Forecasting: Maximizing Retail Revenues

Forecasting: Maximizing Retail Revenues

Sales forecasting is a crucial part of the financial planning of a retail business, essentially is the process of estimating future business’s sales. A forecast is based on historical sales data and is done for a particular period of a time in the near future, usually the next calendar year. A sales forecast enables a company to make informed business decisions regarding inventory or cash flow or plan for growth.

It is for this reason, forecasting is a central activity in any retail operations. It is a self-assessment tool that uses past and Forecasting Maximizing Retail Revenuescurrent sales statistics to intelligently predict future performance.

Forecasting methods anticipate the future purchasing actions of consumers by evaluating past revenue and consumer behavior over the previous months or year to decipher patterns and develop forecasts for the upcoming months. Data is adjusted for seasonal trends, and then a plan for ordering and stocking products may follow the analysis. After fulfillment of current and forthcoming customer purchases and orders, an assessment of the results is compared with previous forecasts, and the entire procedure is repeated.

Function

Optimization of business decisions in a retail organization largely depends on the ability to forecast demand accurately. The optimization of order quantities, stock levels, or store shipment allocation depends on the aptitude of a retailer to forecast accurately demand at store and/or SKU level.

In retail management, forecasting serves to predict and meet the demands of consumers while controlling pricing and inventory. Holding excess inventory adds to overhead costs for a business whereas under stocking may lead to loss of revenue. Forecasting helps the retailer to meet the demands of the customer by understanding consumer purchase patterns better. It is also known to assist in more efficient use of shelf and display space within the retail establishment, in addition to optimal use of inventory space.

Benefits:

Accurate forecasts that meet the forthcoming consumption demands of customers help retail business owners and management to maximize and extend profits over the long term. Forecasting permits price adjustments to correspond with the current level of consumer spending patterns. Maintaining and controlling a sufficient but moderate inventory that meets the need without being excessive also adds to long-term profits in the retail industry.
Major financial benefits of inbuilt forecasting in iVend Retail include:

  • Return on capital: Inventory is the largest investment in a retail organization. It is therefore important to forecast inventory by an accurate demand prediction that helps generate return on capital. High inventory is a drain on capital for any retail organization.
  • Cash flow: Accurate forecasts are important to keep capital free that is otherwise tied up in excess inventory.
  • Revenues: It has become important to sense customer demands to provide visibility and to market acceptance. Forecasting helps companies to support better revenue management by adjusting sourcing and distribution strategies and avoiding unproductive accumulation of inventory.
  • Earnings: It is seen that good business sense is in adapting to supply chain optimization strategies. Accurate demand helps in precise supply chain decisions. Costly write offs are created If inventory becomes obsolete and that can result in significant disposal costs.

To know more about How retail Forecasting functions in iVend Retail 6.2 write back to us on info@citixsys.com or contact your local CSM.

iVend Retail Dashboards

iVend dashboard

Intense transformation in retail industry puts retail technology and information technology in key focus. The data collected from various 200by200 dashboardssources is expected to converge together to derive actionable metrics and give a competitive advantage to retailer’s.

The data is collected in volumes from all possible sources. New technology deployments are driven by an increased focus to use this voluminous data to deliver a better customer experience. Mobile and instore point of sale (POS) systems, mobile apps, online stores, generate a tremendous volume of transactional data. This data is a critical source of information to retailers in providing new insights into operations and business.

With increasing reliance on real-time visibility across a multitude of platforms, today’s retail technology faces a formidable challenge in deriving actionable and accurate insights generated by different retail touch points.

iVend Retail helps retailers’ take full competitive advantage of the wealth of information present in transactional data with iVend Dashboards. These are build-in dashboards available in iVend Management Console. These include inventory snapshots, comparative sales by month, quarter, year; promotional sales, top sellers, gift certificate analysis, promotion analysis, top and bottom performers, sales contribution, sales trends and many more.

This application allows creation of fully interactive business intelligence dashboards for Retailers. iVend Dashboards includes a completely optimized drag and drop feature for faster creation of dashboards. These dashboards created can either be viewed from within iVend Management Console or viewed in any standard browser using the iVend web viewer. With iVend Dashboards, interactive drill down reports can also be created which can be viewed using a web browser.

iVend Dashboards extend a detailed snapshot of business performance levels. Effective, informative and intelligent analysis tools gather data in one place to report on essential KPIs for retail business. The dashboards can be tailored to uncover strategic possibilities within current plans and explore best paths to effect positive results and genuine sustainable improvement.

