Point-of-sale (POS) systems are one of the most powerful business tools for retail business owners. That’s because a high quality system can help your business run more efficiently, and actually make you more money! See five ways below.
1. Inventory Control
Tracking inventory tells you what is selling and what is not. Many hours can be saved every week by automating many of the processes that may be managed manually. In this way, a POS system can make tracking inventory more efficient, and save labor costs on re-ordering. Plus, keeping track of what you have makes it a deterrent for employee stealing.
2. Theft Prevention
Unfortunately, theft happens in retail. Here are a few functions that a POS system can do to decrease theft:
- Increases employee accountability by tracking inventory.
- Removes opportunities for employees to pocket cash without ringing up items by enforcing the cash drawer is only opened when a transaction is completed.
- Catches employee theft by displaying transaction information overlaid directly on your security camera recording.
- Enforces cash accountability by requiring cashiers to do a blind money drop.
3. Monitors Promotions
Use POS data to monitor the movement and duration of promotions to see if there was success in your margins. From this info, you can create promotions at lower margins, gauge velocity, and determine whether the lower margin drove sales.
4. Creates Loyal Customers
Loyal customers mean more consistent cash flow. BEPOZ has an effective system for customer loyalty. Here’s an example of how loyalty systems can be used to increase revenue. Examples include buy two get one free, or spend $50 and get a $5 gift card. Bepoz adds other functions as well like, a coupon can be printed or attached to the customer account based on the amount or product category of a customer’s purchase. You can even put an expiration date on that coupon. This makes an incentive for customers to come back. Retailers can also email and text coupons for customer’s next visit. This could be used to draw good customers back in, or to regain customers that have stopped visiting.
5. Improves Accuracy
Human error is extremely common for businesses that use cash registers. For example, if a cashier meant to ring a $40 item, but accidentally rang $30, the retailer would lose $10 on that single transaction. When using a point of sale system, all pricing is pre-determined so that it is no longer possible to enter the incorrect amount for items.
No doubt, a POS system can help increase sales for retailers through inventory control, theft prevention, promotional monitoring, customer loyalty, and accuracy. Talk with Bepoz today about a POS system that includes these functions for your retail store.