A point of sale (POS) system enables businesses to process transactions, track sales, manage cash flow, and to have better purview over their inventory levels. Using a POS system you can simplify bookkeeping and streamline business operations.
As your business grows, you’ll need to have the right tools available to support an increase in sales, customers, and profit. While a POS system is a huge business expense, the benefits are well worth the cost.
Here are 5 reasons why your growing business needs to invest in a point of sale system.
1. Improved Inventory Management
Inventory management is crucial for a growing business. Your company will grow and succeed when it always has its hottest items in stock. There’s nothing worse than running out of a top-selling item that customers can find
You can also save time and make inventory management more efficient with a POS system. Gone are the days of manually conducting inventory checks or having to spend minutes in order to find something from the back for a customer.
POS systems offer automated inventory management with real-time data, allowing you to see which items are selling the fastest and which ones aren’t moving off the shelves.
2. Decreased Transaction Time
Time is money. For some businesses, time is also customer satisfaction. The fact is that customers don’t like standing in line. The faster they can enter your store, grab the items they want, and then check out, the better.
With a POS system, transaction time will decrease immensely. All a cashier has to do is scan an item and bag it. Barcodes greatly speed up the time it takes for a customer to check out.
Transactions are also more convenient in that you can accept a variety of payments, including cash, credit, debit, and mobile payment options. You can even process sales from anywhere in the store with a mobile POS system. This is a huge benefit and the added convenience will boost customer loyalty and satisfaction.
3. Access to Critical Business Data
Not only will a POS system speed up transaction time and time spent managing your inventory, but the system also gives you real-time access to some of the most important business data.
Need a sales report on the fly? A POS system can offer just that. Using these numbers you can see exactly how much you’re selling and whether or not you’re on track to meet this month’s quota.
POS systems also provide other pertinent data including:
- Employee hours
- Sales per employee
- Employee performance data
- Real-time inventory tracking
- Ability to see which items are selling (and not selling)
With this data available at your fingertips, you can make data-driven business decisions. Making smart business decisions is critical in ensuring that your business continues to grow and thrive.
4. Improved Marketing & CRM
Marketing and customer relationship management (CRM) is crucial in order for any business to grow. Consumers are the backbone of your company, and keeping them happy and returning is vital for your success.
With a POS system, you can offer all sorts of conveniences that improve customer experience. For example, you can accept various forms of payment, including mobile payments. You can also offer the ability to split payment.
A POS system also benefits marketing in that you can send emails and direct mail to keep customers informed of upcoming sales and specials. This is an effective way to keep customers in-the-know and interested in returning to do business.
Using a POS system can also improve customer loyalty and retention. Using the data collected by the system, you can determine who you’re top customers are, and in turn, you can offer them discounts, promotions, and other loyalty program rewards.
5. Mobile Access
We live in a world driven by remote access. There’s nothing more convenient than being able to access data and documents on a phone, tablet, or some other mobile device. Today’s POS systems offer mobile access, ensuring that you have access to all of your business information in the palm of your hand.
Want to check inventory levels? Need sales data for a meeting with an investor? Simply log onto the POS system using your mobile device and you’re all set!
Another benefit of mobile access is that you can offer mobile checkout in your store. Employees can walk around the retail floor with tablets and complete transactions using a tablet. This is a huge convenience for customers.
As a small but growing business, you likely try to invest and spend your business dollars very wisely. But, one of the best expenses you’ll ever take on as a business owner is a point of sale system. These 5 reasons only scratch the surface of why your company needs a POS system and how having one greatly benefits your brand.