A retailer can now choose to build his own or modify dashboards to assess the progress of current performance levels. Retailers can now focus on different areas of analysis and swiftly customize each performance overview, Stay in sync with live and current retail metrics to remain in touch with retail business performance level even when on the move

By applying innovative purpose-built data management, reporting and analytics technologies with iVend Dashboards, retailers have the opportunity to take advantage to access and view retail insights to reap significant benefits — they can improve the end customer experience, increase wallet share and drive higher profits.

iVend eCommerce 1.4 enables Mobile responsive sites

iVend eCommerce 1.4 - Release Enables Mobile Responsive Sites

With great pleasure we announce today the release of iVend eCommerce 1.4 version, which in addition to a host of features,  includes the new Mobile Responsive skin enriching the online shopping experience. Also significant in this release is the RTL (right to left) feature which will enable right to left languages like Arabic to be displayed appropriately.

Listed below are the main features that have been incorporated in this release.

Mobile Responsive Skin

The default skin in iVend eCommerce has been replaced with a new mobile responsive skin. The new skin is intuitive and rich in user experience.

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PromotionsPromotions

With iVend eCommerce 1.4 store admin can define exhaustive promotions for the online store. Promotions can be setup to auto apply or can applied manually by the shopper by entering a promo code. Following are some of the sample promotions that can be setup in iVend eCommerce:

  • Buy X and get Y free
  • Buy X and get Z % or Fixed Amount discount on Y
  • Buy any item from Product Group / Product Category / Manufacturer and get Z% or Fixed Amount discount on YiVend Banner1012x1012
  • Buy N quantity from Product Group / Product Category / Manufacturer and get Z% or Fixed Amount discount on Y
  • Get X discount percent on the entire sale if Bill values exceeds N amount.
  • Buy N quantity and get Z% discount on Shipping
  • Buy any item from Product Group / Product Category / Manufacturer and get Gift Certificate free
  • Get discount on current order based on total bill value of past orders within a date range.
  • Get discount on current order based on number of past orders within a date range.
  • Get discount on current order based on total bill value of past orders within a date range.
  • Get discount on current order based on past purchase of specific products within a date range.

The Promotional Sale Countdown Timer is a very handy tool in promoting time bound sales. On the Product Page it displays Days, Hours, Minutes and Seconds remaining for the validity of a special price on the product. This tool draws attention of shoppers and is helpful for time sensitive sale events and is perfect for Seasonal Sales, Holiday Sales, etc.

Coupon-IssueCoupon Issue

Coupons are a great way to attract shoppers to keep coming back to the online store and avail discounts on subsequent purchases. With iVend eCommerce 1.4 the store admin can setup automated delivery of coupons based on rules. Following are some of the examples:

  • Issue a discount coupon in the welcome mail whenever a shopper registers on the portal between X and Y dates.
  • Issue a discount coupon in the receipt when the bill value is more that X
  • Issue a discount coupon in the receipt on purchase of specific products between X and Y dates.
  • Issue a discount coupon in the receipt if past order value exceeds X within a date range.
  • Issue a discount coupon in the receipt on every Nth order placed on the portal
  • Issue a discount coupon in the receipt for the first N orders.
  • Issue a discount coupon in the receipt for specific customer or customer group
  • Issue a discount coupon in the receipt on use of specific payment method
  • Issue a discount coupon in the receipt only once per customer between a date range.

Payment-ProfilePayment Profile

Payment Profile in iVend eCommerce 1.4 allow the Site Admin to setup conditions based on which payment methods will be available to shoppers during the checkout process. Following are some of the examples:

  • If the Bill total exceeds X then block checkout by COD.
  • If the shopper is purchasing from a specific Product Group / Product Category / Manufacturer then allow checkout only by Credit Card.
  • If the customer balance exceeds the available credit limit then block checkout by PO option.
  • Based on customer’s shipping address (Country, State, City, Zip) block checkout by COD.
  • For specific customer or customer group block checkout by specific payment methods.

