As the name implies, the Point of Sale (POS) is the time and place where a customer makes a payment for goods. It is also often referred to as the cash register. The POS is basically built to simplify the process of selling (or purchasing) in retail, so that any transactions can be completed faster. However, it actually provides a lot more advantages for retailers. Here are some major benefits of POS systems for retail merchants.
1. Allow inventory tracking across multiple outlets
Firstly, POS systems let retailers track their inventory across multiple stores in different locations. They can see the stock availability in each of their stores. For example, when they run out of stock in one of their stores, they can look it up in their other stores. That means, retail merchants can easily find out the availability of items that their customers look for in every store they own.
2. Improve customer experience
Through POS systems, retailers can provide better customer experience. Therefore, shop clerks can find products that their customers want in just a few seconds. The systems even allow retailers to create self-service kiosks for their customers, so they can search for items they want themselves.
3. Cloud POS Systems allow retailers to take their businesses anywhere
Imagine taking your business wherever you go. That is not impossible. Cloud-based POS systems allow you to access your sales from anywhere through any mobile devices. Therefore, you don’t have to come to your stores to monitor ongoing transactions, track inventory, or view sales data.
4. Ensure the security of customer data
Customer credit card information must company handle securely. Cloud POS systems ensure all customer data is stored properly and securely. All the data is saved in the Cloud, not in computer systems. Thus, Cloud POS systems eliminate the risk of data loss due to any viruses or damaged systems.
By using a Cloud-based POS system, you can run your business offline. You can run any transactions without having to worry about missing data. All the transactional information will be saved and synchronized when your device is connected to the internet again.
5. Provide complete & precise sales reports
By implementing a POS system, you can generate complete and accurate sales reports. The reports generated include; the number of products sold, bestselling product, profit margins, and many more. Through the system, you can minimize human errors that usually occur when entering sales data, so the resulting data is completely accurate.
6. Speed up product return processes
Lastly, advanced POS systems enables quick product return processes. When a customer cancels a purchase, you can process it through your POS system with just a few clicks. The number of stock that was reduced automatically increases again once the purchase has been cancelled.
Related article: 5 Ways POS System will Make Your Retail Business Runs Better