Introduction to POS systems
The proliferation of mobile phone devices and constant access to high-speed internet has made life easy. Today, customers prefer paying bills or ordering food from their smart devices instead of waiting in long queues. It is time to make the most of this changing mindset to achieve a competitive edge in the market.
Point of Sale system, a.k.a. POS system, is another revolution in the era where technology is thriving, and businesses are modifying the way they conduct transactions. The existence of POS systems may lead to the end of cash registers, so if you still do not have yours in place, it is high time to give it a second thought.
Why should you choose a complete point of sale system for your retail business?
Welcome to the age of simplified transactions! POS systems are emerging to be a resourceful combination of software and hardware that allows customers to make instant, secure, and cashless payments. Additionally, the system improves user experience, retains customers, simplifies price customization for every product, and keeps an accurate track record of previous purchases.
So, if you are a retailer, a restaurateur, or any business that demands instant transactions, having a proper POS setup is a must. The complete arrangement of a POS system includes a computer, barcode scanner, credit card reader, receipt printer, cash drawer, and POS software.
Features of a POS System
So what are the features of a POS system that could help you streamline payments and keep records?
- Billing and order processing
- Sales monitoring and reporting
- Inventory and stock management
- Cross channel returns management
- Customer relationship and experience
- Employee management
- Loyalty programs and gift cards
Top 9 reasons why POS systems are important for a business
Now that you know the basic features, let’s take a deep dive into how exactly these features can add legitimate value to your business operations. According to a report, in 2017, the global point of sale software market accounted for $12.9 billion. This number is expected to reach $30.9 billion by 2024, i.e., a CAGR of 13.3% between 2017 and 2024.
These numbers indirectly convey the pace at which businesses have and are planning to adopt POS systems for various reasons.
So let’s get started!
- Roll offers that are affordable for customers, but still profitable for you!
This might sound surprising, but it’s true. Applying accurate promotional pricing for items requires detailed analysis (cash registers are a disaster when it comes to this). And to correctly assess the right balance, a retailer needs to have a clear understanding of items that are stagnant and consuming shelf space for no reason. This high-value information helps in terms of estimating prices.
A POS system is a perfect tool for the same, as it not only displays complete information about the inventory but also eases the generation of deals, coupons, offers, etc. The system will give you a clear idea about what effect a particular offer rollout has had on your total sales. Another benefit is the ease of sharing information with customers based on previous relationships and purchases that aid them in availing the right offers from your stores at different locations.
- Reduces time spent on management
A well-installed POS system provides relevant reports to help manage and make periodic profit-making decisions. The streamlined POS system also reduces unnecessary hours spent on menial administrative tasks and frees up the owner’s time to focus on the core business.
- Consistent pricing
Maintaining price consistency across different store locations is a breeze with a POS system in place. POS systems give retailers the freedom to access the digital database of products through which they can view and amend prices, generate discounts, create special offers, and more. These offers can also be auto-generated and applied across different locations with a consistent pricing strategy.
As businesses are getting more complex, the demand for installing secure and precise POS systems is on the rise.
Earlier, when there was an issue in the system, a developer needed to be present in-person to resolve it. But with the introduction of a cloud-based POS system, solutions come handy where they can be monitored and addressed remotely by the service provider without having to waste any additional time.
- Security
When card details are provided to action a sale with any retailer, a sensitive piece of information becomes highly vulnerable, and hackers can get an easy pass to steal customer information. But thanks to the modern age POS system built on an extremely acute and complex algorithm that takes care of loopholes to avoid data theft and protects the end-user.
- Covers every business
Ready to cater to a versatile range of business needs, you can easily find a POS system that truly aligns with your business needs. The system offers a wide variety of packages that can cover almost every vertical and industry type. The technology is a great fit for businesses ranging from automobiles, salons, electronics, clothing stores, and more.
- Reduce mistakes
In a retail business setup up, pricing plays an essential role, and through a POS system, when the price of a product is changed, it reflects throughout the entire process. Therefore, it is easier for companies to ensure consistent numbers and reduce ambiguity.
- Different payment modes
Almost every business accepts different modes of payment, and managing them can get complex. But not anymore! POS systems support all modes of payments. Be it cash, cards, cheques, or online transactions.
- Employee management
Surprising but true!
A POS system is engineered to display various aspects of a sale; it is widely used as a managerial tool, where employees can check personal sales statistics and get a clear understanding of their objectives and progress. This keeps employees motivated to achieve better sales figures.
Conclusion:
Gone are the days when retailers dealt only in liquid cash. In the 21st century, if you aim to stay ahead of the competition and provide your customers with the ease of choosing a payment method they want, having a POS system is essential.
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