Last week I attended the Wireless Repair Expo which was put on in partnership with Mobile World Congress Americas’ inaugural event. If you haven’t been to the Repair EXPO before, make sure it’s on your radar for next year as it was amazing to see so many people come together to strengthen the service & repair industry and make significant strides toward creating meaningful standards.
As a company, iQmetrix was fortunate to be given the opportunity to present one of the keynotes. Stacy Hamer, iQmetrix’s Director of Professional Services, delivered a presentation that was teeming with valuable information every repair service provider needs to know. I’ve attempted to capture just a glimmer of Stacy’s power-packed talk, and have focused on 3 areas that repair shop owners need to make sure their POS solution can handle.
1. Employee Metrics
It’s important to share metrics at the store and employee level but it’s equally, if not more important, to make sure the information you’re passing along to your team is understandable, and therefore, actionable. Whether you’re reporting on SKU/part margins, commissions and sales, upselling and warranty packages with attachment rates, or anything in between, the information must be visual and engaging. Choose a POS that can not only gather important data but can transform said data into information that allows you to focus on what actions matter.
2. Inventory Management
Stacy had a lot to say about the importance of regular inventory counting and couldn’t stress enough how many retailers she’s worked with that were regularly losing money due to poor inventory practices. Counting inventory monthly (or less) is not acceptable and will result in major inventory theft and write-offs. The best practice? Perform a weekly count of serialized product, spot checks of non-serialized product, and a full count monthly. The greatest retailers count serialized product daily as part of the open and close process. This segues into why SKU serialization matters. The three main reasons are to provide accurate on-hand inventory visibility, ensure product accountability, and dictate “next steps” for recycled product. You can make the call as to what needs to be serialized. As a rule, Stacy recommends anything under $15 is overkill, between $15-$60 is up to your judgment, and $60 and up in a 100% yes to serialization. Your vendor doesn’t serialize? Use your POS to auto-serialize for you. One last thing to remember; don’t order with emotions – use technology. Inventory decisions made with data at 19% more profitable.
3. Sales Flow Consistency
One common mistake retailers make is creating store flows that are based on back-office needs and end results. However, doing so will compromise your customer experience. Don’t make assumptions about what’s best and instead, consult your stores for gaps in flows. This is where the right POS can take a lot of the guesswork out of your processes. 3 crucial areas to focus on:
A) Automating your buyback flow.
B) Automating the recycle/broken screen flow.
C) Stop using paper!
Tracking everything using paper is not only hard on the environment, it’s just plain inefficient. The right POS should include the ability to create electronic checklists, capture your customer’s signature to acknowledge important details (i.e. has the device been exposed to liquid damage?), and email receipts to customers.
So, there you have it, a few pearls of wisdom from one of the industry’s best experts. There’s so much more I couldn’t cram into one blog post so if you want to delve deeper into the details of how the right tools and POS can help your business, your best course of action is to schedule a demo and talk one-on-one with an iQmetrix expert.
Shutterstock / Simon Kadula