Why use a Point of Sale System?
Changing from a traditional, hardware cash register to retail point of sale system can be intimidating. But there are some tremendous benefits for your business. Read on, and learn how you can be more profitable:
More than a cash register
Retail Point of Sale Systems such as the iPad POS system from Revel Systems don’t just replace your cash register. All a cash register does is show your cash flow for the day. It can’t provide any insight into profit, inventory or best-selling products. A Retail Store POS System, on the other hand, can instantly tell you how much money you have left in your cash drawer, and how much of that money is profit. It can also tell you how many of a specific product was sold today, and how many you have left on the shelf. Retail POS Systems in Australia can even warn you to order more items when stocks get low.
By using point of sale systems, an average small business (a company doing $500,000 per year in business) can typically reduce theft by up to 2.5% – that’s $12,500! How? Your staff keep an eye on inventory much more carefully, because they know that stock is being monitored. Everyone is more alert.
Less inventory shrinkage
The best POS systems let you watch for obsolete and broken inventory much more carefully. And you can have a much more accurate count with which to compare shelf inventory. These tools typically reduce shrinkage by another 2.5%.
Manage your inventory better
With detailed inventory reports from your POS system, you can manage your of inventory much more carefully, ordering products when you see increased sales. You also build up historical data that can help you predict future inventory needs. You don’t need 150 snow shovels in the summer, but you may need 500 more fans for your store during the hot Summer months. Don’t base your orders on what you think you sell. Base them on what you know you sell.
Watch your margins
By reading your reports from your point of sale system you may find that you sell 10,000 batteries that cost 45 cents for 50 cents each and that you sell 100 torches that cost $2.95 for $9.95 each. Your inventory reports will help you to stock more products that give you greater profits and fewer products that give you the least amount of profit.
Less queues = happier customers
Retail point of sale systems, with barcode scanners and other helpful tools, make checkout much, much faster. That means happier customers. Even if you don’t use a barcode scanner, a point of sale system is faster, because you can enter SKUs that are automatically linked to pricing.
With a retail pos system, every item in your store has an associated price. Never again will you have to figure out how much to charge for your products. Your staff will also be able to stop guessing prices and this could save you thousands.
Customer Relationship Management (CRM)
Use your retail POS system to store the name, address, phone number and email address of your customers. Then you can use the list to target advertising, or to just get on a first name basis with your most loyal consumers.