Owning and managing a retail business is not an easy quest. Numerous challenges await the life of a retail store manager.Point of Sale or Point of Service system which is commonly known as POS system was formed with the motive of simplifying the retail business process. It is applicable to all businesses regardless of the size or type. Having a good POS system revamps the following sectors in a business.
- Human resource management
- Inventory management
- Customer relation management (CRM)
- The checkout process
- Sales reports and analytics
How does a POS system help in these areas? Let us dive into the details!
Applications of POS software
POS system is helpful in any place where business is involved. It is most commonly used in supermarkets, retail shops, etc.Business organisations which operate in multiple branches across different locations are the ones which make the most use of POS systems. Nowadays, business owners are more aware of the need for automating the business processes that the system is getting increasingly used in commercial centressuch as spas where a lot of employees, services, and customers are involved.A recent survey conducted among the commercial centres in Chennai such as Riverday Spa-an Ayurvedic spa in Chennai, Chennai basket supermarket, etc. underlines this fact. This is a very positive trend considering the time benefits and convenience that POS systems provide to businesses.
Human resource management
Managing the employees is one of the tedious tasks associated with a business. Organising the time shifts, monitoring the working hours, etc. can be easily automated by using a POS software. As a result, the manager need not worry about last minute cancellation of work by the employees. If there is a POS system, then the time scheduling of the staff and the backup plan can be easily prepared online so that there is no confusion or lack of staff during working hours. Lack of staff is an obvious negative factor which repels customers and hence affects businesses badly.
Managing the inventory manually would lead to common issues such as very popular items running out of stock thereby creating a negative impression among customers. Customers will never prefer a store where items are not timely supplied. Having a POS system enables you to be notified of the stock running low so that you can place the order on time and ensure that the items are supplied before the existing stock gets over.
Customer relation management (CRM)
Finding out the records of customers is very easy under a POS system. So, the return or exchange of a purchased item can be done easily and quickly without giving a headache to the customer.Customers can also be easily notified about promotions, sales discounts, etc. which engages more customers in the business and also strengthens the relationship with them.
The checkout process
In this busy world, no customer would prefer a long queue at the checkout area. The sooner the process is, the better. POS system enables easy checkout of the purchased items. During the rush hours, transactions can be completed from anywhere inside the store using an iPad or a similar gadget which has the required features installed. The customers also get access to a very detailed receipt of the items they purchase.
Sales reports and analytics
If the tallying and reporting of the sales are done on paper, it is a real time consuming and troublesome task.POS system simplifies sales reporting and analytics so that you need not spend long hours burying your head in the calculations.The chances for errors can also be greatly reduced by using a POS system because the software has built-in measures to ensure correctness and accuracy.
- Most of the POS systems are simple and easy to deploy
- Cloud-based POS systems enable management of the businesses from anywhere using the internet.
- Complete visibility of the stock movement and hence better tracking.
- Easy decision making so that crucial business decisions are taken on time and never delayed.
- Improved planning of strategies
- Better operational efficiency by improving the overall business process.
- Quality time to spend with family and friends.
Having learned about the benefits of POS systems, let us have a glance at the common applications of the system.