About POS or Point of Sale System
The POS Software or point of sale system refers to a specific area of a shop where customers and potential buyers can pay for their purchases. This term is usually used to describe systems that manage financial transactions such as integrated computer system or electric cash register that records and manages the data that consists of a business transaction for a specific sale of products and services.
The point of sale system is the software and hardware used to note the financial transactions of the retail shops. It is definitely the best tool for a store owner and entrepreneur to control, manage, and assess the retail store. While the point of sale system can be as simple as a software that operates on any computer or online based system such as Square or Quickbooks to a fully advanced and integrated system with additional mobile POS features like the Apple stores. The important thing is that POS system generates the data and ensures you run a profitable retail business.
The Key Features of a Quality POS System
Here are some of the most important features and capabilities you should look for in a high-quality point of sale system:
- Sales Data – The point of sale system must have the option to generate powerful reporting for you and your retail business on your sales results. As a matter of fact, a quality POS system should do hourly, daily, and real-time reporting. Also, the system should allow you to look at day parts and year over year.
- Inventory Management – In the retail industry, the cash is king. And let’s face it 0 the biggest drain of the cash is the inventory. In other words, a properly managed inventory system is predominant. A high-quality point of sale system can calculate your GMROI, inventory turnover, fill-in orders, and sell through rates. Also, the POS system should notify you when you need to reorder your inventory and it should monitor shrinkage and markdowns as well.
- Customer Relationship and Experience – Knowing exactly who your audience is and what they like and what they don’t can save you a lot of time and money when choosing your POS system. Storing customer information and buying history helps to illustrate the experience with your audience and serves as a huge advantage for customer retention. For example, when you plan for advertising or promoting, this information allows you to choose the exact customers who would be possibly interested in your products or services. If you own a shoe store, it is a complete waste of time and money to send flyers for 50% off of oversize shoes to people who wear size 6. This kind of information is provided by the POS system so you can avoid these types of mistakes.
- Loyalty Programs – Usually the customers are choosing the retail stores that provide a motivation to be loyal to the shop over other shops that don’t actually have a loyalty program. The POS system must be able to monitor and track this, instead of using old and boring punch cards.
The other important features you need to keep in mind are employee management, gift cards, reporting, and etc.
So, are you ready to implement the POS system in your own retail store?
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