Sales Management is the set of activities which ensure that the processes linked with the customers buying are completely optimal.
The final activity where the customer comes and makes the purchase from the store is the most important activity for a retailer. These purchases by the customer ensure that all the other activities are performed and the retailer can sustain his business. Therefore, every retailer lays a lot of stress on managing the final transaction of the customer with the store and ensuring that the customer gets complete satisfaction from it.
There are three main activities described here in this sub-section, which will give a good overview of this important activity.
Point of Sale (POS) Management
The Point of Sale is defined as the location within the store where a sale is completed, i.e., the cash register, where the merchandise is picked up. Most Retail Stores will have a Point of Sale terminal, which is a communication and data-capture terminal located where payment is made for goods and services. The terminal issues sales checks, prints transaction records and feeds information about each transaction into the data-bank of the computer.
Sales Auditing
Sales Audit is a comprehensive assessment of sales strategy of fulfilling sales objectives with the aim to improve the overall effectiveness of the salespeople. This audit purports to determine whether or not the objectives set are realistic, appropriate and reachable. It can also determine the store’s sales plans and policies. Usually, a sales audit is carried out by an independent consulting organization.
Sales Order Management
Once an order for an item is placed, it follows as a trigger to a lot of other activities. In many retail chains, the sales order system is also linked to the inventory management system and the merchandise buying system. Further, the customer orders also go through a lot of analysis for customer relationship management and customer behavioral analysis. This often forms the basis for the market research and market intelligence functions within the retail chain.
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