While running a small business, you have perhaps never realised the efficiency and benefits of using a Point Of Sale (POS) system. Point of Sale is a computerised cash register which goes beyond cash management and helps you keep real-time record of your orders, customers, purchases and inventories - all of this at the same time. With POS software, you can accept plastic money, automate transactions, and store all information in a centralized digital database. Whether a small retail store or a food joint or even a salon; POS is suitable for all sectors and types of business.
Besides smooth and efficient money transactions, here are some other ways how a POS can ease your business:
1) Simplify Checkout Procedure: Having a POS will be a win-win situation for you as well as your customers. No long queues, no manual calculations, therefore no chance of human errors; and no wasted time for searching products or preparing manual receipts. With the help of POS bar-code scanning, you can automatically input the prices into your system and calculate the net transaction amount. Everything happens within a blink-of-an-eye. You can also choose a POS software that will track valuable customer data and provide key consumer insights for your next marketing campaign.
2) Streamline Payroll Process: Using a customised POS, you can organise your employee payrolls and calculate them in no time. Modern Point of Sale systems also prints out pay slip for your employees. Besides payroll, your staff can use also the software to enter their entry and exit time. Thus, you can monitor your staff attendance without being physically present and calculate the right payroll amounts.
3) Manage Pricing: If your business is present in multiple locations, you can get all the more benefited by auto-updating price for all your stores. Once the POS software barcode scans and updates your product price in the system, it automatically becomes available for all customers of all your stores. With a centralised POS, you can maintain consistency in your pricing and make it fair and transparent for your customers. At the same time, you can also determine the right price that will work best for your customer as well as enable you to keep good profit margins.
4) Monitor Stock, Inventory and Sales: As you make a sale or enter more products into your database, it soon makes the necessary adjustments and displays your current stock and inventory of all product range. With this, you also reduce human effort, eliminate chances of errors, and balance your inventory. POS systems align inventories with sales reports and help you to identify key areas of losses (if any). Many POS software also generates sales reports and thus provide useful data for making predictions about future consumer demands.
5) Customer Relationship Management (CRM): Thanks to POS, you can improve your relationship with your customers and ensure frequent visits to your business. Going by your consumer data, you can pinpoint your most loyal customers and take every opportunity to engage them into your Reward Points and Loyalty Programs. Also, you can send mails on every sale and send occasion-based discounts to all your customers. Therefore, with POS, you can create a unique customer experience and make a difference in your way of doing business.
6) Improve Marketing Efforts: You can now do without conducting customer surveys and spending more on your marketing efforts. Your POS shall display relevant data, analytics and statistics using which you can devise your further course of action. From such information, you can categorize your customers into sub-groups and run marketing campaigns. Whether for getting more leads or for sustaining your old customers, you can take the help of POS data to strategize the most effective campaigns and promotions.
7) Increase Speed of Service: Not just checkouts, the POS software can also help you to give quick responses to your consumer enquires and improve their experience. On receiving a query, you can look into your database, know the product or service details, and provide the best-possible solution to your customers. In this way, you can make better use of your POS. Even if your customers don’t make a purchase, yet they shall remember you for your quality and prompt service.
8) Understand Return-On-Investment (ROI): New-age POS systems come with in-built analytical options that provide significant reports including the most-sold products, items which are not well marketed, the best sales-people of your team, the best business days for your store and which store happens to be most successful in sales (if you have multiple business locations). Analysing such reports will enable you to know if your investments are worth the returns. Based on such understanding, you can then make necessary changes or re-think your business strategies.
10) Save Operating Time: Undoubtedly, POS software saves operating effort and time behind your business. From manual paper works to accounting process to filling systems; POS is a perfect substitute for all. By installing custom POS that meets all your requirements, you can fetch all information and data into the software and employ your staff into more productive work like planning and running your campaigns, and not just boring data-entry work.
11) Increase Profits: POS systems increase your profits in two ways. Firstly, going by the business reports, you know about losses and the why, when and how’s of it. Accordingly, you can take proper measures and prevent further loss to your business. This will automatically boost your profits. Secondly, you can secure your transactions and get real-time notifications of all orders and purchases. Since most POS has touch screens that facilitate you to pre-set price against each of your products; your employees can’t go wrong in making calculations. With this, you reduce all calculation errors and make real profits.
12) Cost-Efficient: Modern POS software are highly affordable. You pay one-time at the time of purchasing the software and then enjoy its array of benefits. Also, there’s no maintenance fee. You just have to upgrade the software at frequent intervals and keep it away from spam and virus. Cloud-based POS systems are more cost-efficient and also help you with increased efficiency, automatic updates, quality and speed of service.
Now that you know the unmatched benefits of installing POS software in your small business, why waste any more time? Pull up your socks and look for the best personalized POS system that will take care of all your business needs and deliver amazing solutions for your day-to-day business activities!