Once the holiday shopping has ended and clearance season is over, retail environments tend to settle into a slow season. The new year is a perfect time to take a look at the current state of your business, and set goals for the coming year.
Make Managing Operations Easier
There may have been aspects of your business that you noticed weren’t quite keeping up with demands – maybe a register continued to freeze, or a receipt printer mysteriously stopped working. Keep those small problems in mind at the beginning of the year, and find ways to make managing your day-to-day operations easier in the long term.
Most of the time, this will take the form of some sort of advancement or change to your current product lineup. Speak to employees about the problems they face during a regular shift, and find ways to make operations easier from the ground up.
Use Downtime Wisely
The post-holiday lull can be a difficult time for merchants in all industries, from retail stores to restaurants. Shopping season is over, and many people avoid spending excess money whenever possible. Though this can make meeting sales targets difficult, it’s a perfect opportunity for business owners to start planning.
Start looking at what your business can do to rise above the rest in 2018 and beyond. Look for changes that can improve both the customer experience and business operations, and implement those changes early. Implementing new payment technology, like an iPad POS system, is a great way to do this, as it quickens the checkout process for customers, and keeps your business at the forefront of tech advancements.
An analysis of market trends by Moneris recently forecasted that by 2030, cash purchases will make up only 10% of money spent in Canada, and we believe we’re still on track for that to happen. The idea of a cashless society is not a “what if” anymore, but a “when.”
As digital payment technologies continue to grow and expand in offerings, 2018 is a great time to start to think about what a cashless business would look like. Look into adding more terminals or wireless or mobile PIN pads to your business to help reduce line ups. Self-checkout options or an ‘order and pay ahead’ mobile feature are also great ways to expand your cashless business - customers who are pressed for time are looking for ways to initiate the payment experience themselves.
Consider a cashless business and how this move forward will help propel you into the future.
Educate Yourself on Fraud
Fraud continues to pose a risk to merchants and customers alike, and it is important to keep up to date on available fraud tools to avoid risks wherever possible. Digital fraudsters are becoming more advanced than ever before, and are learning how to gain access to customer’s personal information without ever having access to a physical card.
As more customers turn to mobile and online payments to make purchases, digital fraud will be an increasing danger to your business in the coming years. Learn about How to Curb Card-not-present Fraud to help mitigate these dangers.
To better understand the dangers your customers face, read up on the Do’s and Don’ts of Fraud Prevention. This will give your business more insight into the tactics fraudsters are using to target shoppers directly, and how your business can help keep them safe.