Point of Sale (POS) systems are being widely used by businesses around the globe in almost every industry. A good system will give the business control over operations, better efficiency, and of course higher profits. When purchasing POS systems, however, it is important to select the right one suited to your business needs. The multitude of features on offer can be confusing. Here are some of the most important features of the best POS systems.
Reporting and Analytics
A good POS system can capture the details of every sale made. It can identify the “hot cakes” and the turtles in your inventory. This knowledge – that no amount of manual records can offer – is invaluable to businesses. Knowing which items sell fast and which ones stagnate can help in inventory management and keep dead stocks at the minimum. This results in reduced costs and increased profits.
POS systems that capture customer data and enable you to identify your most valued customers are akin to the hen that lays a golden egg. A good POS system will allow you to view purchasing history and habits of your customers as also their spending habits. Customers like to be recognized when they frequent a store. If they are recognized and given special treatment, it encourages them to return. Understanding buyer behavior helps you chart your marketing course for the future. Loyalty programs, special discounts, personalized texts, and more become possible when you are able to understand buying patterns and spending habits of your customers.
An often overlooked area of business, employee management is an important part of a successful business. Scheduling shifts, clocking in and clocking out, number of work-hours, and more can be tracked using your POS system. Good systems can even compute commissions based on sales made. This sort of tracking can reduce your operating costs to a great extent besides helping you identify the stalwarts and procrastinators. You can then chart out reward programs, competitions, and other strategies to boost morale and improve performance. You can keep track of extra hours put in by employees and even compute overtime.
Managing inventory is the bane of every businessperson. Good POS systems provide an on-site inventory window that enables you to check availability, top up stock, and ensure that no customer is turned away. It also eliminates the counting and other errors of manual systems. Knowing your stock at a glance can be a big asset for your sales team. Customer satisfaction will reach an all-time high if you are able to have the desired items of your loyal customers in stock. You can phase out the lower selling items and increase stock levels of high selling ones in an instant reducing inventory costs and dead stock.
Checkout is often the hub of activity in any store, and it is here that tempers flare most often. Having a good POS system with a smooth checkout keeps altercations to the minimum by reducing human errors. Looking up the prices of items, calculation of bill, discounts, special offers, keeping track of parking tickets, and more are automated making the process faster and smoother. Many systems ship with the necessary hardware such as barcode scanners and receipt printers. Those that don’t, usually offer it for a small price.
Consumers today expect and demand special treatment. A good and efficient POS system helps you do exactly this, enhancing your business prospects as well as profits. So happy selling!