As the owner of a retail business, investing in a modern POS system is one of the best things you can do. If you are using an old-fashioned cash register or an outdated POS system, you are likely wasting a lot of time that would be better spent on other tasks. A modern POS system can increase efficiency and streamline your operations to give you more time to work on other things. Such systems also help facilitate growth, which is extremely important for any retail business. If you are on the fence about whether you should upgrade to a new system, here are just a few ways modern POS systems can help streamline retail operations.
Inventory Tracking and Management
If you are keeping track of your inventory manually, you are wasting a lot of time. Modern POS systems feature powerful inventory tracking and management capabilities that make it easy to keep track of the merchandise you have in stock and replenish your supply as needed. When someone purchases an item, the software removes it from the available inventory. When properly set up, the software can even generate purchase orders once your inventory drops below a specified threshold.
Instead of needing to search the back room when a customer wants something that isn’t on the sales floor, you can check your POS software to see if it’s available. If it is available, your software can even tell you exactly where to find it. This means that you will have to spend less time having to track down items and be better able to assist your customers.
Many consumers do most of their shopping online these days because they don’t have time to travel to stores, browse for products, and wait in long lines to check out. With e-commerce forcing many brick and mortar stores to close their doors, it’s extremely important to make shopping quick and easy for your customers if you don’t want your store to be the next to close.
With a modern POS system, you can accept a wide range of payment types quickly and easily. You can help each customer complete their transactions quickly to prevent long lines from forming at the register. If you go with a mobile POS system, you can even help customers checkout throughout your store. When installed on a tablet or smartphone, mobile POS software allows you to accept payments and process purchases without being tied down to a checkout counter. This type of system is great to deploy during especially busy times. While you may only have one or two physical registers, these mobile systems make it easy to have any associate working as a cashier.
Informed Decision Making
As a business owner, you are responsible for making a lot of decisions. From deciding when to schedule certain workers to how many of a particular shirt you should order to when you need to order cleaning supplies for the employee restroom, there are countless decisions that need to be made on a regular basis.
If you don’t have a modern point of sale system, you may be making these decisions based on your “gut feeling” or using trial and error to figure out what works best. With a good POS system, though, you can start making those decisions based on data instead.
The best types of POS systems are those that collect a wide range of data types. When your system keeps track of product sales, price changes, customer behavior, and other factors, it gives you something tangible that you can analyze in order to make informed decisions. Many POS systems even have reporting capabilities that make it easy for you to understand and interpret the data. Being able to use data to make decisions saves you time and allows you to feel more confident in the choices you make. It also minimizes the risk of making potentially costly mistakes.
Easy Employee Management
Many small business owners do not realize that point of sale software can be used for employee management. Using a POS system to clock employee time is simple and leaves very little room for error. Modern systems also make it difficult for employees to manipulate their hours or have other workers punch in or out for them.
You can also use your POS system to schedule employees. You can analyze sales data to determine when your store is busiest and ensure that you have extra people working during those times. You can also use historical data to see who performs best in certain areas and when specific departments are most busy. Scheduling is faster and much more efficient when you are able to do so using powerful software that helps you make smart staffing decisions.
Ability to Conduct Business Anywhere
Many modern POS systems have mobile capabilities that allow you to conduct business just about anywhere. As previously mentioned, a mobile POS system can be used to serve customers throughout your brick and mortar location. However, it can also be used to take your business with you to other locations. If, for example, you want to try selling your products at a local market, a vendor show, or another event, you can use your mobile POS system to accept payments and collect data while you are on the go. There are even systems that work offline.
Having the ability to conduct business anywhere allows you to reach a wider audience. It also builds brand awareness and recognition.
If you aren’t using a modern POS system in your business, you are missing out. Today’s systems are designed to make running a retail business much more streamlined and can save you a lot of time and money. Check one out today to learn more about how a modern POS system could help your business.