Customer-HierarchyCustomer Hierarchy

For B2B implementations the site admin can setup a parent child relationship between customer records. This will allow the Parent customer to:

  • View orders placed by his child customers
  • Make payment for orders placed by his child customers
  • Impersonate any of his child customers and place an order on their behalf.

Store-CreditStore Credit

With iVend eCommerce 1.4 a store credit can be issued for refunds against cancelled orders. Store Credits issued from iVend eCommerce can also be redeemed at iVend POS at the brick and mortar stores.

Store-locatorStore locator

The store locator in iVend eCommrce 1.4 will enable shoppers to locate brick and mortar stores close to their location. Shoppers can search for stores by city or zip code. The store locator is integrated with Google Map that will help the shopper to get directions to store easily.

Price-Display--Tax-Inclusive--ExclusivePrice Display (Tax Inclusive/Exclusive)

iVend eCommerce 1.4 can be setup to display the Tax Inclusive or Tax Exclusive product prices for a specific customer or customer group.

Quotation-to-OrderQuotation to Order

iVend eCommerce 1.4 can be configured to allow shoppers to generate a quotation by selecting Quotation as the payment method during the checkout process. The site admin can setup a validity period for a quotation. Shoppers can further convert quotations to orders.

UDFUDF Integration

UDFs created on Customer and Product objects in iVend POS are integrated with iVend eCommerce 1.4. UDFs created on customer object can be used for collecting additional information during the registration process. UDFs on product object will be available as Read-Only on the Product Page.

CC-Avenue-Payment-Gateway-IntegrationCC Avenue Payment Gateway Integration

iVend eCommerce 1.4 is integrated to CC Avenue Payment Gateway for online payments. With this integration the shopper has the option to pay by Credit Card, Debit Card and Net Banking. This feature is only available for India.

RTL-SupportRTL Support

iVend eCommerce 1.4 can be setup to display the Storefront section in Right to Left format for Arabic language.

Approval-based-Order-IntegrationApproval based Order Integration

iVend eCommerce 1.4 can be setup to integrate online orders to iVend Enterprise based on payment methods. For example – A COD order will not automatically integrate to iVend Enterprise unless approved by the site admin.

Report-DesignerReport Designer

A new reporting module has been included in iVend eCommerce 1.4. An admin user can change the existing canned reports as well as create new reports. The store admin can also publish reports to the storefront section for specific customer / customer group.

Enhancements

Improved Digital Download

Digital Downloads functionality has been enhanced in iVend eCommerce 1.4. The site admin can now setup a validity period for the download link.

Site Configuration Wizard (Admin Section)

The site configuration wizard in iVend eCommerce 1.4 has been enhanced for better end user experience by grouping configuration settings under different sections.

Integrated Application Pool

The iVend eCommerce 1.4 Website can now be run in a .Net 4.0 Integrated Application Pool.

Popup on IE10 and above

Admin editing popup windows now work with IE10.

Caching Product Price

With this release, the product price is being cached which substantially improves the overall web site performance.

Merchandize Hierarchy and its relevance in planning

citixsys Merchandize Hierarchy and its relevance in planning copy

Every retail organization, regardless of its size, has a merchandise hierarchy for all the goods. A Merchandise Hierarchy is a reporting structure under which sales and inventories of products are tracked and managed.

The function of the merchandise hierarchy is to categorize products and is NOT intended to describe product or classify organizational, 200X200- Merchandize Hierarchy and its relevance in planningproduction or design elements. Merchandise hierarchy can have multiple levels with the highest level providing an overall enterprise view and then narrowing down to families or classes of products, with the total number of levels being determined based on specific business requirements and is the same throughout the enterprise. It provides a common language and consistent codes at each hierarchical level and ensures that merchandise systemically resides in one place and is grouped based on similar form and format and common purpose and use.

With Merchandise Hierarchy in iVend Retail 6.2, users will be able to:

  1. Define multiple Merchandise Hierarchies in the system
  2. Attach more than one Merchandise Hierarchy to individual products.
  3. Top down reporting at all Merchandise Hierarchy levels

Hierarchical classification of products allows companies to customize their data analysis and evaluation, and to address specific needs of individual businesses or the overall enterprise.

A retail organization with well – structured merchandise classification has a fuller view of its products across multiple levels and is able to drill down and analyze data in a variety of ways suitable to their specific business requirements.

