copyright MMC2 2008

The Retail Management System (RMS) is an exciting new mobile phone application due to be released soon. The RMS will prove to be a very useful tool for the small to medium retailer. It allows the retailer to take advantage of the information provided by his cash registers, and to compile additional useful information such as:-

• sales
• markdowns
• gross profit percentage
• gross profit in dollars
• purchases
• stock on hand
• stock budget
• open to buy
• stockturn
  

Not only does the RMS provide this useful information for the store, but it does so on a departmental breakup as well. This allows the retailer to see

• where he is making his profit
• where his money is tied up in stock
• how quickly stock is turning over
• how much he has to spend on stock purchases if he is to keep to a stock budget, if he has a stock budget.
  

By using the RMS, the retailer can easily set and use both stock and profit budgets for the store as a whole and by department. The RMS report can be used as the basis for a day to day, 'hands on' management system, either stand alone or in conjunction with meetings with his chartered accountant or other financial advisor.

It also provides the retailer with a snapshot of his business, that can serve as the basis for making comparisons with similar stores and/or industry norms. As well, it makes stocktakes easier, and allows a stocktake of problem, or interesting departments, to be carried out individually and more frequently.