Understanding Retail POS Systems

open sign on retail store

Point of Sale systems are designed to automate much of the more tedious day-to-day tasks of running your store. With all their features and capabilities, point of sale (POS) systems are a must-have. You can use a POS to sell from a store countertop or from a tablet while on-the-go, or integrate it with other solutions you already use.

The true value of a POS system lies in its time-saving capabilities and efficiency. They can automate most of the tasks you might be doing by hand, freeing up more time in your day.

What is the Point of Sale?

POS stands for point of sale; it is the physical place where a sale is actually made. Your POS can be much more than just a cash register. Consider the self check-out of a grocery store: it includes a barcode scanner, handheld scanner, catalog or inventory of produce items, and a scale, in addition to the credit card reader and receipt printer.

When choosing a POS system for your business, it’s important to consider what your particular business type needs at the selling point to better serve your customers. If you haven’t upgraded your system in a while, they can probably do more than you expect.

POS Integrations

A POS system integrates with your hardware (such as a credit card terminal) to manage everything from transactions to inventory. Some POS systems sell barcode scanners, cash drawers, and receipt printers along with the actual software. All these pieces of hardware create a complete system for retail transactions and inventory management.

A POS system can manage transactions, returns, and your inventory. Through an internet connection, you’ll be able to automatically track inventory between your in-person and online store. Then, you can view detailed reports of your sales data from across your business locations.

Tracking Customer Data

Beyond sales and inventory, POS systems track customer data, like what they buy and how much they spend. You can use these kinds of features to set up loyalty programs. Or you can study how many of customers are new versus returning. You’ll get more insight and visibility into your customers and which of your products are most likely to sell.

You can also integrate your POS with other software to manage your online store as well as your brick-and-mortar storefront. You’ll still be able to collect payment online without needing to reconcile your data.

How Do I Make the Most of My POS System?

You can take advantage of the reports and dashboards in your POS to manage most aspects of your business operations. If you own multiple stores, all your data is trackable from one platform, so it’s easy to see and make sense of. Detailed reports allow you to manage your inventory more effectively, showing you what products are selling or aren’t. And if one product you carry is in high demand, inventory reorder forms ensure you’re never out of stock.

Besides inventory and sales reporting, a POS system also expedites cashing out at the end of the day. Your POS system can track cash and retrieve daily register reports to print and keep on file. Besides reports, many systems offer integrations to make staff scheduling and accounting easier.

A POS system will modernize how you manage your retail business. Instead of manually counting up inventory and cash at the end of the day, your POS can automate most of the work for you. You can gather actionable data to grow your business while saving time on your daily workload.

Check out our retail solutions to learn how else you can make managing your retail store simpler.

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