A standardized merchandise classification allows similar items across different businesses to be grouped logically. This allows a retailer to view, evaluate and report on data at different aggregate levels and with higher accuracy not only within an individual business, but also across multiple business lines at an overall enterprise level.

By incorporating merchandize hierarchy a retailer benefits through better performance visibility, understanding of consumer demand, and more effective merchandise and sales planning.

The benefits continue down the supply chain and are reflected in better integration with supply chain partners, and improved coordination between retail planning and production, which in turn leads to a reduction in production costs and inventory requirements.

Standardization of the merchandize structure and allocating data ensures data integrity, allowing data governance to be addressed throughout the retail chain at an enterprise level.

Not limited to this, it supports continuous business growth and accommodates moving into other product lines and other industries as the business expands. Through development of common definitions, terminology, nomenclature and structures, an enterprise-wide standardization approach to merchandise classification becomes a key element in driving successful planning, analytical and execution capabilities at a retailer.

Inventory Management through handheld devices

Revised citixsys banner blog

iVend handheld enables the retail workforce to manage store inventory using a handheld device running Windows Mobile OS version 6.0 or 6.5. iVend handheld helps in efficient stock take and goods management . iVend Handheld has been designed to be intuitive and extremely efficient. The use of the iVend Handheld results in improved data accuracy, increased mobility, and convenience, thereby streamlining movement, counts and queries while reducing human errors.

As an Integrated module in the newly released iVend POS 6.2, it helps in streamlining retail inventory operations and stock take minimizing the human error percentage.

Automation of inventory stock take has helped retailers worldwide by reducing their man-hours spent in managing inventory and resolving errors. The seamless integration between iVend POS with handheld helps improve data integrity with up-to- the- minute tracking.

Other major benefits observed using a handheld device include:

Improve Inventory Accuracy to Reduce Data Entry Errors with Barcode scanning
Using barcode scanning rather than manual data entry to record transaction data improves data accuracy and reduces data entry time. Handheld devices increase productivity through reduced data entry and streamlined user time motion activities. They enable process automation, which increases throughput and decreases material cycle times.

Improve Transaction Accuracy with Real –Time Data Validationsmall image for ivend

Inventory accuracy improves two-fold through the reduction of data entry errors as well as the capability to identify inventory inaccuracies faster. Inventory accuracy techniques such as cycle counting are more efficient when performed with real -time barcode scanning capabilities.

The benefits of improved inventory accuracy include having the right material on hand when needed, optimizing replenishment and fulfillment plans, and decreasing the carrying costs of excess materials.

Reduce Latency Using Handheld Devices

Handheld devices enable users to enter transactions and perform inventory requests pertaining to goods and stocks in real time at the point of use. Transaction validation takes place online, identifying valid data immediately. Real -time inventory information improves the quality of supply chain collaboration, enables accurate requests for replenishment orders, and optimizes warehouse and supply site scheduling activities and resources.

Improve Worker Productivity

Accelerate Data Entry Using Handheld Devices

In combination with barcode scanning, data entry using applications on handheld devices enable a more efficient use of man-hours, improved time-motion activities, and an ability to perform validation and corrections online and in real time. Users also have access to more information, such as inventory availability, process receipts, and issues without having to change stations or work locations. Users may complete inventory transactions from anywhere inside or outside the facility. Handheld devices may be assigned to users, significantly reducing dependencies on adequate space and allowing users to access the system wherever they are.

Deploy Diverse Hardware

iVend handheld Module runs on any handheld device that can run a standard WinMobile 6.5 client. The architecture also supports most standard barcode encoding formats.

CitiXsys Newsletter June 2014

Integrate Retail – The Enterprise Way
Accurate Replenishment Planning for effective Inventory Management
Retail Replenishment can be defined as acquiring product on a recurring basis to support actual or anticipated need. Replenishment is best served as an automated process given the huge number of combinations of items and store locations.
continue reading..
Using iVend Mobile POS
Using iVend Mobile POS
iVend Mobile POS goes beyond being a queue buster. Over a period, this technology has become a mainstay of retail landscape that connects stores to the future of Multi Channel retailing.View this video to learn how to operate, process transactions and complete the sale using iVend Mobile POS.
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Improved inventory visibility and product performance with iVend Retail

COMPANY : Laksala – Sri Lanka state gift & Souvenir Boutique

Country: Colombo, Sri Lanka

Industry : Specialty Retail

Partner : Pristine Solutions

Laksala is the only State owned Gift & Souvenir Boutique in Sri Lanka and was established under the National Crafts Council And Allied Institutions Act, No. 35 of 1982.

