Showing posts with label Team. Show all posts
Showing posts with label Team. Show all posts

Saturday, May 5, 2018

Pawnbrokers running eCommerce / eBay operations losing money ? Like GAP?

This last week in San Francisco, I found myself in KIds Gap shopping for my grand daughter.  I was so impressed with the merchandising.  Perfection in assortment and color. Store Traffic was light.  The sales personnel were either straightening stock or busy scanning merchandise.  

My first reaction was store audit, as the employee was behind a wheeled counter was all wired in - headset / scanner / printer.

The Wheeled counter was the Point of Sale fixture, but was missing all of the traditional computer peripherals. The employee was scanning merchandise for a online sale and behind him was a box of completed bagged, tagged ready for USPS.

When we approached the employee he immediately stopped and re-focused on us, the in store customer. Using the same Point of Sale but switching printer to in-store receipt off he went scanning our merchandise. The employee could perform multiple tasks, communicate any questions we posed, and handed the scanner for the customer to finish the transaction.

Yes, the customers have to do their part.  Efficient, courteous, fast and complete.  And as soon as we were done, back to the online sales flowing into the store and producing more sales than the few customers strolling and shopping.

My old school retailing wondered if customers felt neglected.  I think those days are done.  Retail customers are accustomed to being smarter shoppers and want fast efficient check out, everyone is in a hurry. 

One of my take away's was the realization of what Bravo Pawn Systems has done for the Pawn Industry by bringing this vital business process to Pawnbrokers. GAP hit hard by online has turned it stores into efficient and still beautiful retail full commerce stores.

The last question I asked the sales person was how long had he been fulfilling web sales? A couple of weeks and had replaced the online fulfillment that normally was performed down stairs.  I prefer to stay busy and we can operate the entire operation with fewer employees. 


As the CEO of Superpawn, 1999 the web was lifting off.  eBay gentrified used goods and as well all used goods became mainstream selling asset like used cars.  Selling on eBay was fun, fast, and had lots of customers purchasing, not just shopping.  

At Superpawn we got right into the swing, centralized operations, moving merchandise, hiring drivers, and eventually a eBay team.  Everything looked good.  Except for that 6 month duration our net profits declined.  We also noticed our store were getting cherry picked and our inventories were looking shabby and getting older. 

Funny how a great plan goes to hell.  Our eBay team learned fast what merchandise was easy to post, what merchandise was in factory boxes were easier to ship, and before we knew it our store managers were complaining their opportunities were diminished. 
We studied our effort and found our cost to sell was way to high.  We found this out through an accounting practice called "Activity Based Accounting".  

Logistics - Drivers, trucks, and breakage - Most expensive logistic operation.  Really expensive and no return on effort or investment.

Centralized Warehouse - although it seemed centralizing was the way to become efficient, it doubled our cost to sell in the store.  Lots of wasted effort no return on investment.

Inventory turnover was better and we saw extraordinary price lift on merchandise we normally had to discount to get rid of. 

1992 we were using BCLS - Breeze Collateral Loan Systems much like Pawn-Master, Hi-tech, Dazzle still sell pawnbrokers.  As it was outdated then in late 1999 we launched PRIMA - Pawn Retail Internet Management Analysis Systems.  Building out the first Enterprise Multi-store Pawn System our vision was to streamline eCommerce with the Pawnshop operation into one.

Bravo platform launched in 2011 is now 20 years ahead our competition.  Only Cloud Platform with multiple mobile offerings including online pawn. 

Bravo Shopkeeper - Chat Pawn Shop
What we found out in 1999, GAP had experienced the same in 2015.  You can not run separate operations to maximize profits when operating a store and online.  But you can do both.  And why not?  When you look back at GAP they had huge hemorrhaging as they evolved we are seeing many pawnbrokers losing profits and many closing. 

MobilePawn - Get a Pawn from over 1000 stores
Today's pawn operators must develop their employees in multitasking commerce personnel.   As employees are getting harder to find, wages are going up, business operators have to figure out how to drive more profitable activities from their employees. Get more efficient.  Our work force is better educated, tech savvy, and love to use mobile devices. 

Another antidote.  When you get good at running your Pawn business as a full service commerce operator, your LOAN business will grow.  Number one reason your employees turn away loans is they are concerned they can not sell it.  They tend to lend less in item categories they are wary of and lack confidence.   Selling online accelerates inventory turnover driving more confidence, and lending up.

Time is running out for the tech lagers as MobilePawn will be the number #1 Pawnbroker this year. Customers using mobile to pawn and bring their items for a quick efficient predictable experience.

Making the transition from your old system has never been easier.  With over 1000 pawnshops switch to Bravo give us a call or sign up for a demo - Bravo!


 


Monday, May 30, 2016

Bravo Announces NEW PRODUCT LAUNCH AT NPA - 2016 - InstaPawn Mobile

Get ready to see the most important product ever to hit pawnbrokers and their customers.

