Opening a retail store is more work than you can think. There needs to a seamless alignment between administrative, management and marketing departments. Then, you need to ensure there is enough inventory to creating your monthly sales reports. There is just too much to do, which might make you feel overwhelmed at times. It is where having an efficient point of sales system can go a long way in making sure that all your operations work in unison. However, retailers and merchants need to spend enough time and resources to implement such a system before you can reap any benefit from it.
What is a point of sales (POS) system?
A point of sales system, also called a POS system, allows your customers to complete payments for products and services at your store. In simple words, every time a customer imitates a purchase, they complete a point-of-sale transaction.
These systems are better than their predecessors, the best credit card machines, and allows retailers to incorporate mobile POS features, contactless payments, and other eCommerce capabilities. A POS system eliminates a lot of manual entry and human-made errors down the road.
With the overwhelming number of POS systems available in the market, finding the right one is daunting. Most of these systems have the same features, but there are some critical ones that make them stand out from the competition. The right POS system serves as a central component for your business, integrating everything form sales, inventory management, payment processing and customer management together. As per studies, businesses with active POS systems have reported over 200% increase in their sales.
POS Systems: The key features to look for
Running a retail unit is tedious and exhausting. However, with the right POS system, retailers can simplify their business operations and achieve greater proficiency. Modern POS systems do more than just adding flexibility and seamlessness to your retail store. That said, the following are some key features you need to look for when selecting a POS system.
Sales Reporting: On the surface, your POS systems assist with sales. However, the difference between one system and the other is how those sales numbers are represented and if you can analyze them to make informed business decisions and improve your sales performance.
Inventory Management: A POS system should be able to keep a track of all your products, know which ones are the best-selling and bought faster from your shelves than the other, manage stock by creating product variations, consolidate purchases into one order, and enable seamless automatic ordering.
Customer Management: Building strong relationships with your current customers is an integral component of retail marketing. A POS system should assist with forging long-lasting bond with your customers and help connect with them even post the purchase. Moreover, it should capture information regarding a customer’s buying behavior and boost marketing efforts.
Employee reporting and management: The performance of your employees can make or break your store. So, a POS system should serve as employee relationship portal to improve store sales.