With each passing day, new advancements in technology are being made making businesses more productive and cost-effective. Managing your retail business is easier and more efficient now with the introduction of the amazing Point of Sale systems. These systems comprise a combination of software and hardware designed to maintain records of sales and purchases of a store.
A large pool of POS systems is available for small and large businesses and online POS tutorials are also available making it possible for businessmen to adapt to these systems and get maximum sales and output. POS systems are also equipped with inventory management properties, sales reports, business analytics and other features significant to track your retail store in an organized and reliable manner.
What is POS?
Point of Sale is the point where all the transactions take place within a retail store in between the salesperson and end user. A POS can normally comprise of a register or a check out counter depending upon the type of system utilized by the retail store.
The software programs which contain the features aiding during the transaction process are also generally termed as POS systems. This software is embedded with a computer display at the store exits so that all the monetary exchange between the customers and store staff are recorded in these Point of Sale systems.
Mandatory Features of a POS System
The POS systems have also evolved with the passage of time and the traditional cash counters have been replaced by the sophisticated Point of sale systems or software rich in amazing features. These features have proven to be extremely helpful for a business to maintain their records in a reliable, organized and efficient method and has helped them grow immensely.
The POS tutorials provided along with the systems contain all the detailed procedures and functionalities carried out by these systems. Before the implementation of your personalized Point of Sale system, the employees must have proper training about the working and flow of these systems.
The prominent features which are part of the Point of Sale systems include the following:
The primary purpose of setting up a POS at your retail store is to record all the sales and purchases carried out throughout the business days. The data is represented in the form of several reports and other necessary details are also mentioned in these reports.
The Point of sale systems combined with hardware must provide sales professionals with records of sales with respect to various products, product types, sold items costs, the sum of profit generated, margin of sales and profit and other such factors.
The sales performance of the retailers must also be represented in the form of graphics, snapshots, and charts to review all the important information quickly and make improvements accordingly.
Inventory management is also a major feature of a Point of Sale system as this system is responsible for keeping track of all the products. This system also helps in maintain records for the products available in stock and whether more items are needed in stock or not. The POS system also handles the following functionalities efficiently as well:
- Keep digital records of all the products available in the inventory
- Count all the products going in and out of the inventory
- Manage and organize the POS data with the help of various product variations
- Mark all the products placed in the stores with the help of unique serial number so that these products can be identified
- Keep track of the products across all the locations of the store
- These systems ensure that the end users can reorder best-selling products in an automated and seamless manner without any further delay.
- Ordering and reordering of all the orders and purchases according to various filters.
For any business, it’s a top priority to maintain a strong relationship with your customers. As this bond will help in increasing the number of returning customers and improve the overall impression of the retailers as well. The Point of Sale systems will have an embedded Customer Relationship Management System so that the data of valued customers of recorded and organized in an efficient manner.
The customer management module included in a POS helps in carrying out the following functionalities:
- The sales and transactions are attached to the customers to keep a record of the daily transactions.
- The purchase history of the valued customers is also maintained so that customers are contacted for promotions and offers.
- Acquire customer information and enter these details into your management system. These details must include name, age, birthday, phone number and email address details.
- The email marketing technique is also utilized by this customer management system to stay in touch with the esteemed customers and keep them updated about upcoming events associated with a brand.
- Built-in loyalty programs supported to aid your regular customers.
Employee Reporting and Management
Every employee must have a target set for sales and purchases made by the stores under their supervision. This will encourage the staff to carry out their work efficiently and perform activities which result in grooming their sales and marketing skills. The POS also helps you carry out the following activities as well such as:
- Add new employees to the system.
- The schedule of employee activities can also be scheduled and modified with the help of the POS system.
- The schedule for employee tasks can also be emailed to the staff through this system.
- Keep track of the weekly and monthly hours of all the employees.
- Analyze the performance of the best performing employees.
POS System Example
Several Point of Sale systems is available for business and retailers to manage and run businesses successfully and keep records of all the sales and purchases. Magestore POS is an example of a Point of Sale system which successfully helps retail stores in running a successful and progressive business.
The prominent features of Magestore POS include live tracking of all sales records and purchases, efficient performance, user-friendly interface, and numerous other such functionalities. Other popular Points of Sale systems include Shopify, Square, Shopkeep, etc.