Consumers in today’s world are increasingly savvy and in-the-know about the products they need thanks to the prevalence of smartphones, and because they are able to access that information almost instantly, they also expect the service they receive from retailers to be quick and efficient. Here are just a few of the ways a modern POS system can help your business.
Inventory Control – Having too much or too little inventory can be very costly to a retail business. Also not having the right kind of inventory at certain times of the year can also cost a retail store to lose sales. An up-to-date POS system not only keeps track of your inventory levels, but can be used to quickly and easily update pricing, to create purchase orders when inventory reaches certain pre-determined levels, and to generate inventory reports on a daily, monthy, and/or a yearly basis.
Pricing Capabilities – Many retailers are now using information generated for individual customers to create personalized pricing. The POS system knows instantly how much to change certain customers based on factors such as how often they make purchases, the time of year, and the type of customer they are. Also as mentioned above, pricing updates can be made quickly and easily for individual products or entire product categories at once.
Promotions – Promotions can be automatically generated by using current and prior sales information. If a customer has purchased deck stain, for instance, a promotional price for specialized stain brushes will be created for the customer to use now, and a coupon for use on Adirondack deck chairs might be generated to use later. For customers whose email addresses have been collected, all sorts of coupons and offers can be generated and sent to them automatically.
Customer Information and Connections – Keeping track of who shops in your store and what they buy can be valuable for future sales. As mentioned above, special pricing can be set for individual customers, and knowing what customers have shopped for in the past can help retailers anticipate what they will want in the future. Loyalty programs can be integrated into POS systems, making it extremely easy for consumers to use – no cards or other paraphernalia required. POS prompts to employees to ask for email addresses can also be very valuable for future sales. Emails with promotions and coupons can be generated automatically, and can be used to connect with customers based on criteria such as length of time between store visits or types of merchandise typically purchased.
Increased Sales – When certain products are purchased, the POS system can generate lists of products that may also be needed, and employees are prompted to ask if the customer has everything they need. The system will list items to suggest to the customer, so there is no guesswork for the employees. Also, if customers come in asking what they will need for a certain project, lists of everything that will be needed for that project can be generated instantly. Many DIY-ers in a store buying items for a project might not be aware of all of the items they will need for their project, so being able to print out a handy list for them will almost always increase sales.
This short list of reasons why you should be using a modern, customizable POS system for your store is only the tip of the iceberg! Take a look at the complete article in Paint & Decorating Retailer magazine to see why it is essential to put technology to work for you in today’s competitive retail environment.