5 Ways a POS System Increases Revenue
Starting a small business is both an exciting and trying process. Finding the perfect blend of attention to customer satisfaction and focus on your employees and profits takes time, experience and insight. With the right tools, business owners can turn stressful systems and manual processes into profit margins, customer retention, and lowered inventory costs. By working toward business efficiency, you invest in a profitable future, full of growth, and improve your overall customer shopping experience. Some key tools will help you achieve optimal efficiency and insights, such as a point-of-sale (POS) system.
What is a Point-of-Sale (POS) System?
A point-of-sale is a system and software designed to allow your business to accept quick electronic and cash payments at the time of check out, track profits, provide actionable insight data from multiple areas of business, and much more.
A digital POS system takes a traditional cash register to the next level. Beyond simply logging a transaction, digital POS software uses your sales information to do more, like analyze the profitability of an item, adjust your inventory ordering based on actual sales volume, track products as they enter and leave your business, manage staff schedules, and allow you to develop business programs centered around your loyal customers.
1. Efficiency Improvement
Long lines at the a business’ check-out counter are the most common reason a customer will leave your business. This reason alone weighs more heavily than the inventory you sell, or the helpfulness of your staff. Traditional cash registers take more time for a customer to make a purchase. Without making major investments in marketing strategies or diversifying inventory, you can improve your customer shopping experience by simply expediting their checkout process. The benefits your business will experience from improving its efficiency through a POS are limitless.
Digital POS systems allow your staff to accept card payments, more quickly process guests’ cash transactions, automatically apply discounts, and provide product lists. These automations alleviate issues that come with human error of manual entries and make business operations faster and more efficient for guests in your business.
2. Sale System Integration
For many, business sales don’t come from one place. Many businesses have multiple check-out locations within a building, or have multiple retail locations, or are also online retailers. When you have stock and sales coming in and out of multiple locations, it can be challenging to manually track inventory counts, sales transactions, and profit.
A digital POS system is a powerful tool with integrations. It can gather complex, detailed information, such as purchase histories or transaction process information from all of your varied locations that process business sales, and compile the data into reports. This allows business owners a more holistic view of their data so they can make accurate business decisions and grow.
3. Analysis and Data Collection
Informed decisions lead to growth and prosperity for owners and employees. The best way to make accurate business decisions is to have complete and accurate data. This data, combined with smart analysis, is something a POS system can provide.
A POS system can track:
- Accurate inventory counts
- Labor and profitability statistics
- Cash accountability
- Transaction history
- Sales by time of day
- Customer and employee data
- Additional insights
With these in-depth reports, business owners can begin to see what parts of the company are thriving and what parts could use extra attention and possible investment. A POS might also point out areas you could achieve some cost savings. Digital inventory tracking allows businesses to make more precise orders and reduce waste due to manual count errors. Analysis on labor, wages and employee work time can help employers better understand needs. In addition, tracking sales by time of day might provide valuable insights into when to stock as well as the best time to staff or save on labor costs.
4. Customer Loyalty Program
The best way to turn a new customer into one who will be loyal to your business and share their experience with others is by providing a remarkable customer experience with your products. We know a POS system can reduce check-out times and help you better understand your business, but how can it help you better understand your customers?
With each digital POS transaction, you can gather valuable information about the people who patronize your business. In addition to transaction histories associated with a card number, your POS system allows you to create promotions and customer loyalty programs targeted to your most faithful patrons.
Allowing customers to accumulate redeemable points with each purchase, or sign-up for promotional deals, shows your patrons that you value their business. This also gives you insights into what marketing techniques are successful to encourage customers visit your store or website. Understanding your customers and incentivizing them to keep coming back can make your profits and sales soar.
5. Management Capabilities
The major appeal of a digital POS system is its ability to automatically do more than a person could in less time. What’s more, a business owner can immediately use all the extra data, without doing the tedious reporting work themselves, to make more informed decisions. Automatic data collection, insight and sales documentation free owners and managers to focus on the business. A POS system can improve business efficiency and increase revenue.
BNG Point-of-Sale offers more than just point-of-sale systems, we are a partner who will continue to support your business through the high-and-lows and will help you reach your success goals. Connect with us (https://www.bngpos.com/get-started/) to see how a POS system can benefit your business.