Reasons to Install a POS System and Merge Technology with Retail
A point-of-sale system is to businesses today what a cash register, floor manager, stock manager and accountant was to businesses back in the day. They’re an all-in-one, tech-forward approach to business.
If you’re thinking of making that switch and are a little intimidated at the idea of going all-in when it comes to replacing tried and tested manual methods, rest assured, you’re not the first.
Once you take a look at the benefits a POS can bring though, it makes the decision a lot easier.
7 Reasons to Install a POS System and Merge Technology with Retail
There are dozens of benefits when you use a POS system, whether you’re in E-commerce, Retail or Hospitality, merging technology with your business is the way of the future.
POS speeds up payments
Simply put, having a point of sale system enables faster payments.
Instead of an employee having to manually calculate prices, change and document stock, a POS takes care of it. An employee selects the products the consumer wants and automatically calculates the price and then deducts it from your inventory. An invoice can then be sent by email or printed directly on the spot with a receipt printer (which adds to both consumer convenience and also helps the environment).
Depending on the type of POS and the tools you integrate with it, a POS enables the customer to pay in several forms, from cash, debit, credit as well as other modern methods of payment like Snapscan.
This makes it quick and easy for the customer to complete the transaction.
Complete control of inventory
Using a POS system makes it much easier to keep track of the inventory of your store. They enable you to manage your inventory in real-time and keep you updated about the number of products you own at any point in time.
Depending on the software and type of POS you have, if the products are already in your catalog, you can scan items and enter the quantities after which your POS will record that info in the inventory of your POS software. This winds up saving you and your business a lot of time as opposed to manually tracking that inventory.
All-in-one purchasing and order management
Purchasing the right equipment for your business is essential.
Using a POS system is useful to properly manage your purchases from your suppliers. It allows you to keep track of all your orders.
Some POS software can connect directly to your supplier. This means that when you place your orders from your point of sale, you will be able to view all your invoices for your orders in your POS system. This then allows you to have control over purchasing and allows you to keep track of items ordered from suppliers. A POS system allows you to plan future purchases, as well as be aware of the minimum amount of products you need for your store.
This helps to have better control of your purchases and to have the right amount of stock in your store to minimize your losses.
Holistic employee management
Employee management is one of the most important factors when it comes to running a successful business. Without the necessary data, optimizing things like employee time and overtime can be not only complicated but tedious.
With a POS system, managing your staff and their schedules becomes a whole lot easier.
Most POS systems allow you to track the sales of each employee as well as their hours worked, and sales per time slot. This enables you to see which employees are up to par and which are not. You can also see, using data and without ever needing to be in the store, the peak hours in the store as well as what does and doesn’t sell well.
Using this information, it’s easier to build shift lists, optimize the number of employees needed for certain times as well as provide ongoing training.
Better organization and communication
POS systems allow your business to become more organized.
This means increased efficiency, more productivity, better communication with your colleagues and stores and overall increased profits as a result.
This is because POS systems allow you to manage your sales, inventory, customers, and suppliers all within the same software. Instead of transferring and collating data from various sources, your company only has to use a single platform to perform its activities.
It also enables updates, promotions and information to be easily shared between stores if you’re running a franchise or stores in a linked network.
A POS reduces errors
Having a POS system can help you reduce the number of mistakes that can happen during various parts of your business.
As an example, instead of risking making a mistake when you manually count or input your inventory, the POS takes care of it for you. From the point of scanning items into stock to automatically adjusting your inventory when there is a sale or a return. POS simplifies that process completely.
By simplifying and eliminating the manual input and deduction process you can greatly reduce mistakes of miscounting when you enter your inventory in the system. This improves accuracy as well as saves time trying to find and fix those mistakes.
Point of sales also automatically creates reports for sales, inventory, etc. This saves you time since you don’t need to create reports by yourself.
Remote access with the cloud
Some POS are cloud-based, which means you can access them without being on-site. This is incredibly convenient and not just because of the price of fuel!
POS systems that are installed on site are exposed to multiple risks such as data loss, difficulties in tracking inventory, risk of errors and so on. Cloud-based POS on the other hand, enables you to access your data anywhere securely.
By logging in with an administrator account, you can access your data from anywhere at any time. You can follow your company’s activities in real-time even if you are outside your establishment. Additionally, your data is better protected from natural disasters such as floods or fires.
In terms of safety and security, POS systems are the ideal way to run your business.
Bearing all of that in mind, you can see why it’s almost a no-brainer when it comes to installing a POS system. The access, ease of use and all-in-one options it has, makes running your business a lot easier.
This means you have a lot more time to focus on doing more of what you love about your business. Whether that’s being innovative, service orientated or even just making money.
To put it simply, when used effectively, POS systems save time and money and have the potential to improve the entire staff management system.