Your business requires many different tools in order to run properly, and one of the most important is your point of sale credit card payment software. Retailers should always be reevaluating their current systems to ensure that they're operating at the highest possible efficiency. Here are some reasons for making the move and updating your POS system:
- Cloud-based: A cloud-based system will keep your data safe and accessible.
- Customer feedback: Being able to view a record of sales is a great way to collect an indirect form of customer feedback. For instance, if one product sells better than you expected it to, then you may want to stock more in the future. If an item undersells, you can reevaluate what it is your customers need and want.
- Customer loyalty: With a good POS system, your business can implement a loyalty rewards program, creating lifetime customers and allowing your sales associates to see a record of an individual's sales history. This will allow employees to offer customized suggestions and service to your most loyal consumers.
- Inventory tracking: Each time a customer checks out, the computer system will automatically subtract that item from the inventory list. For businesses that carry a large assortment of goods, this can save invaluable time.
- Over and under-stocking: According to the National Retail Federation, American retailers lose $224 billion every year from excess inventory and $45 billion by under-stocking inventory that's in high demand.
- Up-to-date information: A POS system provides real-time data about your business, from transaction and inventory information to customer statistics. The more knowledge you have about your past performance, the more you can adapt in order to better serve your customers' needs.
- Year-to-year sales: With the right point of sale system you can compare sales month-to-month and year-to-year. This will help you mark progress, set sales goals and also project future inventory needs.