Since then Laksala has witnessed numerous changes with an ever growing list of products on sale. Today Laksala operates through 13 branches located island wide and offer the widest variety of all Sri Lankan products at a competitive price. Most importantly, Laksala enables the numerous industries that supply goods to it to stay both profitable and in business.

Challenges

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  • Non-integrated data management
  • Invoicing and extraction of financial data was time consuming
  • Needed a reliable retail management system with streamlined inventory view
  • Scalability of system was an issue

Laksala’s sole objective is to be a commercially viable and socially responsible marketing organization which creates opportunities for rural products to enter mega – markets. Their vision is to transform Laksala to a profit making organization within the Government sector. For this, Laksala needed an appropriate, standard and certified solution which covered the unique aspects of their organization. To effectively manage their retail, warehousing processes and accounting functions, they wanted a seamlessly integrated application.
Laksala were using a software, which included the POS system. They realized that their system had reached a threshold and had grown obsolete. The application could not integrate finance data with the operational data and could generate only elementary reports.

Solution

iVend Retail with SAP Business One

Benefits :

  • Enhanced employee efficiency with integrated back office processes
  • Complete inventory control and real-time inventory visibility
  • Synchronized data transfers between Stores & enterprise ensured accuracy across Retail operation
  • Achieved faster order processing & flexible promotion management
  • Streamlined and accurate billing process

Benefits of the newly implemented system were evident, a transparent view of the entire work data and ability to generate management information quickly were most remarkable. Management noticed some immediate benefits which are as follows –

  • Additional benefits of the system:Increase inventory turns and reduce inventory levels
  • Faster order processing led to increased customer satisfaction
  • Provide cross-channel information for efficient operational actions
  • Enable better planning and forecasting capability
  • Offer competitive retail price and promotion management

“Generally iVend is covering our POS system quite satisfactorily. Laksala expected iVend to support our sales outlets by having a fast & accurate billing system since iVend can have independent databases to each store.
Once iVend was implemented, Laksala’s customer service improved and customers were satisfied with the quick service.”

What’s new in iVend POS 6.2

Citixsys Inside Banner

Reiterating its strong commitment to continuous innovation to create profitable retailers and happy consumers, CitiXsys released a feature rich, iVend 6.2 earlier this week. This release of iVend Retail has numerous features, all aimed to extend valuable business benefits to the retailers.

This post talks about the features introduced in this release and their business benefits to retailers.

New Application Icons

iVend POS version 6.2 introduces new application icons

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Management Console

Configuration Manager

Merchandise Hierarchy

Every retail organization, regardless of its size, has a merchandise hierarchy for all the goods. A Merchandise Hierarchy is a reporting structure under which sales and inventories of products are tracked and managed.

With the introduction of Merchandise Hierarchy in iVend POS 6.2, users will be able to:200by200

  1. Define multiple Merchandise Hierarchies in the system
  2. Attach more than one Merchandise Hierarchy to individual products.
  3. Top down reporting at all Merchandise Hierarchy levels

Following is an example of a typical Merchandise Hierarchy:

index

ForecastingForecasting

Forecasting or (better known as) Sales Forecasting is the process of estimating future business’s sales. A forecast is based on historical sales data and is done for a particular period of a time in the near future, usually the next calendar year. A sales forecast enables a company to make informed business decisions regarding inventory or cash flow or plan for growth.

For this reason, forecasting is a central activity in any retail operations.

Forecasting in iVend POS 6.2 provides a wide range of forecasting models with an automatic “best pick” option. The Forecast window in iVend Management Console is an intuitive interface that displays hierarchical data in a tree-like structure, allowing to work at different level of details with a simple click of the mouse. As user navigates from item to item, synchronized sections displaying graphical and tabular data are instantly updated.

