A study from Statistic Brain Research Institute reveals that only about 45% of new retail businesses continue operating in their first few years. The reason is, new employers tend to miss out on the best ways of directing and growing retail stores for a high-profit margin. Many of them do business by taking an old-school approach.
Using some software, notably Point of Sale (POS), allows for the automatic completion of tedious tasks like bill calculating and discount adding. Further, it boosts your business growth.
Are you a small shop owner? Else, are you running a mall? Are you a Magento merchant, or do you use any other platform? In any way, POS is legit a fantastic checkout counter area that enables a smooth completion of transactions and much more. For example, a highly customizable Magento POS can be this useful.
Want to be even more convinced? To seize how the POS system handles business demands these days, make sure you read through some of its main benefits for your retail business.
1. Save your time
One of the best advantages of using a POS is, it is a time saver. Who likes waiting for their turn in a seemingly endless queue? With this software, transactions need far less time compared to manual billing ways.
Product barcode scanning will automate updates about the info (e.g., product name and quantity) in a POS billing window. Also, thanks to the print attribute, your bill printing step becomes automatic. This way, thus, decreases stress over traditional bill making.
2. Supervise inventory
Be it small, big, or anything in between, your retail store has access to the entire stock inventory data, thanks to a POS system. Better yet, it displays real-time inventory. The integrated scan attribute in the software makes it automatic and lightning-fast to update the database with additional product data.
When a specific item inventory is short in a couple of days, the retailer can order more batches of goods. This way lessens the effort and time spent.
3. Ensure consistency across stores
Do you have multiple stores located in assorted areas? Do you plan to streamline product catalogs across these stores? If so, you cannot go wrong with a quality POS system. It works to tackle the biggest concern of keeping price consistency faced by multi-store businesses.
In other words, this software enables the creation of a uniform product database in all the stores. Accounting for the database and store location, you can make the most informed decisions on inventory refillings, promotions, price increases, among others.
4. Boost customer satisfaction
In the past, staff was busy with manual works, for example, memorizing product names, sizes, amounts, and prices. Thankfully, POS appears to minimize such burdens and allow your employees to devote more attention to customers. Sooner or later, this promotes customer satisfaction and employee productivity.
What is more? With Cloud-based POS, the security of customer credit card info is undoubtful. Instead of some computer systems, it is the Cloud that saves the whole data. Hence, there is little to no risk of data leakage owing to the broken system or harmful viruses.
But that is not all. Thanks to a POS, saving the customers’ marriage dates, birthdays, and other data cannot be easier. You can further provide discounts or offers for them based on these data.
Plus, it is beneficial to use customer purchasing history from this software to suggest matching items. For instance, if they have purchased a formal skirt from your store, you may want to send them a discount text or mail whenever there are new related products. Such discounts will make their day and earn their loyalty.
5. Understand your employees better
You will have a better idea of your staff behavior, thanks to the POS. Specifically, how to do so?
Even when you have lots of staff using the same device, it is workable that each receives a different identification code (sometimes referred to as clerk code). Then, you connect employees with particular transactions. This way, you will effortlessly determine their work performance and develop healthy competition.
6. Make business accessible from anywhere
On-premise POS helps you access the store data wherever and whenever you are. All you need to do is sign in to the administrator account.
For instance, if you are on a trip, accessing the real-time store activities will no longer be your worry. Because the on-premise POS is all set for such purposes. It is likewise remarkable for updating info such as discounts while you are outside and find ample time to do that task.
All in all
POS software gives retailers a solid base to rely on in this competitive retail world. It replaces manual management of work and helps make the best and most informed business decisions.
As you see, retail businesses become more customer-driven, making the competition stronger. To survive and thrive, your store must aim for the simplicity of shopping and customer relationship improvement.
Fortunately, a robust POS system is a lifesaver. You can have it handling the business and overcoming these difficulties. In the end, this software should help take your firm to the next level.