With the amount of technology available to small businesses today, it’s easy to get caught up in the ‘use everything technology’ scenario, which means you find yourself buying technology and using it because everyone else is. The important thing is to choose which technology you need or use very carefully. You must ensure that the tech you buy or use actually benefits your business, and doesn’t just take up your time and effort while offering very few benefits.
One piece of tech that no retailer can ignore is an effective (Point of Sale) POS system. A POS system provides a range of benefits to you and your retail business, saving you a lot of your hard-earned cash in the process.
Without a doubt, installing an effective POS will reduce theft, especially internally, as it allows you to scan every item sold, ensuring better control of your stock and payments. Then, by checking your digital stock numbers against a physical stock take, you can determine exactly what your stock numbers are supposed to be, and deal with any problems as they arise.
Easy payment processing
A POS ensures that queues and waiting times are kept to a minimum. It allows your tellers to process payments quickly, ensuring that your customers are not kept waiting, especially at the critical moment when they are waiting to pay. The last thing you want is for a customer to abandon the line because they have been left waiting too long. An effective POS, whether you have one or more per store, will ensure this doesn’t happen.
A POS will make sure that all your stores remain consistent with stock prices, especially when it comes to markdown management. With a good POS, you can control all pricing and discounting from a central network point, allowing you to ensure consistency throughout all your branches.
Better stock management and control
As mentioned above, a POS will enable you to manage all your stock digitally, giving you a real-time assessment of your stock situation. It will keep you informed of what is selling well, in which branches, what to offer more of, and what to order less of, etc. These are all critical issues that require real-time decision making. Also, your latest stock figures can then be checked against a physical stock take to ensure accuracy, and check for any theft or shrinkage.
A quality POS will integrate directly with your stock management control, providing you with up-to-date, accurate figures, allowing you to make informed decisions.
Accurate reporting and analysis.
With a POS, you get access to in-depth details of your sales point. This includes sales by department, branch, the cost of sale per item, what sells best at what hour, and what time of day. These are all key performance indicators (KPI) that allow you to adjust your offerings. They also provide relevant information from any stores/franchises that you might own anywhere in the world, allowing you to make this information available to relevant employees, no matter where they are located.
Less human error
Humans are far more prone to making errors than any computerised system. A good POS will reduce the chance of someone making a critical error, which could cost your business a lot of money.
A POS will also backup all your data, to the cloud or to local hard drives, to ensure the security of your data.
No retailer worth their salt can afford to run an effective business and keep control without a quality POS, especially if you have more than one store.
Talk to the experts and let them help you take your business to the next level.