Modern POS software has made the checkout process not only quicker and more efficient, but also incredibly advantageous for the growing business. The POS is no longer simply a cash register or credit card terminal, but a marketing hub, inventory tracking system, and even employee performance tracker. POS systems come with many extra features to help your business grow and prosper. Keep reading to learn about five benefits of this great software.
1. Speed and Efficiency
Have you ever been in a long line at a retail store that you thought would never end, only to find out it was because of one slow terminal? We’ve all been there at least once during our shopping experience, and frustration cannot be understated.
With a modern POS system, speed and efficiency are standard. POS software is quick at running credit cards, closing out transactions, and even checking store inventory and updating it in real time, so you’ll never have to engage in that awkward conversation with a frustrated customer when their favorite item is not in stock.
With speedier checkouts, updated inventory counts in real-time, and a system that works offline, your modern POS system is your greatest tool in keeping those lines moving and customers satisfied.
2. Real-Time Inventory Counts
Counting inventory with pad and paper is not only time-consuming (and boring) but can also be inaccurate. Unfortunately, humans are often prone to error, and one miscounted item can cause an entire count to be off. It can take a significant amount of time to readjust the count and track down everything that was miscounted.
With modern POS software, your inventory is updated in real-time. When an item is purchased, it will be deducted from your inventory, and, should that item run low in stock, you’ll get a notification on your device that it’s almost time to order more. No more miscounts or errors, and a system that notifies you when stock is low? What’s not to love?
Some POS systems can even link with your ordering system to automatically order a preset number of products once they fall below a certain threshold, saving you the time and hassle of completing order forms and staying updated with inventory numbers.
3. Employee Tracking
Point of sale software acts as a one-stop shop for all of your business needs, including your employee activity. Many POS systems include the option to have employees clock in and out of the terminal, allowing you to easily manage break times and hourly shifts.
Additionally, some of the more advanced POS software allows you to track employee performance such as sales numbers. You can see which items they closed a sale on during the day, and what areas they excel in, as well as where they need improvement.
It’s infinitely easier to give feedback to employees when you have the numbers to back up what you’re saying. You can give your employees and individual day-by-day breakdown of their performance and show them exactly what their strengths and weaknesses are.
4. Analytics
Analytics are one of the greatest advantages of having a modern POS system. This incredible tool can track sales, foot traffic, and much more right from the POS terminal. From there, you can analyze the store’s busy times and staff more efficiently.
Analytics also offer an in-depth look into what products are selling. You’ll be able to track the number of specific products sold during the day and zero in on your most popular items to help create better marketing campaigns.
The data doesn’t lie, and it’s incredibly useful when you’re tailoring your store to meet specific sales goals. Every growing business should pay close attention to their store’s analytics, and make improvements where necessary to maximize foot traffic and therefore boost sales numbers.
5. Customized Receipts and Surveys
Does customization make a difference for your business? Absolutely. Customization is what sets you apart from the competition, what makes your name stand out among the many. This applies to even the simplest items, such as a sales receipt.
A sales receipt is not only a customer’s record of what they purchased and for how much, but it acts as a take-home link between your business and the customers. Customers will likely review their receipts when going over finances, and so it’s important to have your logo and certain other customizations on the receipt to remind them of where those great products came from.
With a POS system, you can customize your receipts and even include things like surveys (or a link to an online survey) on the receipt itself. Let your receipts work for you long after the sale by always linking the customer back to your brand.
The insight you gather from your post-purchase surveys will grant you an in-depth look at your customer’s preferences, and allow you to create custom marketing campaigns to specific buyers. Based on buying habits and survey results, you can place ads and promotions in just the right places. Targeting the right people is key to a successful marketing campaign!
Conclusion
POS systems have made great leaps just in the last decade, upgrading the old cash-register only terminals into portable powerhouses for your business. Inventory tracking, employee performance, and customization provide your business with a unique way to connect with customers and employees alike. Using these powerful tools will help boost sales, create better marketing campaigns, and better manage your staff for maximum performance.
