Did you know that 82% of millennials still prefer to shop in-store rather than online? Despite the plethora of online retail options available online, many still prefer to touch, feel, and see the item they’ll purchase before completing the transaction.
However, this same generation still wants a smooth, efficient, shopping experience. This includes paying electronically without having to wait in queues. Many retailers are now embracing methods such as electronic point of sale; POS benefits now outweigh those of cash.
If you’re thinking of making the leap, what are its advantages? Why not take a moment to read our in-depth guide to all things POS?
1. Improved Efficiency
Give your cashiers the latest technology and you’ll see just how efficient they can be. They may possess real potential in expediting payments and processing transactions. However, if the technology they’re using is slowing them down, it’s not going to be realised.
POS systems give them the opportunity to process payments at a lightning-fast speed. This leads to happier customers and more productive workers.
2. Intuitive and Easy
POS systems are intuitive and easily mastered technologies. In most cases today, they’re touchscreen technology-based. New staff members will learn quickly, as the technology works on simple principles that govern mobile phone and tablet usage.
The electronic touchscreen interface can be easily reproduced in multiple languages. Regardless of the locations of your retail outlet throughout the world, you can install and use the same technology.
3. Varied Payment Capabilities
We live in a world with more payment options than ever before. Your customers may be paying by contactless debit card or credit card, Apple or Android Pay; the options can be dizzying.
Customers now rate poor customer experience as one of the largest motivators to leave a store and not come back. Meeting customer payment expectations is now crucial.
POS technology makes these payment methods possible. Its flexible nature means that you’ll be able to accept virtually any electronic payment, from first to fifth wave payments.
4. Minimise Human Error
POS systems provide an unprecedented level of accuracy. When barcode readers and POS systems are used together, there’s little room for human error, since human data entry mistakes are minimised.
All purchased items are processed according to the item rather than keying in individual codes or prices. This accurate data is then passed on to the inventory and supply departments.
Managers and key decision-makers across the company can be assured that the data they’re working with is accurate, thanks to automated POS transactions.
5. Real-Time Inventory Management
POS systems do not work independently of other systems. They’re often part of a network of systems that provide detailed information regarding the health of the business. One example is the ability to provide accurate information regarding item inventory.
As items are purchased, the outgoing number of items is fed back to a central database. This informs relevant departments of product success and can even be used to trigger automatic reorder triggers.
This would constitute multiple steps for a human to perform. However, the manual stages are removed, as the POS system provides accurate real-time information.
6. Employee Management
POS systems can do even more. Since they’re recording transactions, they can be linked to the person who’s performing them. The cashier can “clock-in” using the POS terminal; the payments they process will be linked to their personal account.
It can also provide information regarding worker behaviour.
Does a cashier process an unusually high number of returns? Are void purchase regularly indicated on their account? This could, in some cases, provide evidence of cashier misbehaviour.
7. System Reporting
POS systems can provide management with insights not seen before. Often, POS systems are connected to dashboards that provide real-time information regarding the health of sales and inventory stocks.
POS-fed data allows management to analyse key performance indicators such as average customer sales, stock turnover, and sell-through rate. It’ll be available via clear and easily understood visuals that help them to understand the strengths and weaknesses of the company. This is further to the analysis of individual team members as already mentioned.
8. Streamlined Accounting
POS systems, in most cases, will communicate directly with your accountancy software. The payment is processed and the data is immediately added to your database and calculations regarding VAT and other factors are performed.
This not only saves time, but also removes the human factor. Fewer errors are made, as cashiers aren’t handling accountancy related steps.
Further, it’s much easier to train new staff members. Training related to how their job impacts the accountancy department is no longer needed.
9. Detailed Receipts
Receipts can be customised at an organisational level to provide more information than just the amount paid. Since the POS system is linked to the inventory system, the description and any savings related to the item can be added to the receipt.
In other cases, an entirely customised receipt can provide even more details. This could include offers related to future purchases in-store, customised according to the amount spent on this shopping trip. It could further include the impact of their purchases on their rewards points.
Or it could be news that’s being distributed via social media channels and reminders to follow the organization’s feeds and social media pages. All this is possible via a customisable receipt.
10. Faster Service
In reality, the customer of 2020 is looking for the best of both worlds. They want the assurance of a brick and mortar store, the opportunity to touch and feel goods before purchase. However, they also want the convenience of the online experience and the speed of transactions it provides.
With POS technology available in more forms than ever before, this can be a reality in every store. If queueing is a problem in your store, why not make POS available via a tablet device?
This allows customers to purchase from multiple locations around the store. The cashier can likely perform the transaction from any location via a wireless device.
Point of Sale, POS Benefits, and Much More
If you’re interested in learning more about point of sale, POS benefits, and the best technology to employ POS in your retail outlets, we’re here to help. We leverage our years of experience in the retail sector to provide solid guidance and reliable solutions.
We use the latest technologies to help your business provide a fast, efficient and secure method of payment. Why not contact us to learn more about how our POS and other sales tools technology can make your transactions more efficient?