Ways to Use POS Software to Better Run Your Trading Business?
Feb 11, 2020 17:30
No doubt, the POS software has established itself as a tool that can greatly benefit a trading business. By letting you record sales on a cash register, accept payments, keep track of stock, gather and manage client’s information, it helps to successfully conduct business. But still, like many other tools, POS requires regular use. What it means to you is that you ought to study deeply all nuts and bolts of the system you leverage to make the best use of it.
Although POS varies from one system to another, similar features are still included in their majority. So, let’s have a quick look at the widely applied ones and discover the ways to leverage the software to take full advantage of it.
Recording sales on a cash register is one of the first features included in the POS software. A good number of systems allows you to:
Add goods to the sale by scanning a barcode, using product lookup or a shortcut key on a sales screen.
Add a discount.
Accept payments by taking cash or credit cards, or offer custom solutions like gift cards, mobile payments, “buy now, pay later” option, loyalty program, etc.
Make notes in case of a specific customer’s request.
Because sales are closely tied with inventory, a of POS solutions provide support for stock control and let you configure a product list with details and relevant quantity on each item. Other software that ensures an extensive set of features provide for:
Managing stock at multiple retail stores from one place.
Managing stock at both online and offline businesses simultaneously.
Running regular stocktaking.
Setting up automatic reordering when the product quantity gets beyond a specified level.
Customer Relationship Management
Since customers have high service requirements, it would be nice for you to have a POS system bundled with CRM function which allows you to:
Establish a client profile completed with contact details and purchase records.
Create a group of clients or divide them by segments to generate messages and promos based on their interests.
Arrange a rewards program aimed at turning a first-time buyer into a repeat customer.
Reports and Analytics
Many modern points of sale solutions come equipped with a reporting function that allows keeping up with the data on turnover and stock. Here’s a list of reports you can benefit from.
Stock on hand report enables monitoring of the number of items left in stock.
The low stock report alerts when you’re running out of supplies and it’s time to replenish.
Market performance analysis illustrates what items make more money and are worth further investing in.
The sales report gives an idea of sales for a set time and your earnings.
Sales summary per client or client group enables determining consumers who are not fully engaged with your product and managing a marketing campaign correspondingly.
3rd Party Integrations
Most cloud-based POS systems allow for integrating with other platforms which enables extending its functionality. Connect your financial and payment system, as well as an eCommerce platform to POS to sync the data and handle it on different sales channels.
To embed various platforms to point of sale system, you can go with preferred options, try DIY solution through API, or have the add-on designed by experts at zoolatech.com.
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