For the past few years, the retail industry has witnessed a growing trend toward digital transformation and automated business workflows. In the wave of optimizing business processes, POS software appears as a determinant with a wide range of powerful functions. However, not every business can use its POS systems most. In fact, besides the ability to support sales and inventory management, many other unsung benefits of POS system may not be recognized.
Generate more detailed and accurate reports
One of the most competitive benefits of POS system is the ability to gather and produce insightful reports automatically. Every retailer must regularly analyze business reports to evaluate operating performance and orientate future activities.
Traditionally, reports are conducted manually, which poses potential problems due to human mistakes. On the other hand, POS systems enable retail businesses to obtain real-time and accurate information, unify them, and constantly update reports about every aspect of the business.
Efficiently use labor sources
It is reported that every business invests approximately 70% of its operating costs in human resource management. This portion of their budget is spent on employee wages, welfare, related tax, and so on. For that reason, many business owners want to adopt a technology innovation to cut down labor costs.
Instead of adopting workforce management software, a POS system might be a better option. Nowadays, every POS solution has helpful features that can support payroll systems and monitor employee performance. In addition, POS systems can also automate many manual tasks such as cash register reconciliations or disparity checks. Hence, the staff can spend their time and efforts on other more necessary issues like customer service.
In particular, some powerful POS providers also offer kiosk POS systems, which enable customers to make purchases themselves without the need for any store staff. With this innovation, retailers can serve their customers without waiting or delay.
Enhance operational efficiency
By integrating POS systems into the workflow, businesses can streamline their operations for both online and offline stores. To illustrate, POS systems allow retailers to properly delegate task and staff levels based on in-hand sales data. The staff will serve customers more efficiently, which enhances customer satisfaction and sales revenue.
Speed up and secure the payment process
Time and data are always valuable intangible assets of every business. There is a close association between faster and secure service and higher customer traffic.
To save time and secure payment processes, an integrated point of sale system can simplify the credit and debit card process as well as eliminate possible human mistakes. Finance Magnates has shown that customers appear to prefer cashless payment and by 2025, about 75% of total transactions are made with cards.
Moreover, payment transactions via POS are reportedly much faster and safer than other solutions. Many POS systems are integrated with several reliable payment gateway providers such as PayPal, Amazon Pay or ApplePay and only accept verified cards. Hence, customers can be assured to quickly completing their transactions without encountering any possible payment fraud.
In addition to credit and debit card, contactless payments are also enabled by some robust POS systems. When using contactless payment, customers only need to bring a personal smartphone near the POS terminal and quickly finish the process.
Foster customer loyalty
As mentioned, POS systems allow retailers to gain real-time and accurate customer information. This information allows retailers to understand customer behavior, collect their order history and other personal details, and improve customer services afterward.
For example, with POS systems, retailers can design individualized rewards and loyalty programs. A recent study has pointed out that 69% of customers are influenced by these programs when making purchase decisions. Besides, the rewards program is an excellent marketing method used to express how retailers value their customers and foster customer loyalty.
ConnectPOS – A leading POS system in the retail industry
ConnectPOS is famous for its feature-rich cloud-based solution and advanced technology in sales, inventory, payment, human resource management, and many other aspects of businesses. Some highlight features of ConnectPOS are:
- Real time-synchronized data
- Support multiple payment gateways & payment methods
- Enable working in both online and offline mode
- Manage multi-store and multi-warehouse management
Since being first introduced to the market, ConnectPOS has supported more than 2000 retailers worldwide operating in various fields such as Food and drink, Toys and hobbies, Nutrition and supplements, etc.
Conclusion
There are even more benefits of POS systems that have not been listed here. By equipping online and offline stores with POS systems, retailers will not only turn a huge profit from enhancing operating proficiency but also from better customer experience.If you are looking for a global standard POS system with a wide range of valuable benefits, our ConnectPOS solution may be perfect for you. Don’t hesitate to contact us today!
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