Running a retail shop requires a variety of managerial, administrative, and marketing capabilities. From making sure there’s enough stock to creating annual sales system figures, these abilities are required for your shop to function smoothly.
A well-functioning Point of Sale (POS) system can be a huge help in ensuring that all your activities are in sync and that retailers who put in the time and effort to set up a system before the time they require will enjoy the rewards. This article will talk with two industry experts who’ll give you some tips on what need to have in your point-of-sale system and how to select the right one for your restaurant or retail store.
What’s the Point of Sale (POS) System?
The point of sale system also known as POS, is where your customer can make payments for goods or services in your store. Simply put, each time an individual makes a purchase and makes a purchase, they’re making a POS transaction.
The most current Point of Sale software extends beyond credit card processing, allowing restaurants and retailers to integrate mobile POS functions, contactless payment options, eCommerce integration options, and much more.
Why have certain retailers not yet taken the step towards POS but not yet? To begin with, implementing new technology–especially technology that’s central to your business process–can be overwhelming. However, businesses must take into consideration the negative implications of failing to put a POS installed.
Hardware elements of the POS system
The most common physical elements needed to make your POS function.
Monitor/tablet Displays the database of the product and allows for other functions, like employees clocking in and looking at sales reports. Tablets, particularly iPads, are popular as replacements for bigger monitors.
Barcode scanners: automate your checkout procedure. Scanning barcodes collect information about the product and add it to the total amount of the checkout. Barcode scanners can also be integrated into inventory management software, which automatically alters stock levels.
Credit card readers since the EMV payment standard was introduced in 2015, secure and EMV-compliant credit card readers have become essential. Retailers that are not compliant could suffer enormous losses as a result of the risk of fraud.
Receipt Printer: Email and text receipts are increasing in popularity however paper receipts are important for providing customers with an instant snapshot of their purchase or return.
Drawer for cash: This might be gone in time however, cash is the king. In the meantime, you’ll require a secure location to keep your cash to make transactions. Cash has another advantage is that there aren’t any costs for credit cards.
Some of the key attributes of a POS system
A lot of tasks within retail stores are laborious and time-consuming. With the correct software, retailers can streamline essential business processes every day by gaining greater efficiency.
Modern 15 inch POS system go beyond simply providing flexibility in handling everyday transactions. They enhance a business’s odds of success by equipping the tools needed to simplify processes for business.
Sales Reporting In the first place, the majority of POS systems allow you to analyze the sales you have made. The difference is in the way these numbers are presented and the ease with that data is accessible and the level of detail you will get.
A POS must be capable of:
- Create a comprehensive sales report (based on hour, product employee, the total cost of the item sold, total retail value net profit, percentage of profit the gross margin)
- Offer brief snapshots and charts on the sales of your store
Inventory Management The most essential aspect of a POS system is inventory management. It is its essence is keeping track of the inventory of all items so that you are aware of when it is the right time to place an order or not for specific items.
Your POS system should allow you to
- Scan and count items digitally
- Manage your inventory by creating variations of your products (size and color)
- Recognize inventory pieces by using unique serial numbers
- Keep track of the levels of inventory across several locations
- enable seamless ordering including automatizing reorders for the best-selling products
- Consolidate your purchases and orders into one order
Customer Management The development of solid relationships with your customers can result in returning business. A POS must have Customer Relationship Management (CRM) to keep track of all data about customers.
The POS you are using should provide you with the capability to
- Transfer a sale or transaction to a client
- Keep track of your customers’ purchase history
- Capture customer data such as name, date of birth birthday, telephone number, and email address
- Make use of emails for marketing to stay contact with your customers
- Create an integrated reward program (more sophisticated systems may include this)
Managers and Employee Reporting Performance of your employees could be the difference between the success or failure of your business. The ability to set sales goals and also know which employees are your best performers and those who require additional coaching can help boost sales.
A POS should provide you with the capability to
- Incorporate employees into your system
- Make and edit employee schedules according to forecasted activities
- Schedules for email for employees
- Monitor employees’ weekly and overtime hours
- Find out who your most successful performers are