As the retail sector continues to grow, cash counters will emerge as a vital piece of technology. Chain Store Age cited data from the National Retail Federation that forecasts retail industry sales - excluding automobiles, gas stations and restaurants - will grow roughly 3.1 percent in 2016, which is higher than the 10-year industry average. The NRF also predicted 190,000 new jobs will be added to the U.S. economy during this time.
The outlook for the U.S. retail industry is positive, which means business owners operating in this sector face new opportunities to innovate, hire staff and expand both their footprint and offerings. It is also important to note the retail sector is considered an industry that experiences heavy turnover. In fact, Innovative Retail Technologies wrote that a new study conducted by WorkJam found 34 percent of retailers have a quarterly turnover rate of at least 26 percent for hourly staff. Additionally, one-third of retail managers feel this rate has increased over the last two years. With these insights in mind, it is important retailers leverage technologies that accommodate growth and allow them to embrace a positive outlook for their industry.
As the industry continues to grow, businesses that embrace the most advanced strategies and technologies have the best chance of standing out against their competition. Shoppers will demand a high-quality customer experience, which means store associates and managers, regardless of their tenure, must be equipped to focus on customer needs.
One way to eliminate the time employees spend on administrative tasks and instead allow them to focus on customer-facing duties is to provide them with cash counters. Processing and handling money and running financial reports is an essential part of any retail job. Money counters make this task easier and more efficient, which adds to both employee and customer satisfaction and positively impacts the bottom line.
An excellent money counter offers features like mixed bill processing, serial number capture, counterfeit detection, check scanning, future-ready design, multiple levels of memory and intuitiveness. All of these qualities empower business owners and store associates to complete back-office work quickly and accurately. As a result, retailers are in a better position to take advantage of the positive upswing in the industry.
March 31, 2016