What are some of the best ways you can take your electronics store to the next level? Is it investing in apps or systems? Is it training staff? Is it discounts?
The Internet certainly has many answers. So, instead of trawling through that deluge, why not consider our curated list. We went through all that information and boiled it down to four essentials that you must have for your store to ensure its success.
Let’s take a look and what we’ve found.
1. A Capable Inventory System
Electronics are as varied as they are useful. They come in many shapes, sizes, colors, functions, and prices. As such, you would definitely need an inventory system capable of handling the variety of different products you sell.
For instance, products like smartphones come with unique identifying serial numbers for each unit. This requires a Serialized Inventory System. Conversely, a portable hard drive can be the same brand and make, but vary by size. This requires a Variant Inventory System to keep track of.
Inventory management is a fundamental part of sales. Having a capable system that can handle all your needs can contribute greatly to your store’s overall success.
2. Carefully Chosen Suppliers
Your sales are only as good as the product you carry, which is in turn dependent on the supplier you associate with. It pays (and saves) to know your market, who the suppliers are, what their prices are, and which suppliers offer deals that suit your store.
Some suppliers tend to resell products at a higher markup while others tend to sell low quality products for market price. This impacts the price you can charge your customers, who tend to blame the shop they make their purchases from.
Additionally, electronic products also suffer from massive counterfeiting and generic products flooding the market. You will want to associate with suppliers who are known and reputable.
3. Data Analytics
Tech is said to be a fast-moving industry. It can seem like a new product is released just when the previous latest product is starting to sell well. As such, you need to be able to plan your supply purchases and sales plan effectively. And to do this, the most important thing you’ll need is data.
Data such as what age group buys which products more or which products sell more at what times of the year can be extremely helpful when planning for the future. And of course, this data needs to be analyzed and presented in an easily comprehensible manner so that you can base decisions off it.
As such, a system or software that provides flexible, accurate, and timely data analytics is a definite must-have asset for your electronics store.
4. Additional Support Software
One of the good things about the modern world is that a lot of arduous and time-consuming tasks that come with operating a store can be handled via technological means. Services such as WooCommerce and QuickBooks can be extremely helpful in this regard.
WooCommerce is an open-source e-commerce plug-in that can bring your storefront online. This allows your customers to make purchases online, at their convenience. Since a lot of your customers know or use tech in their lives, an online storefront could be very helpful.
Quickbooks is an accounting software package geared mainly towards small and medium-sized businesses. It can be a great help in accounting related tasks. Having software assist with such tasks can provide more time for your staff to handle customers and products.
Adding support software can save time and money that you could allocate elsewhere in your store.
These are our picks for the 4 essentials you need for your electronics store. With these suggestions, we hope that you are able to expand your capacity and reach greater heights with your business.
If you were looking for a recommendation on a software that can take care of a lot of what’s been mentioned here, why not consider Ewity?
Ewity is our easy-to-use, easy-to-learn, cloud-based POS system. It comes with a robust inventory management system that can handle serialized inventory, variant inventory, and much more. It can also integrate support software such as WooCommerce and QuickBooks. Additionally, Ewity can also deliver data analytics to your specifications.
All that being said, why not head on over to our website and try Ewity for FREE?