Must-Have Features of a Retail POS System
A retail store owner has to manage many different parts while at the same time operating on a very tight profit margin.
Over-reliance on manual methods can make it very difficult for you to manage the business, considering all these factors. It is the reason why the POS (point of sale system) is considered an asset by many business owners.
It is an asset as it simplifies the management of all these moving parts while ensuring that customer satisfaction is never ignored. But as many retail store owners will tell you, finding the right solution for small or midsized businesses is not very easy.
Retail POS System Sales Analytics and Reporting
One of the functions included in the retail POS system is sales analytics and reporting. The function makes it possible to capture and analyze all the data generated from sales carried out at your store.
The function keeps track of all fast moving products, while also showing the profit margin being derived from each product.
You can use this data to identify products that are driving sales for your business and focus all your energy on these areas. With the data points captured from the sales analytics and reporting function, you will be better placed to manage your business operations.
Look at it this way; a single click will allow you to see all the sales made on a particular day, the returns garnered from these sales, as well as your inventory levels. Without a good POS system, you would have to resort to manually going through all the data. The process can be very consuming.
Computerized Inventory Management
The success of your store also depends on how well you manage your on-site inventory. Inbuilt inventory control options provide you with a glimpse of your current stock options.
You can use this function to do away with inefficiencies that include having to count your existing stock items manually. Manual systems will require you to dig through the available products at the back as you tabulate the figures.
The ability to know how your inventory looks like at any one time is a big deal for any business owner. You need a system that can separate your items by color, season, and even size. For instance, a boutique owner should look for a point of sale system that has been configured to deal with apparel.
Such a system will allow the owner to know what is out of season, and what should be ordered for the coming season. You will be able to identify the current trends that are popular at your retail store.
This way, you get to ensure that all the popular and in-demand products are properly stocked.
Better Customer Management to Enable You Attract High-Value Clients
This is a must-have feature in any POS system that you may consider purchasing. The customer management capability is a unique feature that makes it possible to collect data on all your clients.
Customer profiles are created for you based on the spending history of each client. It in a way provides you with a better transparency layer than what you would find in a manual system.
You need to identify who your regular shoppers are, and what they purchase each time they shop at your store. Customer management capabilities provide you with increased intelligence that surrounds buyer behavior.
As a merchant, you are around better and improved control over your buyer data. You can use the information from the profiles created for you to build customer loyalty programs for your clients.
You will use the data to determine the clients that you should be targeting for such a program.