A retail Point of Sale (POS), sometimes called a point of purchase, is software that optimises retail transactions. In other words, it is a system that records the amount of money a retailer makes with every purchase. Most people rely on their cashiers to do this, whereby an invoice is generated after every transaction. An ideal POS system, however, is not limited to handling transactions. It, instead, also contributes to helping retail businesses gain visibility, manage their customer relations, and provide access to valuable insights. Hence the difference between retailers that only have a cashier machine and a POS system is that recording money is only one function in a POS system. It does this by incorporating various modules into its software and hardware that merge to create an integrated platform. Therefore, a POS in a retail business guarantees a positive transformation in its operations.
8 Must-Have Features in a Retail POS System
There are different types of POS systems available today, although which of them is most suitable for a company can differ for multiple reasons. Here are ten essential modules that must be present in any retail POS system.
Track All Your Inventory
Keeping track of the inventory in retail can be hectic. It is vital to ensure that proper care is taken to monitor how many stocks were bought and sold. Without accurate information, retailers cannot correctly calculate their number of sales for a day, week, month or year. Using barcodes and other labelling systems helps organise an unlimited amount of inventory easily. Receive reminders when the stock is over, and simply plan your next restock date accordingly. This way, inventory managers can also track which items move faster than others. Moreover, when inventory items are being delivered to the retail store, POS also allows managers to monitor the delivery status. Hence, the manager will receive a message when a delay is made.
Find Innovative Ways To Boost In-Store and Online Sales
When shopping for anything, there is a higher chance that the consumer will make a transaction if everything is straightforward. Whether that is searching for the availability of an item that the consumer needs or whether it is available in a specific price range, they require their questions to be answered in minutes. Hence, where it is an online platform, including all information, including the sizes and colours it offers, is essential. It should also allow customers to filter results by selecting a price range and typing in a keyword to ensure faster transactions. Most importantly, including multiple payment options is excellent to guarantee a sale. Do not only provide traditional payment methods such as credit cards or cash. Also include visas, master cards, apple pay, and other secure payment gateways, including payments that are regarded as mobile cash wallets. When a customer enters a store and requests an item, POS allows authorised staff members to look over the inventory records via a smartphone or tablet and instantly save the consumer’s time spent in the store. Thus, meeting the consumer’s needs faster means stores can complete faster transactions.
Build Meaningful Relations With Your Customers And Treating Those Who Are Loyal
An important module required in a POS is Customer Relations Manager. By incorporating this, each time a customer shops at the store, an individual profile will automatically be created. It will, therefore, automatically input the customer’s data and sync their sales history purchased in-store or online. This is also a great way to keep track of loyal customers, sending them exclusive discounts and other promotions. Considering that many people also give gift cards, make sure that the POS can process them as well. This way, it is a matter of scanning the label to locate and confirm the purchase as valid.
A POS system also helps staff members provide a personalised experience for each consumer. Sending timely reminders to repurchase consumable, old or obsolete items they once brought or sending discounted prices commonly used with a purchased item are great ways to encourage customers to visit the store again and buy an item. Thus, simple things like a notification or message sent to your consumer’s phone can boost sales.
Make A Tangible Difference From The Bottom With Advanced Reporting and Analytics Tools
The right retail point of sale system can make a massive difference to the productivity and profitability of your business. Real-time data capture allows managers to view sales, employee performance and inventory levels at a glance and read a more detailed analysis of the company’s status. With an accurate view of your sales, profit margin and other key metrics, you can optimise the way your business operates and make a tangible difference to the bottom line. Receive recommendations based on the season and the market changes. As retail flourishes during the festive season, know when to bring in more stocks of specific items that sell. POS assesses the target audience of retailers when making such claims and is, therefore, a very accurate tool to ensure retailers do not bring too much stock or too few items.
Make A Tangible Difference From The Bottom With Advanced Reporting and Analytics Tools
Most retailers eventually expand to another region in a country or even to another country. Where this occurs, naturally, a company’s expenses and resources also broaden. The great thing, however, is that while a separate team must be in-store, the manager or director can monitor everything from a remote location. Moreover, one store’s recommendations or analysis may not necessarily apply to another. By implementing one POS system, not only can a POS system monitor one or more stores and receive customised insights from other stores. Hence, receive reliable advice without investing in human experts who may not always provide the best predictions.
A POS helps retailers also to streamline processes related to their employees. Whether it is keeping track of each employee’s details, the system also records each person’s productivity. For instance, if POS examines the productivity of a cashier, the system will not simply record the number of goods a consumer brought to the counter and the total cost of the bill but will record the number of sales, scans and items brought per minute, especially when there are long lines. In essence, it calculates the average time the cashier needs to complete a transaction with a consumer. Any delays, including an item being improperly labelled, will be notified to the department to ensure it does not occur again. Thus, not only can managers cut down unnecessary time spent by employees when executing their job roles, but they can also ensure all employees are their best selves at the store.
Be Firm, Yet Fair On Returns and Refunds
When a person is looking for a gift, their first option is not to always buy a gift card. They would rather purchase an item their loved one likes and, if at all, provide the receipt of the purchase so that they can return it and buy a different version if needed. Situations like these are why retail shops with a return policy clause are well-liked in the market. While this means retail can stand out as consumer-friendly, remember that the retailer controls how they want it to be framed. A retail store could, for instance, require the item to be returned in 14 days or may need the thing to be in certain conditions. These are non-negotiable conditions the consumer must comply with. Once the item code mentioned in the invoice is inserted into the system, the POS will instantly provide access to all its related details. The cashier could also confirm whether similar items are in stock, letting the returnee decide from the beginning what else can be brought.
TigernixPOS: Not Your Ordinary Retail POS system
Manage your entire retail business operations with TigernixPOS, a web-based platform. One of the best POS systems in Singapore includes various features, including retail finance and account management, purchase management, customer relationship management, inventory management, retail human resource management, and VIP membership management. Efficiently streamline your administrative and operational work whilst cutting down your overall expenses in retail. You can also organise your documentation for after-sales support and manage warranties in your company. By tracking each product from on-hand, in transit and in order, the transparent processes of your company will be a significant asset to gain favour amongst your customers. Also, assess how your company is running by simply glancing over the detailed reports available in seconds during weekly, monthly or yearly reviews.
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A Win-Win Situation for the Retail and the Consumer
Making one worthy investment can let you flourish in the long term. This is why a POS, all-in-one solution is perfect for large or small-scale retailers who are futuristic thinkers. Manage your inventory, build and manage your customer relationships, help your consumers have a seamless experience, expand easily, and make all procedures associated with returns easier with a POS system. Are you a retailer looking to get the most out of your store? This is the solution you need to go purchase.