From sales to in-depth information about your customers, a Point-Of-Sale (POS) system can revolutionise the way in which your retail business functions and thrives. However, before you can use it to your benefit, it is important to ensure that both you and your staff are fully acquainted with the software.
There is no denying the fact that the retail industry is extremely competitive. Considering this, it is also important to take note of the fact that the most successful retail outlets make use of reliable POS systems to grow their organisations and keep customers coming back for more. If you’re new to retail, here’s what you need to know about your POS.
What is a POS system?
POS, which stands for Point-Of-Sale, is simply the time and place where a retail transaction is completed. A POS system is software that has been specifically designed to record these sales. With the growth of the retail sector, modern POS systems do more than just record transactions. Quality, fully-integrated POS systems also collect information on customer buying patterns, assist with stock control, and provide valuable reporting information.
Why is a POS system important?
Gone are the days where retailers would record individual sales by hand, and give the customer a hand-written receipt. Today, POS Systems focus on what the customer wants, while providing a safe, quick, and efficient transaction that can be electronically recorded for quality and security purposes. A POS system records payments and subsequently provides an immediate and accurate inventory assessment. This ensures that staff have more time to spend with customers, improving their experience.
How does a POS system assist with stock management?
A POS system allows retailers to manage their stock effectively by recording the number of items available on and off of the shelves. When a customer returns an item, it is automatically placed back into the inventory and, when stock is low, the POS system will alert retailers. By using a POS system to manage stock, retailers will have a better idea of where their capital expenditure is going – are certain products flying off of the shelves, or are these products not moving? A POS system allows retailers to make informed decisions about how to properly and effectively manage stock and procurement.
How does a POS system help with customer service?
A quality POS system will help retailers better understand their customers and their buying habits. Up-to-date customer history is available to help sales staff better position certain deals, products, or services that might cater to an individual shopper’s needs. From this data, retailers are able to tailor the shopping experience for certain customers, making it more personal.
How do I find the right POS system?
When searching for a reliable POS system, it is imperative that you contact a service provider and ask them questions specific to your retail business. Consider the volume of daily sales, the quantity of stock you keep, the number of staff you have, the location of your business, and the various payment options you offer to your customers. A reliable service provider will be able to assist you with various options and even tailor a system to your specific needs.
If you’re new to retail, or you’re looking to significantly improve your retail business, be sure to consider the many benefits of a POS system. Not only will you quickly reap the benefits of a more optimally run business, but you will also begin to transform the experience that you offer you customers.
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