Point of Sale System Basics for Retailers
Your point-of-sale (POS) system should do more than just ring up sales. The technology exists to make POS systems vital elements of every aspect of your business. Here are some of the basic tools a modern POS system like Bindo provides.
Twentieth century POS only kept track of monies in the cash drawer. At the end of the day, you had to reconcile the receipts with the cash before moving on to other aspects of the business. POS systems of the 21st century keep track of inventory, too.
You enter the inventory once, and then the POS takes over and does inventory management after that. Scan the barcode of your product into the system, indicate how many you have in stock and the price per unit. From then on, the POS will keep track of what sold, when, where and how much more you need to order. It doesn’t matter how many products you have or how many stores are part of your company. With cloud computing, it’s all integrated and measured in one spot.
For example, let’s say you’re an athletic apparel retailer. The inventory analytics on POS systems will tell you that hoodies are the big seller in your Boston store while yoga pants top sales in Atlanta. The system will also alert you to order more yoga pants from the manufacturer when you get below a certain inventory at a given store. A glance at overall inventory trends might indicate that swimsuit sales plummet during the school year, something you’ve always assumed but never verified. Now you have numbers to back your theory.
Integrated Rewards Program
A good POS system keeps track of inventory, but it also keeps track of your customers. Save a customer’s information once and you’ll be able to monitor buying habits or target your rewards program to their specific needs. Step up your customer service a notch by recommending future purchases based on their buying history. Because the POS systems are able to keep track of customer purchases, there’s no need for stamp cards to trace rewards; it’s already in the system.
Point of Sale Systems Offer Invoicing Options
Sure, your cash register may be able to close a sale, but can it send an invoice? POS systems give your customers the option of ordering something ahead of time and paying for it later because it enables you to send an electronic invoice. Inventory management helps you keep items on the shelves, but when manufacturers struggle to keep up with demand, you’ll be ready. Or if you’re launching a new product soon but it’s not available for sale just yet, your customers can beat the rush by pre-ordering.
Online and In-Store Business Coordination
With more and more customers shopping online, you need a storefront there, too. POS systems streamline that process for you. In fact, the Bindo POS system has made a name for itself by helping brick and mortar retailers capitalize on local business online, making it possible for individuals to buy local without losing the convenience of shopping online.
Point of sale is about more than just logging sales. For retailers in the 21st century, it’s what Entrepreneur calls “a strategic service system”. With all of these tools and more, it’s easy to see why.