A point-of-sale (POS) system is the combination of software and hardware to facilitate your business operations. Hardware may include a computer, physical terminal, scanner, printer, and other devices to operate the point-of-sale software. The software tracks and organizes your store’s information—all at an affordable price.
Successful convenience stores in the industry use comprehensive convenience store management software solutions for speed of service, customer convenience, to make data-driven decisions and track their product sales mix. Convenience store POS software integrates sales data from registers into inventory management systems as part of these software key features. In a successful convenience store POS, data and analytics play an important role in business performance.
It’s good to understand what a POS system is, but it’s more important to know the benefits it brings to your business. In this article, we'll discuss how convenience store owners benefit from a mobile POS system.
There are several benefits to using an advanced POS solution for a convenience store. The following are some of the reasons that convenience stores, business owners, as well as convenience store operators, should consider using a POS system:
Modern POS systems with advanced features for convenience stores are designed to efficiently and quickly process customer purchases, with an emphasis on "quickly." Convenience store employees are better able to serve increased numbers of customers with a POS system in place. As word-of-mouth spreads about the fast and convenient shopping experience, business owners will see increased sales and increased customer engagement.
For growth and business development, successful business owners understand the importance of engaging customers through digital mediums beyond their four walls for customer retention and repeat business. Well-designed convenience store management software packages allow for integration with digital application-based loyalty programs, making it easier to execute data-driven marketing initiatives and promotions, as well as track the effectiveness of such programs.
A POS makes it easy to keep track of your store’s inventory, particularly important following a sale. It allows a convenience store merchant to manage inventory and price inventory in real-time, and know the number of products they have in stock at any given time.
When inventory is received, if the products are already in your catalog, simply scan the items (you will need to have additional hardware to scan barcodes), enter quantities and the items will be recorded in your POS software inventory. Remember to check for broken and damaged items. This saves a lot of time compared to manually tracking inventory. In the end, there will be fewer inventory errors.
Items sold are deducted directly from the inventory following each transaction. This makes it possible to keep track of the quantity of each item the store has in stock.
A core POS functionality is its ability to make payments faster. The employee enters or scans the products the consumer wants to buy, and the system automatically calculates the price. An invoice can be sent by email or printed with a receipt printer.
Depending on the integrations and the terminal, customers can make debit or credit card payments. This makes it quick and easy for the customer to complete a transaction.
With a point-of-sale, customer wait time is greatly reduced, and employees are more efficient in completing transactions, which gives you a competitive edge.
By having a POS system, it’s possible to document your customers’ information in your system, such as their name, phone number, purchases, email, etc. By collecting customer data, you have a better overview of your target market, as well as customer groups (for example your new or loyal customers).
You can incentivize customers to visit your shop more frequently by sending promotions to them or building customer loyalty programs. The system can help you track each customer to offer targeted promotions. Maintaining proper customer information allows you to thoroughly understand your target customers and make better business decisions.
The security of a convenience store's data is very important. For instance, you need to keep secure your customer database, customer contact information, customer relationship management systems, and best-performing products (or active products). Your data should only be accessible to the store’s authorized users. With a POS system, your data is more secure from intrusion, ensuring not only good customer experiences but also safety.
Most systems offer two-factor authentication for a convenience store. This reduces the risk of malicious users in your system. The administrator can also quickly grant or block access to users. If you want your data to be backed-up and protected at all times, use a cloud-based point-of-sale.
With a POS system, your convenience store can be more organized. As a result, your business may be more productive, which includes more fluid communication with employees, even across multiple stores.
POS systems offer many features that increase operational efficiency, including the management of your sales, inventory, customers, suppliers, etc. With these functions available within the same software, your company only has to use a single platform to perform activities.
For convenience store chains that are part of a network, all members of the network can receive the same information, resulting in fewer communication errors. By reducing these errors, the company can increase productivity, as well as profits.
A POS helps facilitate business activities and planning. By knowing your sales metrics and trends, it will be easier to set your future business goals.
Customers may have a more favorable opinion of your business if you use a POS system, compared to another that continues to operate on paper.
With a POS system, customer wait time is reduced and transactions are expedited. These benefits help your business build trust, a positive reputation and a solid level of credibility. Thanks to your business’ efficiency, customers may recommend your business to friends and family.
For POS systems to function properly, they may need to be updated. These updates could include everything from bug fixes to additional or enhanced functionality.
Some suppliers guarantee that your POS software is up to date. With a cloud-based POS, it's much easier to make changes than it is to an on-site server and POS.
Some service providers offer system management to ensure the POS software functions at top performance for employees and customers. And because the supplier manages the system, companies don't have to worry about it.
A point-of-sale can help you personalize your customers’ shopping experience. With information about your customers, you can offer the products they are most interested in. This may lead to increased customer satisfaction and sales because you offer a product that matches their preferences and tastes.
BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, including convenience stores, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.