POS systems are the unsung heroes of the retail and restaurant industries. Though often overlooked and undervalued, these systems are the key to a smooth running and efficient operation.
Modern-day POS systems let owners effectively manage their businesses. Newer POS software boasts of speed and come with a variety of functions that allow companies to monitor the different aspects of their venture in a single dashboard.
The point-of-sale is more than just a tool that speeds up transactions and keeps the line moving; it also streamlines the key aspects of the operation (sales, payments, inventory), contributing to an overall boost in sales and faster return on investment. But apart from these apparent benefits, the POS system impacts a business and fosters its growth in many other ways.
Detailed and Accurate Reporting
A critical feature of the modern POS that sets it apart from its traditional counterpart is storage. POS systems these days can store much more information and integrate them thru a cloud-based storage system. With unified and extensive access to information, retail and food establishments can pull up statistics and data on the fly to generate detailed and updated reports about sales, inventories, and much more.
Another essential factor that’s often overlooked is accuracy. The POS software can make calculations that are 100-percent accurate which comes in handy, especially when dealing with a massive inventory.
Efficient Use of Labor and Human Resources
Seventy percent of a business’ operating cost is their workforce, but very few companies invest in workforce management software.
Even the most basic POS system these days are equipped with timekeeping functions that can relate to the company’s payroll system. Tools like these allow easy monitoring of employee performance and effective task-delegation.
Because POS software can generate accurate reporting and be fully-integrated, it eliminates the need for performing cash register reconciliations and disparity-checks manually. This frees up staff from doing time-consuming tasks so they can devote their time and effort to customer service or other urgent duties.
Foster Customer Loyalty
The POS’ customer database may be a business’ most asset. With all the information at their fingertips, owners and managers can track customer behavior, order history, and personal details which can be used to personalize the customer experience.
In a 2016 US poll, 60 percent of the respondents answered “yes” when asked if they would be interested in receiving emailed codes that they can use at checkout, while a recent study showed that 69 percent of customers are influenced by rewards and loyalty programs when making shopping decisions.
With a POS, businesses can automatically send out promotional offers and discounts to entice consumers with a simple tap. They can also create reward programs, which is an excellent marketing strategy as it fosters customer loyalty. When the patrons feel that they’re important, they will keep coming back.
Hassle-Free Card and Mobile Transactions
While most of the purchases in the country are still settled through credit or debit card transactions, it’s projected that in-store mobile payment users in the United States will reach 150 million before 2021.
Because POS software can handle credit card and debit card processing directly, businesses don’t have to invest in and use separate peripherals for the purchase. With POS, credit and debit card payments are faster, safer and more secure. Furthermore, POS systems can be updated or integrated with other applications or third-party software to enable mobile wallet payment options, which is a pretty good way of keeping the queue short and the customers happy.
POS software provides businesses with just about everything they need to get the job done right and fast. And because it’s scalable, the possibilities are endless. With a reliable POS system, more tasks are automated so that time and the workforce are directed towards the more profitable aspects of the business.