The days of conventional cash registers are almost over, as the modern point-of-sale (POS) has grown its popularity in the last few years. POS systems have given a huge boost to many of the retail business owners, because they not only speed up payment services, but also give real-time information about inventory and customers. It allows independent retail stores to do things that were not possible with old cash registers, simplifying their business in all sorts of ways. As the need for a more efficient and highly secure payment process is ever increasing, POS systems are an important asset to the success of any retail business.
“According to Intuit market research, by using an affordable, integrated POS system, an independent retailer with revenue of $300,000 can cut costs by close to 10%, saving an average of $30,000 a year” – The Entrepreneur
So how exactly can a POS system benefit your business?
Improve service quality and customer satisfaction
As a store owner, there is nothing more frustrating than seeing a long queue of customers waiting impatiently at the checkout counter. It might happen when one of your customers wants to have a split bill and your sales staff needs to manually enter the purchase details for each customer into the system. Thus, creating a long queue and making other customers feel uncomfortable.
Having a POS system in place can help you to split a check with just one click, no issues at all. In addition, a POS system allows you to send receipts via email and automatically manage all of the receipts. Which, in turn, reduces the time spent by store staff in compiling and archiving stacks of receipts.
A POS system can also greatly enhance your customer service management, by collecting customer data and tracking their previous transactions. When your sales staff enter the customers’ name, they can quickly call up their entire purchase history and their email address. With this type of feature, business owners will know who their best customers are and what type of products they frequently buy. This information can also be utilized to develop a customer loyalty program and send special offers related to their favorite products. By having a POS system in place, you can understand your customers better and boost your sales significantly.
If you are using a tablet-based POS system, there is one more thing that you can do to increase your customers’ satisfaction. A tablet-based POS system does not require the sales staff to go back and forth between serving customers and managing billing at the counter. It increases employee flexibility, as they can easily take the device with them and manage everything on the go.
Simplify inventory management
Managing inventory is said to be the most time-consuming and labor-intensive task in the retail business process. One of the reasons why independent retail stores are choosing to embrace a POS system is because its ability to immediately get an instant and accurate update on the store inventory. POS systems record each time you check out a customer and automatically deduct the purchased item from your inventory list, which is maintained on the systems’ hard drive. Having a POS system that can automatically track and control the inventory is a great benefit to business owners, as they can hire less stock personnel and reduce time in monitoring stock.
Unlike the manual inventory system, a POS system can help you analyze your previous sales data and allow you to make better decisions about product reordering. You will know when to expect an increased demand for certain products and place orders promptly to ensure sufficient stock in your inventory. Thus, it helps you adjust your buying decisions for seasonal purchasing trends.
A feature that every retail business owner loves from their POS systems is the reporting feature. After every workday, or off-hours, you can produce reports that give you sales insights from the whole day, week, month, or even year. Based on the generated report, you will be able to analyze which are your top-selling products, which products sell well on which days or at which price, and which promotions work best.
Besides the 3 main benefits, a POS system can also….
- support numerous tax rates
- set-up multiple prices for each item
- work with different types of hardware for barcode scanners, credit card readers, electronic cash drawers and receipt printers
- combine transaction processes between cash, card, and check
So… regardless of the type of business you are running, don’t you think that a POS systems will simplify your day-to-day business process?
“In a well-run business, the point of sale is more than just the place where the money comes in. With the right equipment, it becomes your strategic service center, the place that will help you grow your business and keep your customers coming back.” – The Entrepreneur
If you haven’t used a POS system in your business yet, isn’t it the time to change?
Run your business easier with the help of a POS system now!