If you are still keeping inventory with a notebook, only accepting cash, or still handwriting receipts then this article is for you. To those who do not currently have one, implementing a modern point of sale software can understandably sound like one of those overwhelming, technology-heavy, not-worth-your-time projects.
Thankfully none of these are true and I’m here today to help you through the initial thought of acquiring a point of sale software, understating how it works, how will it change the way your business works and what benefits and rewards (profits) you will receive later on down the road. But before we get into all that if you have never heard of this before you must be wondering…
What Is A Point Of Sale Software
A point of sale software, or point of sale, is a combination of hardware and software built to centralize business operations. Including credit card processing, it manages the tractions for your business as well as the post-transaction operations that will ultimately lead to customer fulfillment, whether it be a restaurant setting or retail. Point of sale software is replacing traditional cash registers because of added functionality and security of your retail business data.
Today a retail point of sale software usually incorporates a computer, monitor, cash drawer, receipt printer, customer display, barcode scanner, and a debit/credit card reader( a little bit overwhelming to think about I know). But now we know what it is, and what is used for.
How Can It Help Small Retailers?
First and foremost a point of sale software will be a game-changer when it comes to tracking inventory levels. Not only will it have up to date counts but it will also alert you when specific items hit their reorder point, and help you analyze how different products are performing.
Some other articles, blogs (and common sense) have stressed the importance of small retailers managing inventory and cash flows. If you still don’t have a point of sale software you are living in the retail stone age. In addition to the increased awareness you have of inventory levels at the push of a button, having a point of sale software simply makes your store(s) look more professional. Some may live by the saying “If it ain’t broke, don’t fix it” but as a business owner you should be living with a motto along the lines of “If it can increase my profits and run my store more efficiently, I’m interested”.
Why Is A Good Point Of Sale Software Crucial In Retail?
If you run a retail business, you’ll understand the need for a good point of sale software by now. The last thing you wish is for your customers to be waiting impatiently in line with your staff manually entering purchase details in your system.
It will help improve much more than just that since there is much more to a good point of sale software that just recording sales and handling payments. They are as follows:
- It will manage your inventory by telling you what is being sold and what is not.
- It will also show you the profitability you are making by-product lines and the money you make from them.
- By highlighting customer buying habits, it will also aid you in marketing.
- By giving staff a mobile catalog, it enables them to do face to face sales.
Top Benefits You’ll Receive From A Point Of Sale Software
Mobility And Convenience
In the conventional retail, people find what they want to buy then bring it to a checkout counter to pay. But that model is changing fast. Your staff will be able to take the checkout counter directly to your customers with the use of smartphones and tablets. A handheld device can easily become a mobile checkout with a simple plug-in scanner and a good POS software.
It is possible for your staff to approach customers anywhere in your store with the use of mobile POS. No longer having to wait for buyers to come to them, they can help them with their buying decisions. It also makes it possible for your staff to handle credit card payments immediately with them if the POS software is integrated. The latter also enables them to email the customer their receipt. Something your customer will appreciate if they’re in a hurry!
Make your staff better at sales
Information is the key to selling. Your employees will be more confident in discussing any products with customers if you provide them with as much information as possible about the latter. This may lead to more satisfied employees as well as an increase in the conversion rate.
It is not possible for your staff to keep up with all the detailed knowledge about the entire product range you might have. But if they can’t keep the information in their heads, you can put it in their hands. A good quality, easy-to-learn point of sale software will supply in-depth information about the products you sell so they’ll always have a catalog with them.
As well as bringing more revenue to your business, this will aid your employees and staff in doing their jobs better.
The Best POS software will enable you to evaluate your employees and let you make the decision of who needs to be rewarded with bonuses and who are struggling and need more training and support. Give customers peace of mind
Simplify Inventory Management
Good quality POS software will either be integrated with an inventory app or is already built-in inventory management. This will enable you to figure out which are your worst and best-selling products. Although it sounds really simple, in reality, it is a big deal. You can analyze the data and find out which seasons, days and what prices, which of your product line sells better.
As a result, it will aid you in fine-tuning the management process of your inventory. You’ll probably never run out of your best selling products or even waste shelf space on products that never really sells. When tied into your accounting software, the right point of sale software will also let you:
- See how profitable each product line is.
- Explore the relationship between sales volume and price.
- Identify when’s best to order stock, and how much to order.
Improve Inventory Management Solutions
In retail stores, inventory problems are all too common, a mobile web-based POS software enables you to track your inventory in real-time while giving you the access to a lot of critical information such as when a product will be available, what needs to be ordered, and what was sold that day. It enables you to stay on top of things by the second instead of doing inventory checks on a monthly, weekly or yearly basis.
It improves employee accountability and makes life easier for management while also preventing the loss of money due to ordering too much or too little of a product.
Save A Tree
Many well-known retail stores surprisingly still print loads of papers at the end of the day. Although these reports are important and necessary, there are a lot of better ways of storing them and in a safer fashion. Web-based POS software allows you to store tremendous amounts of data in the cloud, which is not only more convenient, it is also safer.
If you have multiple locations, this becomes especially useful since it will allow all of your stores to run on the exact same organized database. It will also allow you to send customers to your stores in other locations if necessary if but this can only be done if you are using the right POS software which can and will effectively connect your stores.
Article Updates
- Updated minor text and link on October 2019