oint of sale (POS) software is what brick and mortar retailers use to conduct sales. Reliable POS systems are vital and a good POS system can let you do much more than process customer purchases. It can streamline your business by tracking sales, managing inventory, empowering staff, identifying regular customers.
Cloud based POS software is growing in popularity and is accessible directly from the internet and compatible with most POS hardware (cash drawers, printers). Below are some examples of ways your business can benefit:
- Inventory management system linked to cloud-based accounting software will let the business determine which product lines are the least and most profitable in real time, and at which pricing point, keeping the business competitive while maintaining profit margin. i.e. store will maintain healthy stock levels for best-sellers, and not waste shelf space on items that don’t sell and be in the position to adjust price accordingly.
- Go mobile by taking the checkout counter to customers. Customers are more likely to make impulse purchases on the spot resulting in increased sales.
- Knowledge is power for employees and a good quality, easy-to-learn POS system will supply in-depth information about the products sold in store, with useful references to related items, providing up-selling suggestions and sales tips for staff to do their jobs better.
- Offer reward schemes for high-performing staff, which will incentivise them to use product information to increase sales and identify gaps in less successful staff, so further support and training can be provided to them.
- Earn the trust of customers with secure systems as their private data including credit card details and other payment information are securely encrypted.
- Integrate customer relationship management (CRM) applications to the POS system to understand customers better. By asking customers their names, their entire purchase history, preferences, interests and date of birth can be retrieved. These information can be used to develop customer loyalty programs, special offers and promotions which will lead to increased sales.
Most cloud software is subscription-based without any major up-front costs. Therefore, a cloud based system that incorporates POS, accounting, CRM, inventory management and loyalty programs doesn’t have to cost a fortune.
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