Since point of sale (POS) systems have graced the business world, running operations has become much more streamlined. For many businesses, foregoing a solid POS system is the equivalent of monetary suicide.
It’s important to understand the difference between a cash register and a POS system. Cash registers are used primarily to administer change, but in today’s credit-based economy, cash is becoming obsolete and most transactions are made with cards. Furthermore, while traditional cash registers do provide business owners with transaction records, they don’t offer the robust information that a POS system does, and not nearly with as much ease. For example, if you’re attempting to locate a previous transaction to clear up discrepancies in your records, or help a customer locate an item they purchased, it could take several hours. Here are five other reasons POS is vital for business growth:
Integrated Rewards Program
Customer loyalty is very important in today’s business world, and reward programs aid in cultivating a loyal following. There are several noteworthy statistics about rewards programs. A study conducted by Daymon Interactions found that 80% of Gen Z consumers would sign up for loyalty program in exchange for rewards and other discounts.
Another study published by ICLP found that 74% of Baby Boomers and 58% of Gen X would feel encouraged to spend at businesses whose loyalty programs they belonged to. POS systems make it easy to keep track of rewards programs, and keep all information in one centralized area.
Helps Leverage Spiking Industries
Over the past decade, there are several industries that have seen dramatic spikes in sales and engagement. For example, POS for the pharmaceutical industry is now more important than ever. This industry, and various other healthcare industries, have experienced unprecedented growth over the last few years. Ad hoc practices are no longer able to sustainably process this growth. To save time and money, automating business with POS is crucial.
The bigger an industry or particular business gets, the more room there is for human error. Unrecorded sales and inventories that don’t add up become bigger issues that take very long to fix. These mistakes could be easily avoided. POS systems offer a comprehensive, all-in-one solution for all industries that continue to see growth at exponential rates.
Inventory management is critical to running a business. It helps you understand exactly what’s available, what you need, and what’s being moved. Prior to POS solutions, this kind of tracking was cumbersome, tiring and time-consuming, and required a lot of paperwork balancing. With POS, a simple SKU scan will keep track of each product purchase, and the system alerts you when you’re running low on a particular item.
Quicker Customer Checkout
A great POS system will help ensure a quicker checkout. According to a survey conducted by Great Clips, half of the customers who had to wait longer than 5 minutes in the checkout line assume the business is poorly run. Furthermore, a third of those customers are willing to abandon the checkout line with no intentions of returning to that establishment. To keep your line moving smoothly, it’s important to have the right processes to ensure nothing behind the register is slowing the pace.
As a business owner, you need constant support with your technological solutions. Fortunately, POS systems offer that. Additionally, thanks to cloud computing, you have full-time access to your sales numbers, inventory management, customer analytics, purchase orders, and so much more. Should any questions arrive, your POS company can help you sort out any discrepancies or solve any challenging areas.