Top

Five Signs You Should Invest In A New POS

A point-of-sale (POS) system is the final touch point of a transaction in any type of brick-and-mortar business. It’s typically thought of as a cash register, but it can also be a computer or tablet with POS software. As technology continues to rapidly advance, POS tools become more sophisticated – and more integral to your retail business.

Upgrading your POS software can greatly impact the way you run your business by simplifying complex and time-consuming tasks, creating a better customer experience and helping to make your team more productive. If you’re still contending with the same simple POS you started out with, it may be time to re-evaluate as your business needs evolve.

How To tell When It’s Time To Update Your Point Of Sale Software

Business Is Booming

When your business is first ramping up you may be able to to get away with using a notebook and a calculator to track your sales. But as your business becomes more successful, transcribing receipts onto a spreadsheet or manually adding up employee hours will get too complicated and cumbersome to keep up.

Streamlining your bookkeeping processes into one efficient program will not only free up time better spent on more constructive tasks, it will also reduce human error. The cost of investing in a POS system is marginal compared to potential profit loss and wasted man-hours.

Stocking Is A Guessing Game

Keeping the right amount of products on your shelves can either be risky business or an exact science depending on whether or not you have proper POS software. Stock too much of the wrong product and you end up wasting money and shelf space; stock too little of the right products and you end up missing out on sales. POS software can tell you:

  • When it’s time to reorder products that are running low
  • How well certain products are selling
  • If another location (or warehouse) has a particular item in stock

A point of sale system can help you track and manage your inventory, especially useful if your store expands into multiple locations. You may also be able to adjust prices in real time to ensure they are always accurate and consistent.

You want more targeted marketing efforts

In order to market to your key demographic, it helps to know who exactly they are. With POS software, you can store customer data and purchase history to create a precisely targeted campaign.

You can also use your POS to implement a customer loyalty and rewards program to encourage repeat business and higher average spending. Benefits of enrollment could include:

  • Redeeming points for a discount (percentage or sum) off the total price
  • Redeeming points for free items
  • Exclusive access to members-only promotions
  • Sneak peek at sales before the general public

You’re not tracking your KPIs

It’s one thing to compile and input all your financial data, it’s quite another to spend the time required analyzing the numbers to determine your ROI. Maybe you’re not even sure where to start.

An advanced POS can show you how your business is performing and identify trends and areas of improvements. Some key performance indicators might be:

  • Best-selling items
  • Consumer spending habits and sales patterns
  • Transaction value per client
  • Staff performance

Your Current System Is A Nightmare To Use

If training new employees on an antiquated POS system fills you with dread or your staff is constantly frustrated dealing with outdated software, it might be time for an upgrade. Your POS should help make your team more effective at their jobs, not hinder them.

A truly user-friendly POS should also be able to sync with other tools, such as your payment processor for a seamless transaction. Making processes easier for your employees also makes it faster for your customers and enhances the experience for everyone – it’s a win-win!

Choosing The Right POS To Grow Your Business

If any of the above sounds familiar, it’s definitely time to take a look at your current system, whether it may be outdated software, a clunky cash register taking up too much counter space or pen-to-paper sales tracking. Maintaining a successful business means being able to adapt and recognize when you’ve outgrown your existing practices. Point-of-sale systems can help you stay on the ever-changing cutting edge of technology and help you achieve your next-level business goals.

Post a Comment

THINK IT.  DREAM IT.  NEED IT.  DO IT.  


AS SEEN IN...

Retail Minded on Entrepreneur
Retail Minded on Fiverr
Retail Minded on Forbes
Retail Minded on Gift Shop
Retail Minded on LRG
Retail Minded on Museum and More
Retail Minded on NBC
Retail Minded on Party Paper
Retail Minded on today