fbpx [vc_row][vc_column][minti_testimonial author=”Mark Denkler” company=”Vince Canning Shoes and Tootsies Shoes”]“Information is money. If you have information, then you can use it to improve your business and increase profit.”[/minti_testimonial][vc_column_text]Data is a key ingredient for the success of your business. But, it doesn’t mean anything until you can analyze it and understand what it’s telling you. If your technology can’t help compile, store, analyze, and report on your data, this can be detrimental toward growing your business. Mark and LaRonda Denkler from Vince Canning Shoes and Tootsies Shoes experienced this before switching to RICS. It wasn’t until a vendor came to them, excited about how well their brand was doing, that Mark realized they lacked true insight on product performance. They had thought that specific brand wasn’t selling well until the vendor told them otherwise.

Background on Vince Canning Shoes and Tootsies Shoes

Located in Delray Beach, FL, Vince Canning Shoes opened in 1952. Their business has been passed down three generations. Mark Denkler and his wife, LaRonda, bought the store from his uncle and have now been working in the footwear industry for over 20 years! Vince Canning Shoes became a partner with RICS in 2003. The Denklers chose to switch to RICS after their current system went out of business. “Time was the main focus- we needed an efficient solution to get business done,” says Mark. When they bought Tootsies Shoes, across the street from Vince Canning Shoes, the store didn’t have a retail management system in place. They choose to implement RICS because, without it, they lacked insight into how their products were performing.

Why RICS Software?

Before using RICS, Mark explains “you don’t know what’s selling; you have your daily recaps and look at the inventory wall.” Without inventory data, they didn’t have enough information to know how the business was really doing. After implementing RICS, they accessed important metrics like turns, gross profit margin, ROI, etc. This insight showed them inventory trends right away. Mark from Vince Canning Shoes and Tootsies Shoes recognizes RICS has greatly improved their business by stating how it, “allows us to do our buying better. We had no idea we were missing sales. Now, we know we have the information to make a sale.”  
Learn more with our customer case studies.[/vc_column_text][/vc_column][/vc_row] [vc_row][vc_column width=”1/1″][vc_column_text]As a retailer, your technology is incredibly important to running a successful business. Whether you’re using customer data to deliver personalized messages to your shoppers, or looking up inventory for a customer on the sales floor, having a system that works for you is a crucial part of your business. When it comes to choosing a POS and inventory management system, you want to make sure you have a partner with all the functions you need. We know that finding that perfect partner can be a challenge, that’s why we want to help you identify the top questions that can help you identify if a POS provider is right for your business.

What industries do you service?

You’re not a cupcake shop, so why would you use a POS system that was built for one? As a footwear or apparel retailer, it’s incredibly important to find a system that can support the way you do business. A system that boasts a one-size-fits-all model doesn’t give you the functionality you need to run your business. Finding a solution built for your industry means you’ll have all the functionality you need to run your store and is a proven solution for other retailers like you.

Are you cloud-based?

When it comes to how your POS system is hosted, it’s important to ask if a provider is an installed solution or is cloud-based. Installed solutions may seem like a one-time expense, but the reality is they can cost a lot more over the course of time. Installed solutions require servers that need to be maintained and lack ongoing support and software updates. With a cloud-hosted solution, you eliminate costly servers and ongoing maintenance, and move to a solution that is constantly being updated and supported. Additionally, cloud-hosting gives you the ability to access your data from anywhere so you’re not longer chained to your store when making business decisions.

What is your support model?

As you’re evaluating systems, it’s necessary to ask about your access to support. Is ongoing support an added cost or is it included with your basic contract? You want to go with a provider who not only gives you access to unlimited support, but also includes education as part of their support model. Whether education comes in the form of webinars or training guides, it’s nice to know you’ll be able to continue education and training on your own time. Thinking about switching your POS? Download our free guide to learn more about choosing the right POS for your business.[/vc_column_text][/vc_column][/vc_row]

The Importance of Inventory Management

  56. That is the number of shoes in my closet. Yep, 56 pairs of heels, boots, sandals, and wedges. This number does not include athletic shoes, flip flops, and the random pair of ice skates on the top shelf. I know, I know. I am a shoe girl – I have always been a shoe girl. I have all of my shoes organized by color and type so I can quickly find whatever I need and I am always evaluating the shoes I have on hand. I do a physical check to see which ones are worn and need retired and which ones are out of style for the current season. This also allows me to understand what I have and what I “need” when I am out shopping – nothing is worse than having two pairs of very similar, open-toed, black lace booties when I could have gone for the pink, patent leather stilettos! My system works for me, but I am only managing 56 pairs of shoes and I don’t make or lose money based on what is in my closet. I cannot even begin to imagine what it would be like to be a retailer managing more inventory than that. But many of you out there can. You manage hundreds and thousands of SKUs that come in and out of your store on a regular basis. You have to manage the inventory coming in from suppliers, what may be transferred to another store or sold online, and what goes out of your store in sales. You need to work hard to manage your inventory so you can make money to maintain and grow your business. On average, almost 25% of your inventory costs could be eliminated or reduced by rethinking your inventory management strategy. That means more money to invest in high performing inventory and more money to the bottom line. RICS’ exclusive e-book can give you many useful tips and strategies to help you: Click here to access our e-book and learn more about managing your inventory more efficiently. In the meantime, I have shoes to to assess! The RICS team has been hard at work revamping our Help Center. With all of the new resources available, I’d like to take a moment to share a few of the areas I find to be most helpful: Physical Inventory – We know that taking a physical inventory can seem daunting, and we’re here to help! This resource contains step-by-step instructions to walk you through the process, all the way from counting items to committing your finalized inventory. Reporting Best Practices Guide – Want to assess salesperson performance? How about analyzing the effectiveness of promotions? This guide shows you how to get the results you want out of RICS reporting by telling you how to set up reports and what action to take based on the results. Create Purchase Orders – Purchasing is an essential part of your business. This resource provides you with everything you need to know when generating Purchase Orders. Check it out – even seasoned veterans might learn something new! Manage Non–Sellable Inventory – RICS’s Non-Sellable Inventory feature allows you to manage returned and defective merchandise effectively. This article gives you all you need to do so, from creating return codes to completing non-sellable batches. Cashier Training Guide – Training cashiers just got a little bit easier. This guide covers the basic functionality of the POS in order to get new hires up to speed and ringing sales on day one. Use the above articles as a starting point to acquaint yourself with the new Help Center, but don’t stop there! Feel free to look around and search for any topics you might be curious about. We’re actively working on adding new material, so keep checking back!