Get One-Pay Consignment SoftwareShoppers can be encouraged to frequent your store more often, spend more and refer others to your business with the added incentive of a 'Rewards Program' - a 'rebate' of sorts on their purchases.
The cost of a Rewards Program is borne by the shop. Each consignor receives his or her full share of sales proceeds.
The actual cost to the shop would not be the full amount of reward points earned, but only the dollar value of the points redeemed.
Unlike some advertising campaigns where the tangible benefit may be dubious if not completely unknown, the ROI (Return on Investment) of a Rewards Program can be estimated by the number of points earned and redeemed.
In other words, it makes good business sense to give up 2% to increase sales by 10%.
"Won't offering such an incentive increase the number of calls to the shop?" Answers: 1. In BCSS Virtual patrons can view that information from any Internet-connected computer or device. 2. Make it a store policy to require patrons to visit the store to acquire that information. (Use the feature to increase store traffic.)
Software Configuration
In BCSS Diamond or BCSS Virtual program setup on the sales tab, check 'Enable Rewards' and enter a 'Rate per $ Purchased' as the rebate percentage (with .01 being 1%).
As purchases are made, BCSS computes credits (Rewards Points) for buyers' and consignors' and records the amount of points in customer records. (Recording points for consignors avoids having to create a separate buyer record for each consignor who also makes purchase.)
At the point of sale, apply available points to a purchase and pay the remaining balance by one or more methods (cash, credit/debit card, PayPal, etc.)
Accounting
Quick reports make it easy to look up any patron's points or to see the total of points earned and redeemed.
Settle for Store Credit
There are several advantages for do this:
- Fewer checks to write or other forms of payment to make.
- The money from sales proceeds stays in the store, effectively giving the store an 'interest-free loan' granted by those settling for store credit.
- Knowing that they have 'money on account' consignors are encouraged to return to the shop as shoppers.
- Some of the store credit may never be paid out under some circumstances.
- The additional cost to the store is offset in whole or part by the savings enjoyed in saved labor and additional sales.