Retail trends are increasingly evolving as a result of business owners requiring very specific, in-depth knowledge of sales numbers. This means that a company’s POS system must not only process transactions but also have inventory tracking abilities, because any software that records retail numbers will give businesses further insight into the psychology of its customers, allowing adjustments to be made that can eventually increase revenue.
Historically, it has been easier for online shops to electronically track inventory, while location-based stores have gone without the advantage. However, this discrepancy creates a sizeable problem because brick-and-mortar stores are actually considerably more popular with the buying public than online ones. Forbes reports that 83 percent of Bonobos customers who enter the brick-and-mortar establishment make a purchase, as opposed to only 10 percent of individuals who visit the online shop. Now, thanks to technologically renovated POS software, locally based stores can just as easily track their inventory and sales trends.
Additionally, a POS software with a fully integrated ecommerce solution allows a company to access numbers between both its brick-and-mortar store and its electronic shop, thus taking advantage of both platforms. This integration of both web-based and physical business plans is the most important retail trend on the horizon, and requires advanced POS systems that enable different terminals to share information.
Tech magazine Entrepreneur reports on the importance of the POS system, noting, “What it comes down to is this: In a well-run business, the point of sale is more than just the place where the money comes in. With the right equipment, it becomes your strategic service center, the place that will help you grow your business and keep your customers coming back.”
And in no way does the cost of such programs outweigh the benefits. Entrepreneur reports that independent retailers can cut costs by about ten percent through the use of integrated point of sale systems.