According to the U.S. Bureau of Labor Statistics (BLS), only 25% of new businesses make it to 15 years while the rest fail at the very beginning. The reason behind this fact is that most businessmen stick with an old-fashioned way of running a business. In contrast, the support of technology can make everything more efficient and productive. POS is software you might have heard about, which can help to manage online and offline operations. Let’s explore the most valuable POS benefits in today’s article.
Keep track of product and inventory across multiple stores
One of the most significant POS benefits is to check whether a product is available in multiple stores at different locations. POS also presents the number of items on hand, it helps store owners ensure a sufficient amount of inventory. Sales assistants easily locate products that run out of stock to immediately supply.
Meanwhile, they can decide to keep less if high stock leads to limited cash flow and be impossible to pay for unexpected events.
Even if you have one SKU or thousands of SKUs, the POS advantage is to categorize all of these in a neat and customizable way.
Manage and nurture customer relationships
Another POS benefit is to provide a better customer experience when the software enables the shop clerks to look for products in a blink of an eye. POS also supports self-service kiosks which shoppers can choose to search for items by themselves.
Forby, POS is set up to collect customer data. All you need to do is just ask the customer name and contact information at the checkout, POS will do the rest. When customers come back, POS will record all sales information, for example: what product, how much it costs, when the purchase was made, which other products are bought together, etc. From that, the salesperson will have an insight into customer preferences to do better direct selling and offer tailor-made offerings.
POS can assign store credits to each purchase and each customer profile. Shoppers can redeem and use them at the checkout. That being so, you can identify the regulars and reward them for their purchase by store credits. Let’s also send to big spenders with information on updated events and new arrivals with the contact you already get.
Optimize the checkout process
POS systems fasten the checkout process and reduce the human error of doing manually thanks to its integration with the retail hardware. Being able to use a barcode scanner to look up products in a few seconds and enter the price automatically, POS software minimizes the waiting time of customers. Other hardware devices compatible with the POS system are receipt printer, cash drawer, credit card reader, and so forth. The checkout counter will be no longer stuck with a long queue in peak hours and frustrated shoppers.
It should not be forgotten that it is a POS benefit to support all payment methods. The customer is no longer worried if she does not bring her wallet. Because POS accepts all payments from cash, credit card and other payment methods like promo codes, gift cards, and store credits. This flexible capability helps stores to not miss out on any sales opportunities and make it convenient for all the shoppers.
Better employee management
POS is aka a cost-effective solution in employee management. If you are managers wondering how to check the number of hours that your staff does work, POS is here for you. You do not need to spend more money on the installation of a separate time-keeper because POS is all-in-one.
The system will give a secure PIN for each worker to enter before get-in and get-out. This POS benefit is to help casuals, part-time employees or seasonal workers get to know how many exact hours they have completed in a period and the remaining.
Into the bargain, multi-store owners can reap the benefits of POS as it can oversee each shop clerk with transparent information regarding cash, for example, total cash amount and take-out.
Build business intelligence
Last but not least is the real-time synchronization of POS.
All data relating to the product, inventory, order, customer, tax info, and so forth, is continuously updated. This is a great POS benefit because it simplifies the management of multi-store and multi-warehouse.
Forby, the POS system draws up meaningful reports for managers to make more accurate decisions.
In a nutshell,
There are countless POS benefits to leveraging retail store owners in the management process. The choice for POS software will be so right if you would like to make the day-to-day operations of your business more profitable and effective.