POS, abbreviation for Point Of Sale is a comprehensive definition that can include merchandising benefits, displays and the procedures used to facilitate transactions. A POS system is a computer software and hardware system that archives sales as they occur; it solves diverse problems of operations and record-keeping.
POS systems like Retail Management System are designed to instantaneously record any and all sales. Not only does that mean timely and precise sales tracking, but it also lets you freely classify inventory levels, particularly when there is a mismatch of figures in the book with actual available stock for businesses.
POS system not only lets you regulate your transactions, but it also puts a wealth of information at your fingertips. Imagine being able to compare years of sales data with just a few mouse-clicks. A database of your customers in Point of Sale can also be a dominant marketing tool. A Point of Sale system can also track your inventory, automatically generating order lists as required, even modifying quantities for seasonal demands. In a nutshell, a POS system aids you in keeping a constant eye on your bottom line.
If you are a retailer who until lately has been happy to keep your cash registers ringing; there is a need to switch to Point Of Sale software to curb the problems like mismatched tallies or unrecorded sales in small business and SMEs.
- Latest Technology:Some pos software vendors offer cloud based computing software. This means that the software can be used from any of the following gadgets ie. Computers, mobiles, tablets, etc. This is possible due to integration with the server that is externally handled. Many point of sale software can be installed across different platforms (Windows, Linux, Mac operating systems) allowing the customers to have access across different store locations if they have many. The software is helpful in both touch screen and non touch screen hardware systems and has the ability to open multiple screens to enable smooth sales.
- Automation benefits:Automation of discounts/schemes is possible without any hassles. VAT automation is possible. Point of sale system and store credit accumulation history is saved and can be used over a period of time.
- Efficiency aspects:You can have a look at a consolidated list of items. Serial number tracking system is possible. Payment options are available for credit card processing. The software allows the employees and manager to view, print, copy and void receipts/sales. Printing of invoices/purchase orders becomes quicker with this software’s integration with different points of purchase. Several kinds of reports can be generated. These reports can even be exported in word, a PDF or excel file formats. In-store management in terms of accounts and invoices is also a great helpful feature. Pricing labels can be picked up with barcodes. Some software generates barcodes also. Sales history and store management can be reviewed anytime. The list of vendor items and manufacturer items are handled separately helping in managing items effectively.
- Installation and Technicalities:Backup worries or data loss are nil in case of cloud computing POS software. This gives you better reliability feature. Some software does not require setup or installation to start the software. This is a boon for small retailers.
- Customization for Customer care:Customization of invoices/bills is possible with software. Some point of sale software allows multiple users/login. This makes it easier for store staff and managers to check-in the store inventory and sales details at their own time. The software can track birthdays/anniversaries of staff as well as customers to give a personal touch. Emails can also be sent to the customers to update them about offers, schemes or the festive season sale. Club members get benefit of recurrent billings that are saved. Promotion code can be tracked and used. Gift cards/ Gift receipts can be added into the billing to avail of the benefits. Loyalty program management gets streamlined in the system giving better results in customer care. Generating cards/membership for the customers is possible.
- With POS systems everything is under the scanner, reducing the margin of errors to zero. This leads to accurate and timely tracking and also keeps tab on inventory level.
- Marking down the prices is much easier with POS since the automated system makes it possible without much headache. Pricing models can be altered according to the schemes every time.
- Schemes, discounts, coupons and similar promotions can be tracked without any problems due to the automation benefit. You can also get feedback on the impact of the promotion.
- In your absence also you are in control. Employee efficiency and the customer services are not affected due to the streamlined system of Point Of Sale.
- If you have your store in more than one location then the POS maintains consistency in the prices. Even your stocks are balanced properly depending on the demand and the effect factors.
- Salary checks and database of customer preferences. This removes the need for separate systems
- Your employees are able to attend to the customers well rather than engage in unproductive tasks.