A good business owner is always looking at the bottom line, trying to find new ways to drive revenue and improve their margins. As such, they tend to focus directly on what makes them money - their products or services. They try to identify developing needs among their customers, and in turn create new and interesting goods or offerings to satisfy those demands.
However, few of these business owners ever consider their point of sale solution, through which all of their money flows – where consumers purchase said products or services. But as POS technology continues to evolve, these systems are capable of much more than just ringing out customers. Savvy entrepreneurs can make use of modern POS solutions to enhance their operations, and if utilized effectively, may even be able to improve the shopping experience which of course leads to sales growth.
Using the power of modern POS solutions
While features and functions will of course differ depending on the POS system used by businesses, here are a few examples of how companies can use some of the latest options:
- Tying together the shopping experience: Newer POS solutions are much smarter than the ones that proceeded them and can tie purchases to customer profiles. This allows for easier reward programs and enables businesses to see what their customers purchased in the past, which can be used to identify trends or create targeted marketing campaigns complete with sales analytics. These programs improve customer loyalty, driving additional sales opportunities.
- Improve flexibility: Modern POS solutions come equipped with the ability to accept a variety of payments. In an era where cash is being used less frequently, enterprises need to keep up with the ways shoppers want to pay. This includes app-based payments, contactless cards and devices, quick-response codes, digital wallets and everything in between. While most customers can still opt to pay using cash or traditional payment cards, offering the flexibility goes a long way with millennial shoppers.
- Taking command of the store: Finally, established POS solutions include features that allow business owners to manage their stores more effectively. Time can be saved by integrating payroll functions that can be achieved by creating employee shifts or punch systems so employees can clock in and out via the POS. Integrated security and CCTV also help owners to better manage their businesses, which bolsters efficiency at the store and can provide the opportunity for over-worked entrepreneurs to enjoy a home-life.
The POS is becoming increasingly more important all the time, with the added features and security making the sales process for POS providers much easier. Our friends over at Software Advice, a site where businesses can see comparisons of mobile POS (mPOS) systems recently published data that found that 64% of retailers have no Point of Sale solution in place. This is great news for POS providers who can offer solutions that include features like integrated payments (US EMV specifically), loyalty and reporting that greatly simplify the day-to-day procedures for merchants. The opportunity is there for VARs and ISVs. 2016 should be a promising year for the Point of Sale industry.