Stories & helpful tips on POS Solutions and Point of Sale.
It would be quite the challenge to describe the most popular retail POS system, as every retailer has its own quirks and challenges to address with the technology they use. There are several examples of how different types of small retailers like yourself use POS technology to add to your brand’s attractiveness to customers while cutting costs that can impede growth. It is through knowing these POS fundamentals that you can build a POS system that takes your business to the next level.
Centralize and Standardize Important Information
Having ready access to all of your important business data should be considered mission-critical. But many retailers still rely on manual processes to sort, view, and analyze things like sales results or inventory trends, leading to missed opportunities and/or incomplete results. There is a popular POS function used by retailers to improve how information is used within their businesses. Here is an example of how these retailers address their data management tasks:
POS in practice: A boutique owner wanted to integrate sales data from in-store sales as well as from web-based sales. They discovered that cloud-based POS software offered data integration that kept data compatible, regardless of source. The cloud-based aspect of the POS system allowed them to access and build reports from anywhere, including their home, and to make highly accurate proactive changes to inventory based on even the most slight changes in customer behaviors.
Craft an Experience the Customer Will Remember
Centralized data is likely more accurate data, giving you confidence that what you see is really what you are getting. Applied to a retail business, this means the more data the better for building an improved and exciting customer experience. There are a number of POS tools that can be employed to better the customer experience and present your business with a number of exciting new ways to expand the reach of your brand by letting tech promote your mission.
POS in practice: This store owner wanted to take a page out of Amazon’s playbook by leveraging online sales and third-party delivery. They soon discovered a POS vendor that provided its customers with a POS-integrated web template that was easy to configure. Using this additional sales channel, the owner saw a boost in sales and used the integrated cloud-based POS technology to make delivery coordination an effective way to engage more customers faster.
Regain Control Over Inventory Management
Inventory control can be the one process that can threaten the health of your business and reputation in a single moment of human error. Running out of a top seller, or hanging onto a formerly trendy item too long can shift a reputation from must-go to no-go in short order. Data will again be the key in developing a customer-pleasing inventory strategy that keeps your mind reader status in no danger of faltering. It will also keep your backroom clear and the clearance rack from gathering dust.
POS in practice: Unexpected seasonal product runs and unexpected style shifts were threatening this clothing boutique with a premature end. In an effort to regain control of their inventory, the owner turned to the data tools offered by a cloud-based, mobile-friendly, POS solution. This allowed them to use a blend of included POS reports with customized sales forecasts to build an inventory strategy that drastically reduced overstocks and kept the business ahead of the trendy curve.
Streamline Payment Acceptance Methods
The payment process you choose to present to the customer is the icing on the cake of the overall experience. The payment process must be fast, easy to use, and offer a wide range of acceptance of various payment methods. You must have the ability to provide web-based invoices or to allow for web-based payments using virtual terminals in order to fully succeed in any form of a multi-channel sales strategy, just like the florist in the following example accomplished:
POS in practice: A florist was interested in branching out the business. With the local market largely maximized, the potential for growth had been stunted. This owner used a web template provided by their POS vendor, then added an additional web-based invoicing piece to make catering for special events, such as weddings, simpler. When these pieces were implemented alongside a virtual POS terminal, sales once again began to grow thanks to the integration of these web-based POS technologies.
The Most Popular Retail POS System Is the One That Works for You
It is common behavior for people to choose the option they feel is the most popular. The sense of safety that comes with this though is likely misplaced, as situations will always differ from person to person. The same applies to small businesses on the hunt for powerful POS technology. It is important to not just follow the crowd but to instead engage a POS partner with a proven success rate in customized POS implementations.
The value delivered to you by talech is seen in three core areas. Business processes run smoother and with better efficiency, and your customers are given an overall better experience as a result. Finally, you are assured of receiving the support you need for your retail technology platform no matter how large you grow. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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