Is your company operating with outdated point of sale software? It’s time to consider the benefits a new point of sale and inventory system can bring to your business:
- Cost-effective: A POS system is extremely cost-effective for your business. Intuit market research reports that an independent retailer with an annual revenue of $300,000 can save an average of $30,000 a year just by implementing an integrated software into their business model.
- Current information: One of the biggest benefits that a good POS system can bring is up-to-date information about your inventory, transactions and customers. The sooner you know about successes or failures in your store, the sooner you can implement changes.
- Customer loyalty: You can also use the software to create customer loyalty programs, finding out who your best customers are and giving them special perks for their continued loyalty. This will also allow sales clerks to see an individual’s past buying behavior, letting them recommend particular things that the customer might be interested in. Customers appreciate this personalized level of service that can only be achieved with the best-kept records.
- Inventory tracking: Taking stock of inventory can be extremely time-consuming for store managers, and it really isn’t necessary in this day and age. Your POS system can actually subtract goods from your inventory list as customers check out.
- Supply and demand: With inventory tracking, you can tell which items are selling well and which are underperforming. This is important because you’ll want to order more of the products in high demand and less of the ones that are sitting on the shelves. According to the National Retail Federation, American retailers lose $224 billion due to over-stocking and $45 billion due to under-stocking.
- Year-to-year comparison: With an up-to-date point of sale system, you can easily compare sales and inventory information month-to-month and year-to-year. This can help you with sales goals and projections, and with reordering stock.