POS software is the best choice because according to the Statistics Brain Research Institute, only 47% of new retail businesses survive the first four years of operation. This research explains that many new business owners do not understand how to run and grow a profitable retail business because many retailers cling to the old-fashioned way of doing business.
A point of sale is a place where a sale takes place, be it a mall, a market, or a small shop. Going deeper, the point of sale is referred to as the checkout counter area where customers complete transactions. So for retailers who are considering buying software to run their business, POS software is the best choice.
To understand how POS software addresses today’s business needs, let’s look at some of the main benefits of POS software for retail businesses.
Time-saving can be considered the main advantage of POS software. Nobody likes standing in line and waiting for their turn.
By simply scanning the barcode on the product, information such as product name, quantity, invoiced amount, tax, etc. is automatically updated in the POS software’s billing window. In addition, the print function prints the final bill, reducing the burden of manual typing and creating receipts.
Regardless of the size of your retail store, POS software has all the inventory data. It also displays real-time inventory. Thanks to the scanning function, the POS software will add all the product data to the database.
Accordingly, the product quantity changes with incoming and outgoing products through barcode scanners connected to the POS software. Once the inventory of a particular item appears to be short within a few days, the owner can order another batch of items without investing much time and effort.
Increases customer satisfaction
Previously, when employees were burdened with manual work, they were constantly exhausted by it. Employees had to memorize prices, product names, sizes, quantities, etc. However, POS can reduce the burden of remembering things on employees and helps them pay more attention to customers, which ultimately increases customer satisfaction and employee productivity.
Maintaining consistency for multiple stores
If you own multiple stores in different locations and want to streamline your product portfolio across all locations, then POS software is very beneficial. The #1 problem multi-store businesses face is maintaining price consistency.
With a similar product database in all stores, POS software can be useful to solve the problem of inconsistency for multi-store businesses. With respect to the location of the store, the owner has access to the product database of any store and can make relevant decisions regarding restocking, applying discounts, increasing prices, etc.
Better customer relations
Have you ever thought that some sellers would give offers on a customer’s birthday or wedding anniversary? This is possible with POS software. POS software allows retailers to store customer data including date of birth, date of marriage, etc. Retailers can further use this data to generate new offers and discounts for customers and invite them to shop on such special days.
You can also use customer purchase history from the POS to suggest customers with matching products. For example, if a customer purchased a party dress from your store, you can send them a discount email or SMS whenever new products become available. Making customers memorable and happy with discounts will bring them back to your store and build strong customer relationships.
Management of employees
Employee management activities greatly help the owner to understand how the employees are doing with product sales. One can quickly open the POS software and look at the monthly sales of any employee. This also allows the owner to understand the best-performing employee and the owner can reward such employees to strengthen their trust and loyalty.
A POS system can also be useful for employees to manage their own sales statistics. Such statistics directly inform them of their progress and let them know what to do to improve sales. That’s why it’s always a good idea to have POS software with employee management so you can do better than your competitors and keep track of progress.
Cloud POS to access your business from anywhere
With cloud-based POS, retailers can access store data anywhere, anytime by logging into an administrator account. Even when you’re out and about or traveling, you can access real-time store activity from anywhere. Cloud POS is also useful for updating information such as offers and discounts when you are out of the office and have plenty of time to do such work.
In the fast-paced and competitive world of retail, store owners can choose a POS system to replace manual paperwork management to make better business decisions. Retail is getting tougher as it becomes more customer-centric.
Ease of shopping and good customer relations are key parameters for the survival of any retail business. Therefore, Coding Brain’s help with an effective POS software system to take care of your retail business can be a plus point to overcoming these challenges and growing your retail business.