A Complete Transition to a New Retail Management System – Key POS Features to Look Out For
POS- Point of Sale has long ceased to be just a cash register. No matter how big or small your business is, a technologically advanced POS is mandatory. From doing its basic role of completing the transaction, an advanced POS helps collate customer information, register his loyalty points earned, tick off the item from the stock for stock replenishment, update the inventory status, send in an alert to the inventory department if a particular item is in demand / is a slow mover and a host of other things too.
Let us begin by understanding why a retail business needs POS. Billing is a tricky thing. Any discrepancy in billing can break customer trust besides creating an accounting havoc. In its most basic use, a POS helps avoid billing errors. A barcode scanner and an automated calculating system keys in the required details/numbers and offers a computerized/printed bill. This helps avoid human error and saves time too. Long queues are a big put off for customers. Without a POS system in place, there is no way you can avoid making a customer wait for his billing turn.
A POS system consists of hardware and software. Where you have a choice in selecting the software, the hardware components remain the same.
POS Hardware Components
- Register Screen
- Cash Drawer
- Barcode Scanner
- Credit / Debit Card Reader
- Receipt Printer
Retail and POS
Retail is all about customer service. Any slag in customer service can break your business. The Point of Sale occupies a crucial stage in allowing a customer to have a pleasant shopping experience at your store. Imagine, how delighted a customer would be to be greeted by his / her name while the cashier readies his / her bill. An advanced POS helps you do this. By access to the customer’s information just based on his mobile number, the cashier is equipped to know the customer’s name, details of his / her last purchase, give the customer information on the loyalty points accumulated and also offer any eligible checkout offers applicable.
For a small business, POS is a boon as the store owner has complete control over the inflow and outflow of cash and the sale made. The advanced POS solutions allow the user to have the in-store POS connected to their mobile/tablet and this makes information accessible at any time of the day.
How Does POS help transform Retail Management System
Being overstocked is as much perilous as being understocked. Similarly, a mismatch in sales figures too hampers the overall functioning of the business. The implementation of a POS system helps avoid human errors that usually occur while billing and inventory update. Attending to a customer who cannot find her size or colour becomes easy as right at the POS counter, the sales executive/cashier can inform the customer whether the particular item he /she is looking for is available at any of their other stores.
A customer today does not appreciate being turned down with his / her return/refund requests. A well designed POS system is equipped to help you customize your return/refund option. The customer no longer needs to go and meet the store or floor manager to have his return/refund approved. The POS system will pop up the date of purchase, the return/ refund eligibility and issue a credit/exchange note as applicable.
POS and Promotion
With competition at its peak, each retail store/brand is expected to offer timely discounts and offers on the good being sold. Updating the price of a stock that is on sale can be conveniently done with the help of POS. So there is no need to manually enter the same. Similarly, using an advanced POS system, the retail store/brand can send in Promotion/marketing offers and sale information via SMS or email to their loyal customers.
A POS system remains a must for any retail store/brand. With freedom from having someone manually do what POS does; helps save on time and effort. The same can be used to strategize on expanding the business. So to conclude, a POS system is a must for any retail management transformation.