have allowed the supermarkets and supercenters, to be able to better understand the consumer purchasing behaviors. This has allowed the stores

The purpose of this course project is to address the ongoing issues surrounding my companies, REI (Recreation Equipment Inc.,) inventory management issue and to see if we can find a software program better suited to the companies needs. The goal is to find products quickly and efficiently. Customer satisfaction is key to driving sales and profit in any company. As a result a software upgrade is certainly needed in order to compete with other companies in the same industry.

Kudler Fine Foods is a rapidly growing retail company that began in 1998 that uses a Retail Enterprise Management System (REMS) to track customers, inventory, sales and employees. Being that the majority of Kudler’s inventory is perishable its inventory must be consistently tracked. The following brief will evaluate data tables from an accounting perspective, and provide recommendations for improvements. In addition a pivot table will be created using Kudler’s inventory data that will assist the company’s management improve decision making.

Kudler also collects accounting data from all point-of-sale terminals, which includes items sold, the quantities, and prices at the time of customer purchase (University of Phoenix, 2007). The history of sales has more relevance to the research, as the data can produce insight as to customer preferences in food purchases.

Three-Westminster is considering warehouse consolidation, so the correct management of inventory is crucial to guarantee proficient operations. To aid in this the implementing of bar-coding, SKU, and RFID systems need to be implemented. Bar-coding provides manageable stock pulling and

point of sale system. The POS system is a perpetual inventory counting method that electronically records items immediately upon their point of sale (Stevenson, 2015, pg. 552). In other words, as a cashier scans a customer 's groceries, each scanned item is automatically recorded in the system and deducted from the store’s inventory. Implementing a point of sale would benefit a business’s inventory management function in several ways. First, the POS system will provide managers with a continuous flow of updated information (Stevenson, 2015, pg. 552). As a result, the information will provide more accuracy when used for sales forecasts and analysis, which substantially affect inventory decisions. Continuously, this inventory system would also allow greater flexibility in the sense that it can be wirelessly linked to the main company’s inventory system, creating a network of the company’s inventory systems. The POS system is capable of tracking many operations at once and can be modified according to management’s needs (MacCarthy, n.d.). This flexibility would undoubtedly benefit a large company like Wegman’s with many store locations. Lastly, the system is able to help businesses maintain a high level of customer service. Because the system gives customers a receipt with the price and quantity of each item purchased, the customer is able to see exactly what he or she purchased. This practice

By taking a more collaborative approach, major improvement could be made. One way is by embracing the concept of “Collaborative Planning, Forecasting and Replenishment” (CPFR) which have been developed and successfully employed by leading food retailers. It foresees that data is shared and discussed actively between retailers and suppliers, e.g. by producing joint forecast on annual production volumes, also considering foreseeable flunctuations. With a better understanding of the mutual dependencies, the planning basisi could be improve and complexity reduced. On the short term planning basis, making aviable sales data collected in-store 9from the scanner-equipped cash registers) to suppliers in real time allows suppliers to produce more accuratelty to the actual demand, and thus reducing cost for buffers and excess inventory (Trebilcock 006). Of course, Aldi will have to receive a certain share of these benefits. Going one step further would be to add ”Category Management” to Aldi’s supplier collaboration approach to optimise assortment towards the end of customer needs.

North West Company will move towards a “pull strategy” within its supply chain. Pull production is based on actual or consumed demand and individual store managers will monitor this. The benefit of localization for North West will be a higher inventory turnover rate. The benefit for customers will be a more customized shopping experience based on their community. The potential risks are there are high costs involved in implementing a new database system and procurement decisions will be divided between category managers and store managers. We will implement a new database system and train store managers to purchase inventory based on local and regional needs. This system will allow stores to be a part of

Point of sales devices provide faster service than old-fashioned cash registers. Every section of the process, from authorizing a debit card transaction to producing a person receipt, is faster on a spot of sales device.

On the cost side, North West would need to invest less than $10 million to develop a computer-based Advanced Ordering System (the appropriate computer hardware and software) to support the “open-to-buy” (OTB) process. The OTB process would spur store managers to clear out aging inventory in order to free up dollars to purchase new inventory. The upside potential of localization may include higher sales and reduced inventory levels as merchandise is tailored for each community. Currently, the North West Company has not been able to increase their inventory turns over 2.2 times. They expect that with localization, they could achieve inventory turns in the 3.0 or 3.5 range.

Every retailer has unique infrastructure, but generally, point of sale (POS) credit card readers are used, and there is a means to connect to a host system. This host could be located at a corporate headquarters, or be tied to a large processing network such as Visa. The POS is highly customizable, as is the register system, and host. Each of those components are manufactured by different companies, with four to five primary vendors in each category. The potential combinations of POS, host, and register system made every situation unique. My task was to get a clear understanding of all of the systems in play, and determine the most feasible POSA implementation possible.

Throughout history, a simple barcoding system has changed inventory management forever. As the United States Postal Service required barcoding to make the mail sorting process more efficient, grocery stores had a huge need to manage the quantities of thousands of items. As inventory management evolved, the barcoding spread throughout supply chain management aiding in less waste, storage costs, process tracking throughout the manufacturing processes, and helped improve customer satisfaction. This short paper will go over how businesses have used barcoding, the history of barcoding and some of the newer technologies like Radio Frequency Identification and Global Positioning Systems.

Amazon has launched a new credit card reader for physical stores called the Amazon local reader. The approach to this new innovative idea has been done to” bolster the online, retailers offline presence and to challenge rivals such as Square”. This is part of the battle to bring new payment technologies and data analyse to bricks and mortar stores. Amazon is the world’s largest e commerce group that has unveiled amazon local register, a system that features a mobile app working alongside a $10.00 card reader that plugs into phone’s or tablets. It allows retail stores to accept debit and credit card transactions. This new move can also provide businesses access to the companies support team, and in app tracking tools, this empowers

Every store proprietor understands that motivation behind offer material extends the off the cuff buys made by retail buyers in numerous business wanders. While they are holding up to make a buy or are holding up in gathering territories, they have sufficient energy to take a gander at publicizing material, round out rivalry structures, be cautioned to new items, or even buying a drive thing, for example, treats like chocolates.

Marko Svetina, Jože Zupančič Merkur d.d. C. na Okroglo 7, Naklo, Slovenia marko.svetina@merkur.si University of Maribor, Faculty of Organizational Sciences Kidričeva cesta 55a, Kranj, Slovenia joze.zupancic@fov.uni-mb.si Abstract: This paper investigates market basket analysis as an important component of analytical CRM in retail organizations. It presents the case of the company Merkur d.d., Slovenia, a trading company dealing in items for home improvement. The business intelligence system and market basket methodology used in Merkur are described. Use of market basket analyses in Merkur is explained and analysed. In particular, the paper addresses issues such as sales