Forecasts can be generated based on product, product group, product categories and merchandise hierarchy. Furthermore the forecast can be consumed in MRP calculations.

planningReplenishment Planning

Replenishment Planning functionality in iVend POS 6.2 is used to assist the purchase department make purchase orders and also assist the warehouse to suggest what needs to be transferred to the stores.

Replenishment Planning calculates gross requirements based on In Stock Quantity, open Sales Orders, open Purchase Orders, Forecasts, Stock Transfer Shipments, Stock Transfer Requests, etc. The Replenishment Planning module also takes into account predefined planning parameters such as Minimum Inventory, Minimum Order Quantity and Lead Time.

Replenishment Planning functionality can be run centrally at the iVend Enterprise or can be run at the stores. Replenishment Planning functionality makes recommendations to replenish warehouses and/or stores by purchase order documents and/or transfer order documents.

This feature will be available to customers using iVend POS as a standalone application (Unplugged) without integration to an ERP system.

iVend-Dashboards iVend Dashboards

iVend Dashboard designer allows users to create fully interactive business intelligence dashboards for a retail business. iVend Dashboard makes the complex and time consuming aspects of dashboard design a thing of the past by introducing a fully optimized drag & drop feature so users can create dashboards in record time.

The Dashboards created in iVend can be viewed either from iVend management console or in any standard browser using the iVend web viewer.

iVend Dashboards bring a whole new aspect to the reporting as users can now create interactive and drill down reports which can be viewed using a web browser.

Stock-Management-with-Handheld-Devices_iconStock Management with Handheld Devices

The Handheld module in iVend POS 6.2 allows users to manage store inventory using a handheld device running Windows Mobile OS version 6.0 or 6.5.

Following inventory transactions can be performed using the iVend-Handheld module:

  • Good Receipt PO
  • Stock Transfer
    • Shipment
    • Receipt
  • Stock Management
    • Goods Issue
    • Goods Receipt
    • Goods Return to Vendor
    • Stock Take
    • Item Lookup

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Query_builer Visual Query Builder

iVend POS 6.2 comes with a visual query builder which helps in creation of Adhoc reports using SQL queries. The functionality helps user in writing queries by selecting data tables and then linking them by using drag and drop functionality. This avoids the need for user to remember the tables and column names while designing a query. The query builder renders all SQL features, such as sub-queries and unions. Using visual query builder, queries can be saved and executed multiple times.

item-costing Item Costing

Item Costing allows a company to provide a monetary value for items that make up their inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to make business decisions. With the introduction of Standard Costing in iVend POS 6.2, retailers will be able to determine product profitability and thereby make necessary decisions for their business.

This feature is available to customers using iVend POS as a standalone application (Unplugged) without integration to an ERP system.

Transaction_Server Transaction Server

Intra-store transaction processing requires all transaction data to be replicated across the retail landscape. This proves to be an unnecessary overhead especially for retailers who have large number of stores and / or have high transaction volume.

With the introduction of Transaction Server in iVend POS 6.2 it is no longer necessary to replicate the transaction data across retail stores. Transaction Server is a Web application hosted on the iVend Enterprise Server that serves transaction data to the POS via embedded web service calls. The POS at stores can lookup transactions locally from the store database and if transactions are not available locally, the transactions can be retrieved from the Enterprise Server via the Transaction Server.

Following are the key benefits of this functionality:

  1. Intra-store transaction processing does not require transactions to be replicated across the retail landscape.
  2. Reduces data bandwidth consumption.
  3. Increases the overall speed of data replication between stores.
  4. SQL Express can be used effectively at stores as data can be purged. This brings down the overall cost of deployment and maintenance.

user-interface User Interface Enhancements

iVend POS 6.2 includes several UI enhancements:

  1. Collapsible Menu Bar in iVend Management Console: Users can now collapse the Menu bar in iVend Management console that provides additional working space on the screens.
  2. Changing Captions: Users can now change label and button captions by accessing the Change Caption option from the right click menu.
  3. Validation Rules: Users can now setup following validation rules on screens accessible from the iVend Management Console. Relevant validation rules can be setup from the right click context menu.
    1. Hiding fields on screens.
    2. Making a field mandatory on screens.
    3. Specify Minimum and Maximum length for data.
    4. Specify Minimum and Maximum value for data.
    5. Specify regex pattern in which data should be entered in the field.

