Grocers: Inefficient cash handling is Breaking your stores money

Tim Grabacki oversees product management activities for the coin and currency product portfolio such as Cummins Allison. In addition, he manages the short- and – long-term product and job priorities.

New and nontraditional opponents, razor-thin profit margins and disruptive events are tough the grocery marketplace. Grow revenue flows and to satisfy customers, grocers are currently seeking new ways to compete effectively in this changing environment. Most grocers are currently taking a very long, close look at their operations to locate new opportunities to increase efficiencies and reduce costs.

One area often overlooked is money handling. In actuality, lots of grocery stores continue to utilize exactly the money management practices which have been in place including hand counting. Yet, by making investments in money counting engineering that is fresh, grocers can reap considerable time and labor cost savings.

Believe shoppers don’t use money for their grocery transactions? Think again.

Even with the prevalence of credit and debit cards and the development of new digital choices, money proceeds to play a critical part in consumer spending. More than 90% of shoppers carry money and utilize it often for small purchases, therefore it’s not surprising that money still accounts for 40 percent of all transactions in the U.S.

Especially in grocery stores, money remains an important type of payment. Cardtronics accounts that money is “stubbornly strong at the point-of-sale,”¬†with 43 percent of shoppers choosing money at the grocery shop. It is clear: money isn’t going away anytime soon. And that’s fantastic news because money transactions present less chance of fraud support grocer’s money flow and are the type of transactions. Money can have drawbacks. Clients mount up leading to prolonged balancing in the close of the day or shift, get misplaced or stolen, or can adhere together and lead to inaccurate counts.

Now’s quality cash-counting technology will help improve security and efficiency by ensuring that money counts are accurate and reported in real time.

Handle money better, save time and money — it’s that easy!

According to the National Grocers Association, labor costs represent approximately 14% of average revenue for grocery stores. And with labor costs high, grocers surely want their employees to spend some time to the most demanding work possible — maybe not wasting their precious time manually reconciling drawers if this can be automated.

As an instance, if it takes 14 minutes, on average, to count 11 drawers by hand — every day, that’s an average of more than 2.5 hours spent daily counting drawers. For businesses that generate more than 12,000 weekly transactions per shop, the average increases to 3.5 hours per day.

Consider the numerous tasks throughout a day in which money is managed:

  • Cashiers counting drawers before and after their changes

  • 43 percent of consumer transactions.

  • Store money audits taking an average of 3 hours each audit.

  • Processing change orders, money deposits, secure management, reconciliation and more.

Time spent handling cash in a supermarket merchant can complete up to 15 hours each week, or almost two full working days.

It is time for grocers to automate money handling.

Freight retailers that take advantage of efficiency-boosting tools, such as money counters, can protect their businesses from unnecessary costs. These instruments can better empower grocers to:

  • Prevent the humiliation of wrongly passing bogus bills on to customers

With the solutions that automate launching, eliminate mistakes, streamline processes and generate incremental gains, grocers can conquer their money handling challenges. And by working with a seller that knows the margin pressures and frightening challenges which grocers confront, grocers can identify key opportunities for enhancing endurance and the experience of shoppers