Convenience stores yield behind-the-scenes improvements with cash and check scanners
Dual purpose cash and check scanners can help businesses in the competitive convenience store industry reduce overhead costs in the most important areas of their operations. Maximizing sales is a top priority for many of these organizations, but any efforts to increase the volume of cash or checks received on a daily basis can quickly inhibit long-term productivity if managers haven't invested in the right technology.
Convenience store owners can especially benefit from automating back office tasks. These businesses frequently process small cash or check transactions during their hours of operations. The industry has also experienced a significant boost in competition in recent years. Suresh Bharadwaj, a principal at the consulting firm Infosys, wrote in Convenience Store Decisions that convenience stores generated more revenue than grocers and drug stores in 2012. However, enterprise owners continue to compete with big-box retailers that offer many of the same products.
The market publication Convenience Store News cited research from the market research organization NPD Group that found the industry has struggled to maintain in-store traffic numbers in the past few months. Most of these enterprises continue to receive a significant portion of their revenue from loyal customers who make multiple trips within 30-day periods. In fact, this group represents more than half of the entire consumer audience in the industry, the NPD study concluded.
Enterprise owners who invest in dual purpose cash and check scanners can improve operational productivity and put themselves in a better position to take advantage of future revenue opportunities. Shedding waste in the back office will create leaner businesses that are more flexible to changing market behaviors. These are the kinds of behind-the-scenes improvements that enable a store to outperform its competition.
April 15, 2014