When you’re just starting out in the retail business, early investment in a POS system can revolutionize the way you manage your sales, increase profits and help your company grow. A smart POS system with the latest point of sale software can speed up the flow at the checkout, link to inventory management — making sure you never run out of your best sellers, and help you develop a customer loyalty scheme.[1] POS systems can also produce sales and other financial reports saving hours of manual activity, allowing you to invest your valuable time in managing your business.

Cut the Time Spent in Line

After your customers select their purchases, they don't want to spend any more time than necessary standing in line waiting to pay while a distressed staff member manually enters information into an old-school system or operates an outdated cash register. Increase customer and staff satisfaction by installing a POS system with barcode scanner and card reader that takes just seconds to read and enter product information, and authorize the customer's card payment before producing a detailed receipt for printing or emailing. Never again be faced with the sad sight of a basket of goods that was abandoned by a frustrated customer who ran out of the time and/or patience to wait in line.

As you increase your sales, consider using the latest cloud-based technology. POS systems can link to tablets or mobile phones and enable your sales staff to take the checkout process right to the customer. As they assist the customer, they can call up information about the product, check stock levels and take payment to close the sale.[2] This is ideal for those impulse purchases. This business management software also identifies your top sales staff for bonus purposes and highlights any underperformers who might need some sales training or management support.

Keep Customers Coming Back

Customers and staff appreciate the quality of information the POS system records on their receipts. With details that include the names of their purchased items as well as the time, date and purchase price, it's easier for customers to keep their own records and for staff to deal with any returns to your business. During promotions, customers can enjoy the warm fuzzies that come from seeing the original price alongside the discounted sale price, emphasizing how much money they saved.

POS systems also let you build up a customer database that records purchases and contact information. By making sure past customers are the first to know about relevant promotions and sending vouchers to celebrate their birthdays, you develop a loyal customer base for your business.

Never Run Out of Your Best-Selling Line

Point of sale software that links to your stock inventory can produce reports to identify your best-selling items and highlight purchasing patterns such as what sells best on Monday mornings. Some business management software can also predict when stock is running low and generate purchase orders to top up supplies before they run out. No customer wants to hear, "We're hoping to get some more in next week." They'll simply go elsewhere and spend their hard-earned cash with your competitors. Keep your customers loyal by always keeping their favorite supplies in stock.

Having access to a real-time inventory avoids countless hours of wasted time spent in the backroom or warehouse laboriously counting and recording stock by hand. Automated stock control systems also help to reduce human error. A miscount or a misplaced zero could result in the arrival of 1,000 items when you only really needed 100. This might not be a major problem with small, inexpensive items that have a long shelf life but could prove disastrous in the event of a mass overload of fresh food.

If you're serious about growing your retail business, invest in business management software that helps you manage your most important assets — your stock and your staff, increase profits, and develop a loyal customer base. A POS system helps streamline processes giving you the information you need to boost sales and increase productivity in a timely manner, while also freeing you up to spend time on the things that really matter such as developing your business and increasing profitability.