If you are considering purchasing a POS system, then I’m sure you’re interested in knowing how it will benefit you and your business. Without a POS system, you may experience problems such as the following: commit receipt purchase erros, fail to keep track of particular customer purchases, maintian optimum inventory levels, etc. A POS system takes care of all these issues and more.
Benefits of a POS System – Let’s Count the Ways
1. Time is money: Save on efficiency
A POS system saves you time, and consequentially money, because of the following reasons:
• Your customers spend less time in a checkout line, therefore more customers are served in a shorter space of time
• There are less opportunities for errors as most processes are automated
• Staff can be better utilized elsewhere rather than checking inventory discrepancies, tallying daily receipts and many other automated processes.
2. Customer is king: The money is in buyer loyalty
Repeat customers are the best kind of customers. They will be faithful to your business as long as you keep providing excellent products, and coupling that with good customer service. In order to track what your customers buy and reward them for their loyalty, you can introduce sales cards and use your POS system to track this information. You can then send them promotions and specials for their favorite products.
3. Market for profit: Don’t let your promotions eat your profits
Discounts and promotions are a great way to promote your products and find new customers. Unfortunately, it is quite usual that businesses fail to peg the correct discount or promotion percentage, and end up making a loss from a large volume of sales. This is prevented with a POS system, which will help you not only set the correct discount or promotion price based on different pricing models, but also track to the penny exactly how well you did with the discount or promotion.
4. Automate for accuracy: Eliminate human error
Humans are bound to make mistakes. This may be in punching in the price of an item, checking inventory, tallying up total receipts for the day or any other number of tasks in a retail business. With a POS system, all these tasks are automated. With less human interference, you also don’t have to worry about being on your premises all day because the system basically drives itself as long as a purchase is recorded.
5. Manage your inventory: Don’t let inventory manage you
Inventory management is one of the key elements to success for any business that deals with physical products. Failure to manage inventory optimally leads to problems such as: running out of inventory for a fast-moving product; high inventory overheads for slow-moving inventory; loss or disappearance of inventory due to theft or human error and many others. All these obviously have financial consequences, and if your inventory is managing you, then you are losing valuable money and decreasing your profits. With a POS system you will know exactly how much of each item is in inventory at any given time, and track the faster and slower moving items, allowing you to order optimum levels. You will also be able to track any discrepancies that may occur.
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Author Bill Hamilton is a POS expert and enthusiast.