The Top 3 POS Features Every Retail Store Should Be Using
Retail store owners tend to work on a tight budget. You know from first-hand experience that it’s a constant game of juggling labor costs against inventory, vendor costs, and advertising while trying to provide quality service to your customers while also generating revenue.
Manual calculation and management of all the processes in a retail business are time consuming, and can increase costs due to inefficiency. That’s why a point of sale (POS) system can be so beneficial to a business.
While the POS system allows you to process transactions faster and more accurately, there are a number of other features that can benefit your business as well.
In this article, we’ll explore some of the most common value-added features many modern POS systems are being bundled with.
1. Customer Management
Customer management or customer relationship management (CRM) systems enable retailers to gather and retain information on customers. This can be as simple as contact information or as robust as consumer behavior and purchase trends and histories.
As a retailer, having more consumer data gives you a better understanding of who your customers really are. This data can be used to improve marketing, adjust inventory for shopping trends, or build loyalty programs that better match the behaviors of different customer segments.
Analyzing the data will also show you who your most loyal customers are, as well as which customers are at risk of not returning. You can produce targeted campaigns, either through direct mail or email, to engage those various customer segments and get them back into the store.
That kind of engagement means a lot to customers. As many as 66% of consumers say they would stop shopping at a store if they weren’t recognized as a loyal customer.
Revel has a tremendous CRM system that offers customer profiles, purchase history, reward point tracking and powerful insights into customers’ purchasing habits.
2. Employee Management
Managing your team is just as critical as managing your customers. That’s why the most popular POS systems now include back-office systems to help manage your employees. Just how critical is accurate employee management?
One survey showed that 85% of customers are likely to stop shopping with a specific retailer if they feel the business is understaffed.
At the most basic level, POS systems often come with time-tracking to help with accurate track of labor hours. A more robust employee management integration can track things like shift schedule, floor or job assignments, payroll, sales commissions, and historical reports for tracking employee performance
Shopkeep’s Employee management offers many of these features including historical payroll tracking and employee logins.
3. Inventory Management
Managing inventory is critical to the success of a retail operation. You need to know what is in stock for accurate orders, otherwise you have increased overhead while waiting for inventory to turn. This kind of integration gives you a real-time window into stock levels, as well as historical reporting to track inventory trends to improve order accuracy. You can also get notifications when stock is low, and even determine which items aren’t moving to plan for special promotions.
By utilizing these 3 features of your POS system, your company will not only be more productive, but will save money as well. Learn more about tips to saving money with your POS.