| Point of Sale Systems 101 | | | | and exchanges! |
| The chances are, if you're reading this, you're | | | | A Point of Sale System provides all of the necessary |
| searching for a point of sale system for your business. | | | | information a business needs to make critical decisions. |
| Before you make a decision on purchasing anything, it | | | | It provides flexible reporting and cost & labor saving |
| is imperative for business owners or operators to learn | | | | inventory management tools that help identify |
| and research as much as you can regarding the | | | | vulnerable areas of the business. |
| product in question. You need to ask yourself a few | | | | Another feature that just cannot be done without a |
| questions. One of them being - "what features & | | | | retail point of sale system is customer loyalty |
| functions would I need from a POS System for my | | | | programs /frequent shopper program. Such initiatives |
| business?". While you think about that, let us explain | | | | reward loyal customers with incentives that in turn |
| briefly on the basics of a POS System. | | | | encourages them to purchase from your business |
| Which factor makes a point of sale system most | | | | more frequently. |
| valuable? A POS system should help you alleviate the | | | | Additional Revenue with Streamlined Operations |
| daily chores of your business. A POS system should | | | | Electronic Commerce, aka Ecommerce - is a booming |
| not interfere or make it harder for you to run your | | | | trend for Small Businesses. Once something that could |
| business. It should run parallel to your business | | | | only have been realized by large corporations, it is now |
| operation. A perfect POS system should run your | | | | possible for small businesses to sell online with ease. |
| business for you, but not in a literal sense where it | | | | For retail stores that might want to venture out into |
| takes TOTAL control. You want one comprehensive | | | | selling on the internet, a retail point of sale system will |
| package for your entire business, either small or large. | | | | prove to be most beneficial. All of the sales in the |
| And it should scale as much as your business grows. | | | | physical location can be in sync with all of the online |
| Apples to Oranges : Electronic Cash Registers (ECR) | | | | sales. |
| vs. Retail POS Systems | | | | The online shop will know when the item is sold out at |
| Being in the retail environment, we're sure you've | | | | the retail store, in turn stating that the item is out of |
| experienced the highs and lows of the industry. | | | | stock. And this happens in real time. One price |
| Disregarding that fact for the time being, compare a | | | | adjustment can affect both operations, coupon codes |
| retail store with a POS System to an almost identical | | | | can be streamlined and discounts can be applied in |
| store with a standard electronic cash register - there | | | | one effort. All of these features help you run your |
| are much differences than first meets the eye. | | | | business your way, the way it's meant to be run - plus |
| Generally, small businesses (even medium sized | | | | it keeps your customers happy. |
| businesses as well) avoid using a Point of Sale | | | | Many point of sale systems are capable of |
| Systems. The major reason being the cost. Secondly, | | | | ecommerce integration, but research the details. Each |
| they may be so used to their current ways of | | | | company may offer different things. Learn about |
| manually punching in each item into the register, | | | | which features can be streamlined between the pos |
| counting inventory on paper and jotting down the daily | | | | system and the online shopping cart, and if it suits your |
| summary into a log book. | | | | business' needs. A point of sale system can help |
| A big portion of these business owners are afraid of | | | | propel your retail business, regardless of current size |
| investing the time and money in a POS system to only | | | | or future goals, to new heights while satisfying all of |
| end up regretting it because it just didn't work as they | | | | your business needs. |
| had hoped for. And this is very understandable. The | | | | |
| cost of a complete Point of Sale System with all the | | | | Basic Features of a Retail POS System |
| necessary hardware & software isn't cheap for small | | | | - Sales – Simplified checkouts for both, business |
| business owners. | | | | and customers. Reduce long lines with easy to use |
| The Misperceived Fear | | | | scanners and quick touch screens. |
| Although this fear of trying something new and failing is | | | | - Customers – Build an ever growing community of |
| very real, businesses running out-dated electronic cash | | | | loyal shoppers. Retain info and history of purchases to |
| registers are actually hindering their own growth. | | | | learn more about your customers and what they buy. |
| Ringing up sales is just about what an electronic cash | | | | Entice and increase sales with a rewards program. |
| register is capable of. So in the long run, they're missing | | | | - Inventory – Easy management of stock levels. |
| out on all of the necessary elements that help a | | | | Effectively reduce unnecessary investment while |
| business grow and flourish. Especially in the retail | | | | protecting against out of stocks by tracking on-hands, |
| industry, it is important to have such tools that only a | | | | on-orders, and shipments. |
| Point of Sale System can provide at your fingertips. | | | | - Ecommerce – Grow your business by reaching a |
| The most obvious being: error-free sales transactions, | | | | wider audience. Set up shop on the web with ease. |
| accurate pricing information, inventory management, | | | | - Security – Provides a peace of mind. Ensures |
| customer tracking & forecasting, automated purchase | | | | protection for your business and most importantly, your |
| orders and sales/daily closing reports. | | | | customer’s sensitive credit card information. |
| Return on Investment (ROI) | | | | - Reports – Know everything there is to know |
| Now, if you consider and really analyze all of those | | | | about your business. Access, process, and print |
| missing links in your business - then things start to | | | | various data to meet, your business' every needs. |
| become a bit clearer and evident. The return on | | | | |
| investment (ROI) differences for the two businesses | | | | Benefits of a Retail POS System |
| become astounding. Simply put, a business has to | | | | - Customized – Helps you run your business the |
| invest in itself, be it time or money - to be able to grow. | | | | right way, which is your way. |
| Consider this, with a point of sale system, the long line | | | | - Personnel – Improve customer service. Reduce |
| at the checkout counter can move much faster. Being | | | | the time spent by your employees behind an |
| able to just scan all of the items into the system, while | | | | antiquated cash register and free up their time to pay |
| automatically deducting each sold item off the | | | | more attention to sales. |
| inventory count, generating the total price, receiving | | | | - Organization – Eliminate the small headaches. |
| cash or swiping card, printing receipt, bagging items if | | | | Provides an invaluable tool that allows you to not only |
| necessary and the customer is out the door before | | | | process purchases but integrates inventory, customer |
| you can say "oh, wait!". Just think about how much | | | | info, returns, exchanges, credit card processing, |
| longer it'll take with just a plain old cash register (keep | | | | rewards programs, sales, records, etc all on one |
| in mind the inventory count factor). Even a few | | | | machine. |
| seconds is a drastic improvement to your turnaround | | | | - Growth – Beat your competitors. With all the |
| times. Imagine how many more customers you can | | | | necessary information at your fingertips, make faster |
| checkout. And we haven't even considered the returns | | | | and better business decisions. |