Fixed-Price-Promotion Fixed Price Promotion

With iVend POS 6.2, Bonus Buy promotions have been enhanced to include Fixed Price promotion type making it far more comprehensive.

With Fixed Price promotion, retailers can offer Products to customers on a Fixed Price when a certain purchase criteria is fulfilled. Some examples of Fixed Price promotions are

  • Buy product “X” and get product “Y” at a fixed price.

Buy iPhone 5 and get Plantronics Bluetooth headset for $22.

  • Buy product “X” and product “Y” at a fixed price.

Buy Canon PowerShot Camera with 4GB SanDisk Memory Card for $79.

  • Buy “N” quantity of product “X” at a fixed price.

Buy any 5 DVDs for $10 instead of their regular price.

  • Buy any “N” products from a product category/product group “X” and get a product from product category/product group “Y” at a fixed price.

Purchase 2 Shirts and 2 Trousers and Get a cap at $4

integration-with-hana iVend POS Integration with SAP Business One, version for SAP HANA

Take your business to the Next Level of performance with iVend POS 6.2 integrated to SAP Business One, version for SAP HANA.

SAP Business One, version for SAP HANA is a scalable business application with following key benefits:

  • Dramatically improved responsiveness of planning, sales, production, and financial processes
  • Faster business insight for improved decision making
  • Unmatched performance gains as more users access the software concurrently

Report Inventory Turns Report

Inventory Turns (also known as Inventory Turnover) report has been added under the reports menu in iVend Management Console. The Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year.

A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. However, in some instances a low rate may be appropriate, such as where higher inventory levels occur in anticipation of rapidly rising prices or expected market shortages.

Conversely a high turnover rate may indicate inadequate inventory levels, which may lead to a loss in business, as the inventory is too low. This often can result in stock shortages.

Purchase-Order-Authorization Purchase Order Authorization

In iVend POS 6.2 a new User Role has been added for Purchase Order authorization. Users with insufficient privileges will be able to add purchase orders in “Un-Approved” (Draft) state. Users with sufficient privileges can approve these purchase orders. Moreover a Good Receipt can only be created for “Approved” purchase orders.

Audit-log-for-Transaction-Voids Audit log for Transaction Voids

In iVend POS 6.2 a new configuration setting had been provided under the POS Profile setup to log transactions voided by the cashier.

Additionally a new report has been added to display details of Voided Transactions.

z-report Z-Report

An XML Based Z-Report has been added in iVend POS version 6.2. This Z-Report is printed from the POS on closing the till.

Enhancements

Stock Transfer Cancellation

With iVend POS 6.2 the Stock Transfer functionality has been enhanced to allow cancellation of Stock Transfer Shipment. A user at the Shipping Store can mark a Stock Transfer Shipment for cancellation. If the Stock Transfer is not received at the receiving location, the system will confirm the stock transfer cancellation.

User defined item codes

Customers running iVend POS 6.2 in stand alone mode will now be able to enter Item Codes manually at the iVend Enterprise.

Sales Figures on POS

The X Tape report in iVend POS 6.2 has been enhanced to display sales figures. This will enable the cashier to see the total sales done under various categories during the day. These sales figures can also be printed on the receipt.

Ability to create PO in Franchise Stores

iVend POS 6.2 enhances operations for Franchise Owned stores. A Franchise store can now create local vendors and local purchase orders.

Data purging for specific stores

Data purging feature helps the administrator to control the size of iVend database at each store. Data purging at stores are controlled centrally and is scheduled from iVend Enterprise at Head Office. Once data purge activity is scheduled from iVend Enterprise the actual data purging happens at the store when the store manager runs the End of Day routine

With iVend POS 6.2 the Administrator can now schedule the data purge activity for specific stores.

Limit items per transaction

A new configuration setting has been added under retail setting to define a limit for numbers of items per transaction. This setting is generally used in scenarios where there is a constraint on printing space in case of pre-printed stationary.

Variable support for Thermal Receipts

Thermal receipt can now support user-defined variables. This will help end users to define new variables in the receipt and perform calculations based on custom logic. This will provide a much-needed flexibility for the thermal printer users, as they now will be able to do the calculations based on the required conditions.

