Benefits of a Point of Sale System
The benefits of a point of sale system far outweigh the initial costs. A point of sale system is an investment that will have a positive impact on your profits. It enables your business to perform at its best by giving you control of key aspects which will increase accuracy, profitability, efficiency and lower negative impacts caused by in-accuracy & human error. A high level of accuracy will also have a positive impact on your customers’ shopping experience. And a customer that had a good shopping experience is far more likely to be a loyal customer.
The driving factor for any business is to generate a profit.
A POS solution will put you in control and eliminate costly human errors. Accurately determine your product’s pricing, markup & GP, control what products can be discounted by which staff and how much would be acceptable.
As a business owner, you owe it to yourself to put the correct systems in place to help you achieve your targets & profits.
Accuracy is extremely important to achieve set profit margins. Using a barcode scanner is a great way to ensure the correct item is rung up at the correct price. Good POS systems with security prevent staff from changing pricing & applying discounts.
For hospitality, this slightly differs, staff select items listed on the screen and although there is room for error, incorrectly placed orders can be cancelled by a manager ensuring the client receives and pays for what they ordered.
Items sold automatically deduct from stock levels to ensure you have a live accurate figure of current stock on hand.
Efficiency and great customer service
No one likes waiting in long quest ques right?
Efficiency will mean you can help more customers in less time, with less staff. By scanning barcodes, sales can be processed up to 20 times quicker. This transaction time can further be reduced when using an integrated card payment solution.
Eliminate those long queue’s and give customers the best shopping experience.
A cashier can be trained and efficiently assisting customers within 10 minutes. They will also be far more accurate with fewer mistakes than with old out-dated pay point systems. Did you know a cashier on average makes one error in every 300 items rung up? Compare this to cashiers using a point of sale system with a barcode scanner and the percentage of mistakes is near to non-existent.
Your stock is your biggest investment and why stock management is vitally important.
Generate accurate purchase orders for stock when they reach their re-order level.
By scanning supplier stock into your point of sale system you implement a control mechanism against any stock anomalies. How? Your supplier statement should match your point of sale creditor expenditure. A variance between these two indicates there is something worth investigating.
Determine profitable items to stock
Stock profitable items. Use your POS reports to find out which products sell well, on which days, in which seasons and ensure correct stock levels. Never run out of your best-sellers, or waste shelf space on items that don’t sell. Eliminate slow moving, low-profit products and use the shelf space for fast moving, higher profit products.
Stocktake – a good habit
Regular department or area stocktakes increase your ability to detect and rectify possible stock issues. You might discover lower stock on the floor compared to what your point of sale software indicates, this can then be pinned down by adjusting your security system to detect if it’s a theft issue or it might simply be stock that has been misplaced and never made it to the floor after receiving.
Stocktake – how to speed things up.
The stocktake process is also much faster when utilising data collectors. It allows you to scan items and upload the data eliminating errors & the time taken to manually capture stocktake figures. A complete department can be counted in a matter of minutes.
Data is key to making informed decisions. A good decision will see you ahead of your competitors, equally a bad decision can leave you with a lot of catching up to do.
Your point of sale system electronically tracks every transaction and allows you to pull accurate, up to date reports at any time on – targets, profits, expenditure, stock levels & stock movement. Make calculated decisions based on real-time data.