So we just finalized the biggest Pawn System Merger with Compupawn and Bravo last week and this week we start showing off InstaPawn Mobile for your customers to make payments on Loans, Lay-Away, InstaPawn, Shopping, Coupons, and Notifications all seamless through Bravo Pawn Store System.

Customers will be able to make all types of Pawn Payments - Renewals, Redemptions, Partial Payments, Extensions and even Pick-Up notification.

Lay-Away Payments - customers love the pawnshop lay-away, so get ready to make it easier with fewer cancellations. Bravo gives you flexibility to set up any term and payment frequency.

Now your customers get gentle reminders on their phone and make payment.

Shopping 24/7 will never be easier for your customers. Entice your customer to purchase with Coupon Promotions. Increase your customer loyalty, sell your merchandise faster, increase your yield and profits.

Shop all your Stores  Now you can operate like a national chain and have all your customers from your 1 store or all your stores see your entire inventory 24/7 real time.  Purchase to Pawn - any item purchased through the mobile app will automatically feed into future loans tied to the customer.  Loan - Sell - Loan again.

InstaPawn - What is InstaPawn? We put Bravo into your customers mobile phone so they do the loan. With 2 clicks, a customer can submit a item for pawn from their mobile phone, get confirmation from your store, and simply show the barcode on their phone and get a loan.

Never have long lines in your store again. Can you imagine having your customers bringing in merchandise pre-evaluated, entered into the system, and tied to your customer? Imagine no more.

Customer satisfaction will sky rocket with InstaPawn.  Customers will know what they get before they get to your store.  Customers will never be disappointed again.  Customer will pawn more frequently bringing in more merchandise.


So, you are wondering, do I want my customers being able to make payments and shop without having to come into your store?  Before mobile, probably.

Coupons  Customers love coupons and now you can direct coupons to your customers and entice them to shop and transact with promotions you create. 

But today customers demand convenience.  Everyone has less time, and its really expensive to drive every time to your store.  Customers that know they have this convenience will transact more frequently, pay on their loans more consistently, and will have no reason to try the other Pawnbroker down the street.

Mobile Notifications - the number one reason why pawn customers default on their loan is they forget!  They pawned because they wanted it back.  Everyone wins when the customer pays.  Make it easier and more convenient.

Mobile Payments costs Bravo Users a fraction of what it costs you to transact in your store.  As your employee costs increase with higher minimum wages, health care costs, and general overhead, this application will give you the ability to grow your business and stabilize your overhead expenses bringing in more profit to the bottom line.

Company Branded Mobile  Did you notice the mobile application is for your company to build your brand.  This is all about your company and the way you want to run your business.  Bravo customizes each company to the way you want to run your business.

Payments with PayPal  Seamless payments with PayPal directly into your account.  Doesn't get any easier.

NPA - 2016

This year we are having parties at our corporate offices before and after the NPA show.  Anyone wishing to come to our offices to see our team and products please let me know.


Sunday, August 30, 2015

Bravo Newest August 2015 Features and Upgrades

Every 4/5 weeks Bravo releases new updates free to all of its users.  Thursday's release included some really cool new products and features as well.

VENDOR MEMO

Many pawnbrokers are looking to transfer inventory to various 3rd party re-sellers on Memorandum. This feature includes the complete Memo process including the final sale and return of unsold items.  No more keeping track.  Bravo does all of the heavy lifting.

Upgrade ATF A&D Book
Added Categories
Upgrade to Lay-Away 

Upgrade Extension Multi-select

Those of you that offer extensions for your customers, our multi-select product smartly calculates 4 types of payments options on multiple loans with one click.  Whether 1 loan or 50 loans to one customer, again with 1 click all of the loan contracts are then completed, consolidating this arduous single transaction process, this saves 10 -30 minutes per customer. also -  Upgrade to EOM Report.  Added Security Bits.  Upgraded Customer Search across Multiple Stores.  Upgraded Bravo Estimator Google like Smart Search.   
Upgraded Diamond Pricing.  Upgraded to Item Notes and Item Details.  Added Firearm Storage Fee.  E-Ticket export for police - Phoenix.  Upgrade South Carolina Regulations.  Upgrade Washington State Regulation.  Custom Upgrade - Colorado.  

BRAVO MOBILE - PUSH NOTIFICATIONS
Bravo now has mobile app to remotely approve via mobile phone a secure and linked approval to a transactions that requires approval. No matter where you or your managers might be, now with Bravo there is no reason not to have your best employees approving transactions.


PRODUCT INTELLIGENCE  
Up above is Bravo's newest view of our powerful platforms product intelligence that shares real time product values and data analytical review of Manufacture and Models. What to pay, What to loan, What to price, What to sell, How long it should take to sell, Does it sell best in eBay, Does it sell best in your store, Now you know. Now you know best. Be the best pawnbroker with the best information. 