Health Check for iVend APIs

A new health check utility has been added to the iVend Configuration Manager to check connection to iVend APIs. This health check utility warns the user if any issues are found while making a connection to iVend APIs. This will help the user in finding the root cause for connectivity failures.

Health Check for Auto-updates

The Automatic-Updates functionality in iVend POS enables customers to receive product updates Over the Air. A new health check utility has been added to the iVend Configuration Manager to check connectivity to the iVend Updates Server. The iVend Updates Server may be inaccessible due to network security settings. This health check utility will warn the user if connection to the iVend Updates Server cannot be established.

Multi-currency Payments Integration with SAP Business One

With iVend POS 6.2, payments received in foreign currency at the POS can now be integrated to separate G/L accounts in SAP Business One. New sets of configuration settings have been provided in the iVend Add-on to enable this.

Integration of Valid Value type UDFs defined in SAP Business One

Valid Value type UDFs defined in SAP Business One can now be integrated with iVend POS 6.2.

Manager Override on POS

With iVend POS 6.2, following additional Manager Override options have been added:

  • Transaction Mode Change
  • Customer Search
  • Product Search
  • Sale Information Edit
  • Item Information Edit
  • Transaction Search
  • Fulfillment
  • Suspend/Recall
  • Delete Payment

Restrict Price Change on Purchase Order

A new authorization has been added in iVend POS 6.2, to restrict the user from changing the price on Purchase Orders.

CitiXsys Newsletter April 2014

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Download De Vrina Case Study
Driving profitability with integrated retail operations
De Vrina shoes specialises in quality, affordable wedding shoes for ladies, shoe clips and handbags. De Vrina is into design, wholesale and retail distribution of ladies shoes and handbags since the year 2000.
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DeVrina – Driving profitability with integrated retail operations

COMPANY : De Vrina

Country: Australia

Industry : Footwear

De Vrina shoes specialises in quality, affordable wedding shoes for ladies, shoe clips and handbags. De Vrina is into design, wholesale and retail distribution of ladies shoes and handbags since the year 2000. They are known for sourcing of the best products and are appreciated for price and quality. De Vrina incepted its retail operations in the year 2000 and have aggressive plans to expand their retail operations in the next two years.

Challenges

  • Non-integrated retail system
  • Unavailability of clear and consolidated inventory view across stores
  • Several man hours spent in manual preparation of monthly sales and inventory reports
  • Manual replenishment and reorder led to frequent stock outsituations

De Vrina, is a fast-growing brand name in high-end wedding and formal footwear, appointed CitiXsys to implement iVend Retail Management Suite with SAP Business One. One of the biggest challenges that De Vrina had was limited visibility and inadequate reporting of in-store stock and warehouse.

With ambitious plans to grow their business, De Vrina chose iVend Retail Management Suite to manage their retail operations with SAP Business One as backend ERP. The need was to have a system that could manage a fast growing business and be easy to use and maintain with limited IT resources.

The other challenges that prompted management to invest in Retail system included non-integrated and scattered data spread over Store, warehouse and head office. They did not have integration into an ERP connecting retail data. As a result De Vrina could never effectively manage inventories.

Solution

iVend Retail with SAP Business One

Benefits :

  • Clear view into Retail operations for effective loss control
  • Unified view of inventory at POS helped in Rapid stock turnaround
  • Synchronized data transfers between Stores and Enterprise ensured operational accuracy
  • Achieved faster order processing

The key to maximizing profits in the Footwear retail industry is to aim for the highest level of optimized business solution and customer satisfaction. iVend Retail with SAP Business One has proven to increase stock accuracy up to 99%, which has led to a sales increase of 5 – 25% averting excess stock and stock out conditions.

Additional benefits of the system:

  • Integration of stores helped in generation of transparent view of Sales, purchase, stock data across stores
  • Necessary inventory and sales data is accessible in real-time across stores
  • Store sales reports can be processed daily, weekly or monthly with ease
  • Ease to set up sales, discount and promotions
  • Promotions and price discount settings have reduced manual entries atthe POS level

“The integration of iVend Retail with SAP Business One has streamlined many business processes that were previously lengthy, manual and cumbersome. Vast improvements in Inventory management and purchasing were realized by the implementation of iVend Retail with SAP Business One. Our Loyalty program has greatly improved the client partnership relationship and in particular is very easy to use.”

Helena Du