POS or the Point of Sale has taken over the traditional cash registers in the past few years. POS has many advantages for the owners of the retail business as they not only fasten the payment services and process but are also helpful in giving genuine information about customers and inventory. The point of sale systems for small business has helped small and medium business owners in various ways which were not possible in earlier times due to the age-old cash registers. In simple words, the point of sale or POS systems has made the business very simple and comprehensible.
The need for the process of high secure payment is increasing, thus making way for the POS system has garnered attention and importance. They have become an important part of the success of small businesses.
It has been studied and proved by the market research that by using an economical desegregated POS system, an individual retailer can cut down the cost by 10%, which leads them to save an additional 10% per year. A small retail business that also sells Kona Coffee online is Greenwell Farms. A Point of Sale system could help them a lot.
If you are wondering as to how exactly a POS system benefits the business, then read on the following.
Benefits of Point of Sale Systems for Small Business
1. Improves service quality and customer satisfaction
As an owner of a store, nothing can be more frustrating than witnessing a queue of customers waiting for their turn at the counter of checkout. The situation may arise when one of the customers would want their bill to be split, as a result, the staff would have to separate the purchase details manually resulting in the long queue of impatient and irritated customers.
The above situation can be avoided with the help of the POS system. Everything could easily be done with just a single and simple click with no time lost. Also, the POS system will manage everything automatically and helps in sending receipts through email. This, in turn, aids the staff by reducing the time spent on archiving and compiling receipts stacks.
The management of customer service is greatly enhanced by collecting data of the customers and tracking previous transactions. So when the staff enters the name of the customer, they can easily obtain their purchase history and also their mail address with just one click. Because of this great feature, one will easily know the best customers and also their most preferred items and products. This would, in turn, help the store owners to send great and special offers to their loyal customers. The POS system helps you in knowing your customers deeply and also will help in boosting your sales.
A POS system that is based on a tablet is one of the best things to increase the satisfaction of your customers. It will not require the staff to run here and there, making the customers impatient but will increase the flexibility of the employee as they would be managing everything on the run.
2. Simplify Inventory Management
In the field of retail business, Inventory Management is one of the most labor-intensive and time-consuming tasks. The reason why small sales businesses are opting for the POS system is that it has got the ability to get an accurate and instant update on the inventory of the store. The system automatically removes the item purchased from the inventory list, each time a customer is checked out. It is a great benefit to have a POS system as they control and track the inventory automatically.
The POS system will help you in deciding the reordering of the product depending on your previous sales. You will also get a clear picture of products as when and how much it should be ordered to ensure stock sufficiency in the inventory.
3. Generate Reports
A feature that is loved by every small business owner in their POS system is the feature of reporting. After every off-hours and workday, you can easily produce reports that would give you an idea about the sales insights starting from a day up to a year. With this help, one will know as to what their topmost selling products, which products would sell best on what days and finally which promotions that work best.
Apart from the three main benefits, the POS system also helps in:
- Supporting rates of numerous tax
- Helps in setting up prices for each item
- It can be worked with different hardware types for credit card readers, barcode scanners, receipt printers and electronic drawers of cash
- The transaction process can be combined between the card, cash, and check.
In order to run a successful business, the sale point is just not about money. With the right start, ideas, and equipment it becomes your center of strategic service, a place where your business finds its wings and attracts your customers towards you.
Now, let’s move on to a few more reasons to switch to the POS system.
- Sales history – With the help of the POS system, one will be able to find it easily about past transactions and learn about the products which have not been touched in weeks. It will keep in a track about the product which gets the highest sale mark, thus making the inventory management easy.
- Inventory Management – The task of managing inventory is no less than a nightmare. It is expensive and time-consuming and takes out every level of patience from the person’s body. There are so many products that have different types of colors, sizes, volumes. Thanking the POS system, it has become a lot easier, manageable and stress-free.
- Sales in Real-Time – The best part about the POS is that you can keep a track of what’s happening in-store, even when you are not physically present. The POS system will help you in customizing the reports so that you will know about what exactly you need from any time, anywhere.
- Saving Time and Money – POS is much faster than manual registration of cash. It does all the work faster starting from reading barcodes to internet transactions thus saving time, making yourself and the customers happy and satisfied.
So, if you haven’t been using the smart POS system, guess this is the right time to start and give your business a different and new look.