With the holiday season looming, retailers are pulling out all stops to get customers into their stores. Focusing on the customer will, therefore, be front of mind: do you have enough stock of the items they'll be looking for? Have you created the right ambiance to put them in the mood for buying? Have you hired enough staff to cope with the surge in customer numbers and the right tech to keep waiting times to a minimum?
During my four years working at athleisure brand Lululemon, we prepared for and braced ourselves for the surge in customer numbers over the holiday season. However, the issue of cash handling processes always seemed to distract us from our focus of providing a great experience for our customers.
Of course, formulating a solid cash handling strategy will not solve all the retail challenges you may face, but it will certainly go a long way towards making your organization more efficient. So, what are the benefits of adopting the best cash management systems and technology?
- Speeding up the line at the cash register
- Increasing your conversion
- Customers are returning to your store next year after year
- Exhausted employees can concentrate on more customer-centric activities
With a Cashmaster One Max automated cash counter, you have a superior way of dealing with cash handling problems. No steep learning curve, no connectivity issues, just 100% reliability.
A long line at cash
You recognize that sinking feeling when you walk into a store and see the line to check out stretching 20 people long. At my store, the checkout line could snake throughout the entire building to the back room. Our store only had two tills (stores can have anywhere from 2-6 tills total), so quickly moving people through the line was the number one priority.
During one shift, the tills became clogged with cash and a cash pickup had to be requested from the manager. The manager had to be pulled from their task and removed from the sales floor for at least 5 minutes and the till would be unusable for at least 2-3 minutes.
With a Cashmaster One Max, the whole process would have been far more streamlined and completed in less than one minute.
Businesses who do not use a Cashmaster One Max might typically expect tills to be unusable for 5 minutes during each cash pickup. Multiply that by two or three pickups per day, across multiple tills, and the numbers soon equate disruption and a negative impact on a retailer's ability to make the most of their sales opportunities.
Customers are directly impacted and inconvenienced for a total of 2 hours per week. And, considering many high-end retailers average $5,000 to $10,000 per hour, that's a potential loss of $20,000 or more per week.
A Cashmaster One Max takes this task down from minutes to seconds, and customers are moved through the line quickly and efficiently.
Any time cashiers deal with cash, there is an opportunity to do it more quickly, discreetly, and accurately to give customers a genuine luxury experience. Your customers should not be spending more time in your store than necessary – they must get back to their lives. So why not automate cash handling and give them that time back?
Any employee working in retail during the holidays knows that it's physically, and sometimes emotionally, draining. Associates are rushing around, they're acting as personal shoppers, and they're trying to keep their energy levels up. There is an increased sense of urgency that leaves employees exhausted and overwhelmed.
At my store, we typically had three people for closing. As a manager, I had to close the tills and write a daily sales report. The restocking associate had to take anywhere from 50 to 100 pieces of clothing from the back room and fold or hang them for the floor. The second associate was responsible for cleaning the store and sometimes sending out five or more shipments to customers. We rarely got all our tasks done in the allotted 90 minutes after closing. There just wasn't enough manpower.
Counting the cash at the end of the night took anywhere between 20 and 30 minutes at our store. This task also required a second person to verify the count is correct, plus creating manual reports, putting the data into a digital format, and preparing the deposit for the bank.
With a Cashmaster One Max, the manager can wrap up the entire count, deposit, and float preparation in under 5 minutes. With that extra time, employees can also ensure that the store is clean and fresh for the next day.
Preparing for the Holidays
Retailers this holiday season are expected to see a 4.5% - 5% revenue increase, with national sales expected to exceed $1.1 trillion1. Customers need to be excited to enter your store and must walk away with an excellent experience if you hope to see them again.
It's time to ask yourself: what can I do to make sure my stores run even better than they have in the past? How can my employees be more efficient and happier? There's not much time left to plan, but we have a simple answer: Cashmaster One Max. Whether you're looking to make more time, shorten lines, or be more efficient, a Cashmaster One Max will improve your customer experience.
If you're curious to know more, we have great information here about what we can offer. Our team is always ready to answer your cash management questions. We look forward to hearing from you.