Email Michele for live demonstration at   michelle.lautarevsky@bravorevolution.com

Call us anytime and find out why pawnbrokers that use Bravo do it better and easier.

Steve Mack

Thursday, July 2, 2015

EBay and FedEx team up to take on Pawn Industry



EBay and FedEx team up to take on Pawn Industry



Monday morning FedEx stores launched eBay Drop Off.  I have included pictures of the FedEx in store display signage and EBay Drop Off counter signage that FedEx has allocated to this new product offering.



How does it work? 


You bring in your item. FedEx enters in your personal eBay account name or helps you to create a new eBay account on an Apple iPad. They take some general pictures of the item and send off to eBay for free.  When eBay sells the item, the customer will get 70% of the sales price.  During the process there is some negotiating as to what the price of the item should be worth, using the selling value data eBay has. 

Sounds like a Pawnshop to me.


Even FedEx wants to be a Pawn Star.


We have been blogging about the direction of online activities since 2000 with the likes of Wal-Mart and GameStop taking slivers of the pie from the Pawn Industry. 

But this… this is a big piece of the Pawn Pie. It will be a significant hit to pawnbrokers.   

We believe UPS will follow. We believe we’ll watch the giants compete for this important market share and customer base.


Pawnbrokers will see product flow and margins erode.



Why are EBay and FedEx getting into the used merchandise business?


For one, Margin.  Pawnbroker margins are unheard of in the retail world.  If retailers could get their hands on used product efficiently they would, will, are gaining steam.  Whereas new merchandise online has limited price elasticity because the manufacture can only produce the product for a set price plus their profit, used merchandise has no bottom.
  

The online space is the perfect marketplace.  This has been the effect of many product categories on EBay and Amazon over the last 17 years.  As volume and scale increase, processes get better; resulting in squeezed margins driving out those re-sellers that have not figured out how to compete.


Mom and Pops will face sharp competition.



Why has it taken so long for EBay to get into the game?


There are businesses that have been replaced with pure online platforms. For example: Netflix.  The Pawn Business is one business that has not proven it works online.  Asking customers to loan and sell their items by sending them to a stranger isn’t easy.  That is where FedEx comes to rescue with Drop Off.


Without the brick & mortar infrastructure and network of locations the Drop Off idea is dead.  But what makes the EBay/FedEx partnership inevitably successful and powerful this time around is the shipping logistics. 

It’s a disruptive business model to the Pawn Industry.   

The Pawn Industry is heading into trouble and more is coming.  

We have reported that over the last 36 months Silicon Valley has invested $800m dollars into system platform investments opportunities focused on the re-sale of merchandise.



Why is there so much interest from Silicon Valley?


You have heard this before.  It’s the data.  But it’s also the customer.  The combination of a customer that buys and sells stuff using the internet whether online or in store is a big fat profitable customer.


We have been shouting out that the cost to acquire customers is the most important element in today’s business environment.  Pawnbrokers have been stubborn to look at this component, but are finding out that they have the most desirable customers out there.  The outsiders, our new competitors, have discovered the business drivers. The Pawn Industry enjoys big fat margins and their customers keep coming back.



Why will the consumers like this product?  Easy & Fast!


What has been learned about today’s consumer is that they want it to be easy and fast.  eBay and FedEx have figured out the easy part.  The FedEx employee told me it took less than 1 hour of training to understand what she needed to know.  My experience was you can get in and out in less than 5 minutes.  Drop it off and ride into the sunset with your receipt. Then wait for your money to hit your account.


The wait part is an important part of the consumer acceptance and adoption.  There is speculation that they will be advancing payment depending on your feedback rating.  This is disruptive business model and further attacks the Pawn Industry.


We believe that getting cash into your customers’ pocket is 70% of the equation.  This will be the only competitive advantage Pawnbrokers will have going forward.



What about law enforcement reviewing merchandise like pawnbrokers?


Technically the consumer is selling the merchandise from their account and eBay is performing a service for their 30%.  It may not be fair, legally there is no duty to report to law enforcement.



What can Pawn Brokers do?


The thousands of subscribers that read my blog, you know where I go with this. I have been shouting this out since 1998. 

You have to do something!


We have been pawnbrokers, eBay sellers, and online sellers ourselves.


We have been developing solutions into the Internet since 1999.


We have lots of proven suggestions and solutions to get you started
.


At the NPA show next week, we will be showing our new...

Bravo 2 Ecommerce” feature FREE with No success fees!

  •  Craigslist
  •   Gun Broker
  •   Amazon
  •   eBay  


Its a great time to get started.

Come talk to us at the NPA show. We would love to discuss how Bravo can improve your business and remain successful for years to come. Booth 226. See you there!