The cash register is quickly becoming history. Small and medium businesses, restaurants, cafes and retail organizations are discarding old-school sales terminals and cash registers to migrate towards iPad, mobile or cloud-based Point of Sale (POS) systems. Business owners report that this technological move has led to increased sales, improved customer satisfaction and growth in a digital-friendly environment.
POS systems can now go a step further from merely processing sales. Today POS software has integrated tools designed to manage a variety of sales-related tasks like Accounts Receivable, Accounts Payable, Inventory Control, Customer Tracking and Follow Up, Automatic Price Updates, General Ledger and more.
With POS systems, your business can capitalize on the following opportunities:
Customers increasingly prefer to pay via credit card or via mobile wallets. With mobile POS systems, businesses can accept these kinds of payments, while customers get ease of payment. For example, a POS solution popular with small business owners enables them to accept debit and credit card payments with the help of a card reader on their phones or iPads. It also offers large businesses a fully integrated end-to-end POS system. Features here include tracking sales in real time, building a customer directory, receiving customer feedback, and syncing POS data with other apps within the business ecosystem.
Data gathering & analysis:
POS systems can now help business owners gather data and use it to make informed business decisions. In retail, for example, the POS data can help business owners with deeper insights into customers by analyzing the products they buy, when they buy it and the related products they buy with it. This data on sales trends helps retailers plan promotions for bundled products. A business use case in the hospitality industry is a POS system designed for restaurants. It combines POS and guest-facing technology on a single platform, with a model that works offline as well. It also lets the restaurant monitor restaurant sales, labor costs, food costs and more in real time.
Customer Relationship Management (CRM):
The new generation of POS systems can align CRM solutions with real time sales to help boost business. POS/CRM integration gives you more data on customer behavior. This allows business owners to gauge which customers are more valuable to them, and then direct customer loyalty efforts there.
Businesses usually face problems collecting and syncing data from diverse platforms and apps throughout their ecosystem. They then must move the data to spreadsheets and accounting software to be able to get key takeaways. POS systems can automate this process to a large extent, sync the data coming in from different platforms and apps and make the data easy to access.
Cloud based POS is gaining traction
While POS systems are usually client-server based, many businesses are considering adopting cloud-based POS solutions. By going for a cloud POS, businesses will not need company servers or data centers as the system will be hosted on the service provider’s server. This can be beneficial for smaller organizations who do not wish to invest in their own servers and don’t mind paying for the convenience that the cloud offers.
Cloud POS solutions offer significant advantages in cost and flexibility. Traditional POS solutions require the client to buy the hardware, pay for the licensed software and buy support or maintenance fees. Cloud POS makes things more convenient for the client. They only need to pay a monthly fee to use the cloud POS software. In terms of flexibility, a company can adopt a POS solution in stages according to their needs and budget or even upgrade their existing POS to the cloud.
Small and medium businesses would do well to proactively consider the advantages of moving to POS systems. Customized POS systems can reveal several opportunities that SMBs can capture and use to their advantage. Connect with us to learn how we can help your business take advantage of the same.