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5 Little-Known Features of POS Systems That Can Boost Sales

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Keypoints

KEY POINTS

Not all POS systems are created equal — some provide far more features than others.
Given the sophistication of POS inventory systems, there’s no reason to ever run short of the inventory needed to keep your business running.
The scheduling feature on some POS systems make it easy to schedule employee shifts weeks in advance.

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Point of sale (POS) systems come in all shapes and sizes, each system with its own set of benefits. One thing is true of most POS systems, though: They’re designed to help you grow your business and allow you to use your time more efficiently. With so many different types of POS systems available and annual operating costs ranging from $3,000 to $50,000, it’s important to decide what you’re looking for before settling on one.

If you’re in the market for a new system, here are some of the lesser-known features that you’ll want to consider.

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1. Above and beyond inventory management

Remember the old days when small business owners had to physically count inventory to know when it was time to reorder? POS systems track stock in real time, allowing you to quickly check where you stand on specific inventory. But today’s systems do so much more. Here are some of the surprising features some systems possess:

Predictive analytics that forecast future sales based on past sales.
Automatic inventory reordering when current inventory reaches a specific threshold.
Price adjustment suggestions based on supply and demand.

While some systems primarily focus on inventory management, others act as your wingman, helping you squeeze more profit from your business.

2. Black-and-white analytics

Some POS systems can offer in-depth analysis of everything from customer behavior to overall business performance. Once you have these insights in hand, it’s easier to make non-emotional, data-driven business decisions. You’ll be able to identify growth opportunities and make changes in areas that aren’t quite up to snuff before they end up costing you money.

3. An eye on the customer

Some POS systems track customer behavior directly from the POS system. This feature can assist you by:

Providing you with the purchasing habits and preferences of existing customers.
Giving you the ability to personalize marketing efforts to better meet the needs of existing customers.
Allowing you and your staff to immediately access customer information, which in turn allows you to provide more personalized service.
Enabling you to accept all kinds of payments, including cash, credit card, and mobile wallet.

4. Seamless e-commerce integration

Integrating your online and offline sales through POS (Point of Sale) software can bring numerous benefits to your business. Let’s delve deeper into each point:

Inventory Management: By integrating your online and offline sales channels, you create a unified system for inventory tracking. This means that whether a product is sold in-store or online, your inventory levels are automatically updated in real-time. This prevents issues such as overselling or stockouts, ensuring a smoother experience for both your customers and your operations team.
Consistent Pricing and Promotions: Maintaining uniformity in pricing and promotions across all sales channels is crucial for brand consistency and customer trust. With seamless integration, you can easily synchronize pricing updates and promotional campaigns across your online store and physical locations. This ensures that customers receive the same offers and pricing regardless of how they choose to shop, enhancing their overall shopping experience and loyalty to your brand.
Streamlined Reporting: Managing separate systems for online and offline sales can be time-consuming and prone to errors. With integrated POS software, all sales data is consolidated into a single system, simplifying the reporting process. You can generate comprehensive reports that provide insights into your overall sales performance, customer behavior, and inventory status across all channels. This holistic view enables better decision-making and strategic planning for your business.

5. Simplifies management responsibilities

If you’re accustomed to manual employee scheduling using pen and paper, consider how POS systems can streamline this task. Here’s how they can alleviate some of the stress associated with managing employees:

Performance Tracking: POS systems enable you to monitor employee performance directly within the system. This allows you to assess productivity levels, identify top performers, and address any performance issues more efficiently.
Hours Tracking: Easily keep track of the hours worked by each employee through the POS system. This provides a clear overview of labor costs and helps ensure compliance with labor regulations.
Scheduling Management: POS systems offer tools to create and manage employee schedules directly within the system. This reduces the time and effort traditionally spent on scheduling, minimizing scheduling conflicts and ensuring adequate staffing levels.
Payroll Handling: Some POS systems also function as accounting software, simplifying payroll processing. They automatically calculate wages based on hours logged in the system, streamlining payroll management and reducing the risk of errors.

While many aspects of running a business defy quantification, a reliable POS system can free up valuable time. This allows you to focus on the intangible elements such as your vision for the business and customer experience. Ultimately, this efficiency can lead to cost savings and greater profitability for your business.

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FAQs

How do POS systems with predictive analytics go beyond inventory management?

POS systems with predictive analytics forecast future sales based on past data, automatically reorder inventory, and suggest price adjustments based on supply and demand, thus aiding businesses in maximizing profits and optimizing inventory levels.

What advantages do POS systems offer for customer management and personalized service?

POS systems can track customer behavior, providing insights into purchasing habits and preferences, facilitating personalized marketing efforts, and enabling immediate access to customer information for tailored service experiences, including accepting various payment methods.

How do POS systems simplify management tasks like employee scheduling and payroll?

POS systems streamline employee scheduling by tracking performance, hours worked, and offering tools for creating and managing schedules directly through the system. Some systems even handle payroll calculations based on logged hours, reducing time spent on administrative tasks and improving overall management efficiency.