In the age of mass marketing and big box stores, small retailers are struggling. Nowhere is that more the case than with independent bookshops, whose owners now have no choice but to pull out all the stops to ensure their survival.
If this sounds like you, read on to learn some highly effective ways to streamline your back office and jump-start your store.
Set up your infrastructure
Choose a payment services provider who can recommend hardware and software, provide customer service to troubleshoot issues, offer diverse payment method choices, and bestow industry-related insights that can help you succeed.
A bookstore merchant account provider is a third-party company that can partner with you as your business evolves. Its purpose is to furnish you with everything you need to process your customers’ payments conveniently and securely.
To that end, they will help you choose the point of sale (POS) system, software, and peripherals that will best equip you to maximize your operational efficiency.
As you do your research to find the best vendor, keep in mind that options vary widely. Prioritize features such as pricing transparency, customer service, reputation, and the extent of the payment choices they offer.
Remember that you will be working closely with this company for years to come, so only connect your store to a provider who will be a valuable ally as your business changes and grows.
Improve inventory management
Customers have infinite choices for meeting their book-buying needs. Make sure your store remains at the forefront by seeing to it that you never run out of the titles that consumers are demanding.
Your POS terminal’s inventory management tools can store details about every piece of merchandise you carry, letting you know when quantities fall below a set threshold.
Additionally, you can generate reports that indicate which items are failing to move so that you can change your store layout or offer discounts to make these products more enticing.
Finally, your POS can give you a fast glimpse into each customer’s buying history. When you take advantage of this capability, you can make customized recommendations that will spur sales while simultaneously elevating and enriching your relationship with each shopper.
Facilitate a seamless shopping experience
Whether you are providing online or in-person payment solutions, your customers’ impressions of your business are cemented when they go through the checkout process.
Strive to give them their payment methods of choice, and optimize your systems to ensure that they meet the highest standards for speed and security. Your payment services provider can be instrumental in assisting you in this regard.
The shopping journey also needs to be cohesive. If you offer both online and offline options, take steps to integrate all of your processes so that there is consistency across every channel.
Automated features that track sales and ordering can lead to a reduction in manual labor for your staff as accuracy rises. Ultimately, you can look forward to fewer mistakes, higher morale, and an enhanced environment for employees and customers alike.
Giving your customers access to the titles and authors they love in a friendly and informative shop or online space helps to set your bookstore above your anonymous chain and big box competitors.
Take the time to establish a solid infrastructure, find a reliable payment processing provider, and don’t be afraid to take advantage of the benefits that technology can bring. Together, these actions will lead to an efficient store that is well-positioned to succeed even in this challenging marketplace.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
