Point of sale terminals have taken the place of traditional cash registers and for good reason. According to Reporter Linker, the POS industry is expected to reach $3.2 billion this year.
There are several benefits POS systems offer. More than a show of advanced technology, businesses have seen the benefits a POS system can offer. There has been an increase in the number of POS service providers in the industry. Competition coupled with increased demand for point of sale systems has helped bring costs down. A POS may still be a little more expensive than a basic cash register, but you can make the most out of it if you understand how it works.
Point of sale terminals have become more sophisticated and advanced. You can get a POS as a bundle to make sure all components are compatible with one another. POS systems also come with software and apps allowing business owners to sift through data anytime. It is also possible to get the basic package first and upgrade at a later time as your business grows. This way, you don’t have to sacrifice the quality of the POS terminals you’re getting in the meantime. You only need to talk to Shopify, or other POS vendors to get the perfect kit for your store.
Many customers get annoyed when they have to wait in line at the cashier. This becomes even more challenging when they have their even more impatient kids with them. Impatient customers can’t always help it if they are in a rush and have to be somewhere else right away. These scenarios pose a challenge to business owners all the time. Customers might decide to go online instead to buy whatever they might need states Tech Crunch.
But with the right POS system, you can make this queue easier to manage. POS systems eliminate the need to encode data. These POS systems are also growing in popularity in restaurants, according to Nation’s Restaurant News. Barcode scanners can identify products and prices fast and move the data to the computer system. If you have a mobile-capable terminal, you can even tap the credit card without swiping them. With one wave, the receipt is ready for printing.
It used to be that inventory required owners to tick off numbers on a list. For example, you might have to move back and forth between the stock room and the manager’s desk to deduct the number of automobile parts sold yesterday. Depending on the volume of sales, you might end up doing this every week or even every day. Either way, this extra work is taken out of your hand by a POS system. As products get sold over the counter, the system will deduct the same amount of stock from the inventory automatically.
Not everyone receives training on the reporting functionalities of computer software. And studying to do so at this point may frustrate business owners. POS systems allow you to meet this challenge head-on and move on to understanding the reports according to Small Business. Seeing which days you get the most sales and which days you get the least sales can be very useful.
Do you need to come up with a marketing promotion to compensate for those low days? Check which products and displays are getting lackluster responses from customers. Would it help to bundle products so you can clear out the shelves faster?
The bottom line is where you are getting the most ROI (return on investment). This way you can plan on a course of action that can address the gaps in your business.
Use these reports to do weekly, monthly, quarterly and annual reviews. This will help you gauge how your business is doing. For new businesses, this is critical so you can tweak your system if things are not going as planned. Reports can help you identify where the bottlenecks are. Do not hesitate to get an expert’s help if you find yourself lost and unable to understand the reports.
With a POS system, you can maintain general customer information on your database. Do you have their birthdays on file? If so, try sending out birthday postcards to encourage them to keep coming back to you. You may also send them emails on upcoming promotions and details so they can take advantage of these. If you are launching a new product for your line of clothing, send out brochures via Twitter. Customers appreciate these small tokens of recognition. You may also try sending out surveys via email or contacting random customers to gauge their satisfaction.
The time you would’ve spent on paperwork without the POS system can now be spent on strengthening your customer base. This can also be a way to establish customer loyalty to your store. POS systems let you become the boss of your business rather than a slave to it.