Point of sale refers to the place where the customer pays money for the products and services that they’re buying, typically a check-out counter. A retail POS system performs a number of other useful tasks for a business. It will also record the sales information, calculate transactions, and present the customers with a bill. It also provides a safe storage for the money earned.
The Benefits Of Having A POS System
A POS system comes with many features that can make a retail store easier to manage. It can be customized with additional features that are essential for running a store. Choosing a retail POS system ultimately comes down to the kind of business you own and the products you sell.
Here are some of the essential features that you should look for in a POS system:
Sales: It should make the check-out process faster by scanning and logging in the sales information at a rapid pace while maintaining accuracy.
Inventory Management: The POS system should be able to keep a track of the inventory and update it with every transaction. It should also be able to send notifications to the manager when a particular product is running out of stock.
Reporting and Analytics: The data that’s collected by a POS system will make it easier for managers to spot trends and patterns. This kind of information can let you make more informed decisions on how to better manage the store.
Loyalty Programs: With a POS system you can easily reward returning customers with offers, gift cards or discounts. The customer profiles can be grouped under different categories which can be assigned to a particular loyalty program based on their value to the business.
Employee Management: It can create a unique ID for your employees. This can be used to track their performance during work hours with a login and logout feature.
Marketing: A POS system can collect a customer’s contact information which can be used for personalized email marketing.
What Are The Options?
There many POS softwares to choose from based on your business type and the features that you’re looking for. Shopify is a popular POS system that’s used for online as well as retail stores. Shopify also offers a mobile app that can be used on both iOS and Android devices.
Shopify has many useful features that can promote faster and accurate methods of operating your retail business. Let’s have a look at some features that Shopify offers to help you grow your business:
Payments: Shopify can accept more than one method of payment for a single transaction. Store credit can be offered to customers instead of refunds. It allows for partial payments as well. The user can choose how little a customer can pay for a product and let them pay the rest in instalments.
Analytics: Shopify’s overall sales report analyzes total sales, and records the time and location of each sale. This will let you see which products are selling fast and weed out the products that aren’t selling well. It also prepares reports based on customer traffic which can be used to see how many customers are new and the products they’re interested in. All this information can be used to plan personalized marketing strategies.
Product Support: The inventory from all the retail outlets and online stores can be tracked and managed simultaneously with Shopify. Products can be organized into different categories while assigning a unique barcode for each of them.
Customer Profiles: Shopify’s POS system collects relevant information about the customer when they place an order and analyzes their shopping behavior. The shipping address is also stored for delivering products to customers. It also collects their contact information, which can be used to send advertisements and notifications.
Multiple Channels: It can be used to integrate your retail and online stores. If a product runs out of stock, the POS will automatically stop selling it on all platforms.
Mobile Support: Shopify has a mobile app that lets you view the sales, inventory, and customer information from your phone. The app will let you add a product, change its price, or even upload product photos. You can keep an eye on the inventory of your store so you know if a product is running out of stock.
A retail POS system is crucial to make your business more streamlined so it can move the products at a faster rate. Make sure that the retail POS system you pick complements your business needs. The right system will offer convenience and efficiency whereas the wrong one might do you more harm than good.