Point of sale (POS) systems are more than just advanced cash registers for the 21st century. The right POS solution can give your business an edge thanks to various intrinsic features. The following five POS functions can certainly help your business improve and expand:
1. Customer Relationship Management (CRM)
Until a few years ago, CRM systems were mostly offered as separate components of business automation. These days, CRM is often integrated into POS systems, which enables business owners to get valuable data about their customers, which in turn can be used to generate marketing campaigns, establish loyalty and rewards programs, learn more about customer preferences, etc.
2. Inventory Control
Even the most basic POS solution can be configured in such a way that stock and inventory control can be performed in real time and with great accuracy. For example, a fashion boutique can count not only pieces of clothing but also the sizes being sold; as the purchases are processed through the POS, a manager can simply glance at the inventory count and plan what to do. With cloud-based POS solutions that allow remote access from mobile devices, the boutique owner could use her smartphone to look up the inventory during a busy weekend without having to bother her manager with phone calls.
Owners of small retail businesses often find it difficult to get organized; POS systems can certainly help in this regard. First of all, POS systems significantly cut down on the use of paper, thereby eliminating clutter and waste. Second, the CRM feature eliminates additional desktop computers and filing cabinets. Finally, generating reports with POS systems takes only a few clicks and taps, which allows business owners to make quick decisions.
4. Find Your Top Salespeople
The built-in reporting tools of POS systems make it easy for business owners to empower their sales staff. Daily, weekly or monthly reports can shine a light on the top performers, who should be rewarded accordingly. These same reports can also be used to create sales contests and to manage incentives such as cash bonuses or paid days off.
5. Business Alerts and Notifications
As an added convenience for business owners, POS systems can be programmed to issue alerts and notifications for the functions above. For example, a CRM alert can be set to notify about upcoming customer’s birthdays, or when certain inventory items are running low, or when a salesperson has met the quota required to receive a bonus.