Variety is the spice of life, but when you’re looking to decide on a major business expense like a POS system, variety can make choosing a bit more difficult. Today’s POS systems offer all sorts of features and functionality. So how do you know which system is best for your small business?
The decision really comes down to knowing what features your business will most benefit from. It also helps to know of features that you should expect to find in a POS system.
Here are 5 things that your POS system should be doing for your business to encourage growth and streamlined operations.
1. Transaction Processing
As the name implies, you would expect your point of sale system to be able to process transactions. What’s nice about a POS system is that transaction time can be greatly decreased. The less time that customers spend checking out, the better! With a POS system, cashiers can quickly scan and bag items. There’s no need for manual input, which means fewer errors and less time waiting in the check-out line.
Want to accept the latest payment options at your business? POS systems can do that, and so much more! With a modern POS system, not only can you accept traditional forms of payment like cash, debit, and credit, you can also accept mobile payment options such as Apple Pay, Android Pay, Google Pay, and others.
2. Inventory Management
If your business conducts manual inventory checks, odds are that your numbers are full of errors. Human error is entirely preventable with a POS system. In fact, the system completely automates the process, which means employees can focus more time and energy on their assigned duties.
A POS system identifies which items have been sold, and then subtracts from the available inventory for that item. Anytime you order more stock, the system is able to track and account for that as well.
Inventory management provided by a POS system also offers pertinent inventory numbers. Want to make sure you aren’t running low on your top selling items? Want to see which items aren’t selling quickly?
These are all statistics that the POS system will provide, and these just scratch the surface!
3. Employee Management
Managing employees is a must for any successful company. Even if you only have a few employees, you can save time and money with a POS system that does all of the work for you. POS systems are able to track a variety of employee information including:
- Employee hours and work schedules
- Sales completed by each employee
- Quota numbers
- Training hours
This information can then be used for many business purposes. For example, you can look at quota numbers to determine who your top performing employees are. In turn, you can acknowledge and reward these employees. This improves morale and makes employees feel valued.
You can also use employee management data to develop work schedules. If there’s a peak business time, you can ensure that more employees are available to work during that time to provide optimal customer service.
4. Marketing & Customer Relationship Management
A solid small business is one that successfully markets and puts heavy emphasis on customer relationship management. Not only can a POS system collect information about inventory, sales, and employees, it can also be used to collect customer data while also examining customer behavior.
Using this data you can create a loyalty program that rewards your top customers. By figuring out which customers shop the most at your company, you can then send discounts, promotions, and specials to further increase customer loyalty. This also helps with customer retention.
Customer data can also be used to run successful marketing campaigns. By collecting name and email addresses during the checkout process, you can use this data to keep customers in the know of upcoming sales and money-saving specials.
5. Mobility
Mobility applies to much more than marketing. With a mobile POS system, your employees and customers can reap the benefits of a flexible and convenient system. Using a mobile POS system, sales associates can spend time interfacing with customers and offering them the ability to make a purchase from anywhere in the store.
A tablet that’s connected to the POS system enables employees to process sales from anywhere on the sales floor. This is a huge benefit for customers, but also benefits employees in that they can fine-tune their customer service skills.
A mobile POS system also benefits business owners. Feel disconnected from your business when you’re out of the office or traveling? Not anymore! With a mobile POS system, you’ll have access to critical business information, including inventory, employee schedules, sales data, and much more.
This enables you to make data-driven business decisions no matter where you’re located.
Conclusion
A POS system is truly all-encompassing. If you’re in the market for a POS system, ensure that it offers these features and functionality. This ensures you’re getting the most bang for your bang the highest return on investment.
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