Sure, a point-of-sale is a necessity for retail. But what you may not already know is just how much the right POS system can improve your everyday life (and bottom line). A point-of-sale serves as a digital assistant, a time saver, and a valuable data repository for so many elements that matter to your store’s success. Let’s take a look at a few ways a POS can attract more shoppers, make life less stressful, and just be a better tool to you as a retailer.
Relieve the Inventory Headache
Inventory– it’s a most dreaded word for retailers everywhere. When inventory time does come around, it’s typically a string of endless questions: What has come up missing? What inventory movement have people forgotten to record? How many items have been issued the wrong tag? What’s been transferred between locations but not recorded?
However, with advanced inventory features, you can easily record all the inventory you physically have in store versus what you have recorded to be in store. Further, you can produce exceptions to let you know when items are missing, which items you have but shouldn’t have, which items have been duplicated, and more. Your POS can also offer you valuable data on which products work, and which flop (even based on location). This level of insight into your inventory levels means you can make quick adjustments in buying.
By letting the software help you, you don’t have to be constantly worried about inventory — you can pull up the current levels whenever you need to with your point-of-sale.
Are you a numbers fan? Every single transaction that happens in your store is a data point– or one of many data points.
Your POS software can track all of your sales data and allow you to review sales history on a consistent basis. This information empowers you to see what items are popular in your retail business, as well as know what time of year that sales peak is for certain goods. Maybe you have some consistent steady sellers, but others are the hot items only during a certain season or time period. Essentially, this type of sales data means you can plan better, and always know exactly what works and what doesn’t for your business based on real numbers.
Improve the Customer Experience
Good customer service comes in many forms. It can be the little things– such as saying hello, smiling, or answering questions. Alternatively, customer service can mean providing customers with the best, most relevant information.
How do you do this? By using your point-of-sale data. A quality POS software can help business owners keep track of customer interests and provide personalized experiences based on customer behavior. For example, with customer purchase history, you can find trends in the types of items customers prefer. This empowers a retail to build targeted email campaigns informing their customers of current promotions and recommending new products based on previous purchases. Furthermore, it means you can identify your frequent shoppers, or those who haven’t shopped with you in a while. Send out messages to re-engage shoppers that haven’t visited lately, and reward your frequent shoppers with special thank you promotions and loyalty programs. Today’s customer isn’t going to respond to mass marketing– but with the right information, you can impress them with personalized service.
Do you feel good about how you’re currently managing your staff on a day-to-day basis? Do you feel like you’re consistently in the know about how they are doing? A robust point-of-sale system can make management of your people all the easier. This primarily revolves around being able to track scheduling and performance. Being able to set-up, monitor, and track employee scheduling means you always know who is on the sales floor and when, eliminating scheduling conflicts or overtime issues. With the ability to monitor performance, you know which of your team members is a top performer and earning high commissions, just how well they are doing, and where there are areas of improvement. Not every POS has these capabilities, but people management features are definitely ideal for the majority of all retailers.
Find the Lucrative Trends and Plan
Want to use your POS to plan even smarter? Dive deep into your reports. Look through the sales data and sort be seasonality, then try to find the trends and patterns. Making note of these data points can help with optimization. For example, when should you have more staff in store?
Finding trends can also help you plan ahead. When you’re buying inventory for your store, forecasting for specific items is key. When you’re preparing for how much inventory to carry in Q4, you’ll need to know how much you sold before in Q4. Here’s the bottom line: Use your POS to find out what’s contributing to your success, or what’s preventing it.