Cost Cutting Tips for a Greater Profit Margin with LS Retail  

When it comes to cost-cutting, many retailers might find it hard to process it without Retail ERP Software. Look for unified Retail Management Software that encompasses each area impacting immensely on costing like inventory management, warehousing, supply chain management, and so on.  

As a retailer, costing is supposed to be on the radar. It depicts how well your business is doing and what changes you need to implement to avoid costing challenges. It is a matrix that needs to evolve consistently.  

LS central is an extension to Microsoft Dynamics for Retail Industry offering a complete suite for retail business management. Hence busting common challenges retailers encounter such as: 

  • Lack of Visibility: Visibility is the most important part when it comes to cost-cutting, lack of real-time data can lead to some confusion and drive over or under inventory purchase. It makes it harder to identify areas where you can potentially cut costs and lead to waste.  
  • Competition: Neck-to-neck competition in retail is obvious. Due to many contenders and constantly changing customer demands. Everyone is striving to be better than one another. Adopting technologies to upgrade their services and get ahead of the crowd. 
  • Brand Positioning: having an appropriate pricing strategy goes hand in hand with how you want to position your brand in the market. Sometimes it gets a little tricky since the customer can take it otherwise. For instance, lowering prices can leave an impression of having inferior quality, and the buyer does not take it seriously.  
  • Improper Discount Planning: discounts must be planned very carefully. Indeed, they can drive customers in. However, sometimes it can turn the tables around. Stock clearance sales are ideal for discount implementation, but improper discount planning can lead to product quality suspicions. You might also end up drawing a discount-driven crowd or customers that do not provide repeated business.  

How To Cut Costs and Boost Profit with LS Retail? 

LS Retail is a Retail Management Software and an extension to Dynamics 365 for retail which provides a dynamic environment required to run a retail business. Manage your business centrally and get real-time visibility, keep tabs on your inventory and avoid overstocking. Embrace its features to reap maximum benefits  

Centrally Manage Your Retail Business  

Whether you run a single shop or own a multi-complex, it is of no concern. Have real-time visibility and control over your retail business with a Unified Retail Management Software. With automation, plan costing, and product pricing with accurate data analysis. Manage your business even if you have different chains in distinct locations. Ensure a free flow of information, save time, efforts, and costs which you would have otherwise on manually doing everything.  

Cut Operational Costs with Mobile POS  

Adopting a unified mobile POS that integrates sales, marketing, and inventory within a unified Retail Management Software can save you much more than a sole purpose POS. Apart from that, cut down on overtime and excess staff as much as you can. Avoid using tissues, extra bags, and excess packing as much as possible. A mobile POS helps you automate tasks as much as possible. You no longer must fill in data repeatedly. Most of the recurring transactions are automated, sparing your staff enough time to spend their efforts on other productive activities.  

Get Real-Time Visibility 

LS Retail provides The Best Retail Management Software you get real-time visibility essential to identify cost-cutting areas and strategize profit-boosting ways. Identify if you are overstocking your inventory. check if your technology has become obsolete and needs an upgrade. Spot operational areas are working insufficiently and need attention. Get real-time market analysis and figure out what is in demand, see if you are not excessively stocking the inventory that is not in demand.  

Be Fast and Flexible with Omni-Channel  

The Omnichannel provides enough flexibility for the customers to order a product online if available. They can review various products at the same time and decide whether they want it delivered to their home or would like to pick it up. Empowering your staff with a mobile POS leads to more flexible payment processing and better assistance to the customer regarding purchasing a product. Even if the staff is busy enough to process payments, the customers can still help themselves with self-checkout.  

Utilize Predictive Analysis  

Optimize accurate demand forecast analysis and generate better replenishment strategies. Cut time and efforts on order processing with rapid facilities, scan-based receiving and automatic put away, and inventory counts. This helps enhance store floor accuracy and improve overall store performance. You minimize waste and add up to the profit.  

Generate Smart Loyalty Programs  

Microsoft Dynamics 365 for Retail extension helps generate offers, deals, loyalty programs, and so on. Strategize discounts more smartly with accurate data analysis targeting customer behavior. Identify the right opportunity to launch a specific deal. Ensure customers provide repeated business.  

Identify Waste Patterns  

 Identify the waste patterns and make necessary adjustments. Spot items that are not much in demand or not in demand at all. Reduce manual work and encourage your staff to optimize automation as much as possible. With a Retail Management Software you can get customer sales reports, manage inventory and identify the right product mix to meet the sales goals. Cut costs and save time with replenishment and standard stocks. 

Select the Right Implementation Partner 

Being stuck with the wrong implementation partner can cause you some serious financial damage. Not being careful enough can lead you to the hidden cost trap. Since this partnership lasts for up to five years, be careful with who you tie up. An ideal implementation partner keeps things crystal clear about their services right from the start. It is recommended to choose someone with years of experience and happy clientage.  

Cost-cutting and boosting profit margin get easier with automation. Having a suitable Retail ERP Software such as LS Retail does the job perfectly. A complete suite offering every necessary tool within the same environment can not only optimize business operations but also cut unnecessary costs, giving your business a profit boost. Choose a suitable implementation partner such as Trident Information Systems, gold partner of Microsoft Dynamics 365, and LS Retail. Backed up with 150+ technical resources and a powerful clientage, we guarantee successful project accomplishment. For further queries contact us.