A point-of-sale system is necessary for a business because it allows you to stay on track with the different areas of your business. They monitor every function of your store and communicate all the data around your customers. Retail stores rely heavily on software to track loyalty programs and employee hours, marketing, and many other uses to ensure they run a profitable business. Let’s look at some of the ways you can use a POS system to help your business run smoothly.
- Inventory management
Inventory drains the most cash in a retail business, so a properly managed system is necessary. Most modern POS systems from pos australia offer inventory management features to list your items on a product catalog, their attributes, and their respective quantities. Your POS system should alert you when you are running out of a product and flag inventory that is not moving in your store. Other advanced features provided by some POS systems include multi-store inventory management for those who have multiple stores and multi-channel inventory management, which allow you to have a tighter handle on your inventory if you sell both online and in-store.
- Employee Management
A good POS system allows you to figure out if you have suitable staffing for your sales and show you the week’s busiest time in your store to help you with scheduling. It should also track employee hours and sales performance showing you the metrics of each employee. This data is helpful to track employee productivity and reward key selling behavior to motivate the employees.
- Customer Relationship Management
It is vital to use a POS system in retail to store customer data and purchase history to personalize a customer’s experience, which is great for customer retention. When advertising a sale, the data collected on your POS system allows you to target the right customer for the sale. A good POS system also allows you to interact with your customers through emails or text messages which is crucial for brick-and-mortar retailers who want to compete with online retailers.
A POS system that sends you reports weekly without running them and tailors an analysis that is unique to your store is the best option. Some pos systems have an alert feature that alerts you when certain things happen, like hitting your sales goal for the day or having a large sale. Some of the other reports you can run on the system include inventory on hand, product performance reports, sales summaries, sales reports per product and product type, and sales reports per customer or customer group.
- Loyalty programs
Tracking customer loyalty is vital for any business as it determines whether a customer stays or moves to your competitor who has a customer loyalty program. Many studies show that customers will spend more money with a retailer who offers a loyalty program, so having a proper system to track and record for you all the customer loyalty incentives is necessary.