A robust, innovative, yet simple to use Point Of Sale (POS) system can do wonders to improve your business operations, manage key data points, and provide crucial insights to enhance workflow. Yet, many retailers overlook the importance of a POS system and may not be aware of the many features that can be tapped on to improve profitability.
What Makes Up A POS System
There are several key components of a POS hardware system that work together to fulfil various functions. The most visible of which is the monitor or tablet screen. An intuitive POS system user interface can help cut down on mistakes, save time, and allows your employees to conduct more complex transactions with ease.
A POS system should also consist of a barcode scanner, receipt printer, credit card reader, and cash drawers. While there might be other hardware for more sophisticated POS systems, most retail transactions can be handled with these components alone. The real magic of a POS system comes from the POS software which can be utilised to great effect for business operations.
Inventory Management
With an in-built inventory management feature, a POS system gives you the ability to track your stock down to the last item. It enables you to plan ahead, order new shipments and provides you the analytics required to figure out your best selling items and project future demand.
Going further, an integrated POS system that is cloud-based allows retailers to manage their inventory across different stores. This makes it possible to pinpoint availability of any stock item within a certain radius.
With such powerful tools at your disposal, business owners are able to use POS systems to maximise their profit margins and accurately price their products. It also streamlines the workflow required in restocking and purchasing.
Customer Record Management
A customer loyalty programme is one of the best ways to retain consumers and turn them into ambassadors for your brand. One of the key components of any loyalty programme is comprehensive customer record management (CRM).
A POS software system that includes a CRM module can be used to track customer data to update reward points and rebates. It also lets you analyse items that are frequently bought together, seasonal purchases, customer profiles, frequency of purchases and other valuable data. Put together, a good CRM system can be the bedrock of a robust customer loyalty programme, allowing you to optimise your business to suit your high-value customers better.
Employee Management
By setting management features and employee profiles on your POS software system, business owners and managers are able to view and manage retail employees with a higher degree of precision. These features allow you to set boundaries on what certain staff can do, and what aspects of the POS system they have access to. Such features help maintain workplace hierarchies and can reduce instances of corporate fraud or employee theft.
Employee management modules also make it simpler to identify high performers and employees who might need more guidance. With this information, companies can fine-tune their man-management approach to suit different employees.
POS systems possess a multitude of features that, when used in the right manner, are able to enhance many aspects of your retail operation. It is a handy yet powerful tool that simplifies complex tasks and makes it easier for you to focus on the core of your business to improve productivity and turnover.
Looking for a Point of Sale system in Singapore for your retail business? Contact us today to let us know your needs and find out more about the products and services we provide.