Whether you’re running a retail business from home or opening your first retail store, a modern POS system is a must. Advanced POS systems can give give you access to valuable analytics information, help connect better with your customers, and even manage your inventory in a more efficient way.
Here’s why a POS system for growing businesses is an absolute necessity.
Inventory control can make all the difference in the success or failure of a business. Without proper organization and tracking of inventory, things get lost in the paperwork, inventory comes up missing, and everyone (including the customer) ends up frustrated with the inventory management process.
POS systems bring something quite useful to the table in the form of real-time inventory tracking. You won’t have to worry about performing daily counts anymore once you start using a POS system. Everything that’s in your storeroom is tracked via the POS terminal in real-time, ensuring that the numbers are as accurate as possible – no matter what time of day it is.
Even when a customer brings an item back to be returned, the software will still account for the negative inventory and factor it into your counts. This not only removes the stress of incorrect counts, but also centralizes your inventory management system to one software system.
Analytics Data for Awareness
If you’re unsure what kinds of numbers your business is running, you won’t be able to make financial decisions or account for growth/shrinkage. POS systems offer analytics reports on daily, weekly, monthly, and yearly sales; so you can have access to all of the information you’ll need to make more informed decisions and pay down debt.
Your analytics information can be printed off, as well as shown via different graphs and charts. With this information at your fingertips, you’ll be much more aware of your business’ financial standing and able to identify seasonal trends.
Analytics are truly priceless when running a business. Before, you’d have to add up everything manually, but with a POS system, everything is done automatically.
Better Customer Relations
By collecting customer information in your POS system, you can get a better idea of what each of your customers prefers to purchase. From there, you can better focus your marketing efforts. The more you know your customers, the better chance you’ll have of connecting with them on a personal level and creating a sense of loyalty among them.
Customers like to feel welcomed and appreciated. When you know what kinds of items they prefer, you’re showing them that the business pays attention to them, and doesn’t only view them as a Dollar sign. A personal connection with a customer can go a long way!
Not to mention, the more a customer trusts your business, the more likely he or she is to recommend your services to their own friends and family. This is essentially free advertising (though it doesn’t come without a little effort on your part) and can drive new customers to your business. When people know that someone they care about trusts a certain brand, they’re more likely to try it out.
POS systems can integrate e-commerce sites (on platforms like Shopify), providing one single platform for all of your payments. It can be difficult to manage two different systems for store and website, so unifying the two can save a lot of time and effort on your part.
Most POS systems are designed with e-commerce tools, making site integration a breeze. You’ll simply install a plugin or route your e-commerce options to the POS page, and customers will be able to make purchases that will are processed on the same system you use in your stores.
With such easy integration, POS systems are truly a must-have for those stores that run both physical and e-commerce locations. Keeping everything unified saves the hassle of tracking sales on both ends since you can view all sales from your POS terminal.
Accept More Payment Methods
Accepting a wider variety of payment methods can actually help grow your business by attracting new customers. Everyone has their favorite way to pay; whether it be Apple Pay, credit or debit card(s), or some other method. If you only support cash and credit, you’re missing out on an entire customer base.
Modern POS systems can accept a wide variety of payment methods, meaning you’ll never have to turn away a customer who wants to pay with something other than cash or credit card. Don’t restrict your ability to make money by using an outdated POS system!
A modern POS system is truly an essential component of a successful business. With so many extra tools included with POS systems, you’ll be able to better manage both your business’s finances and overall operations – without spending too much money.
Founder of HomeWorkingClub.com – Ben has worked freelance for nearly 20 years. As well as being a freelance writer and blogger, he is also a technical consultant with Microsoft and Apple certifications. He loves supporting new home workers but is prone to outbursts of bluntness and realism.