Point-of-sale (POS) equipment is among the latest and most coveted technologies by retailers and small business owners. Referring to the point of purchase (POP) where retail transactions are completed, point-of-sale systems manage all aspects of purchases including calculating for merchants remaining amounts owed to customers, preparing and printing invoices, and displaying the options available for customers to finalize and pay for the goods or services.
After payment is received, POS systems immediately provide merchants with a physical receipt for the transaction, or if applicable, can send the receipt to customers electronically.
POS technology has evolved by leaps and bounds over the last few years. No longer just a device handling customer payments, POS systems are now commonly equipped with a plethora of functional additions that enable business owners to track inventory, manage labor costs, and gain invaluable insight into the business's financial bottom line.
Point-of-sale and Customer Relations Management
Importantly, POS systems are now readily equipped with customer relations management (CRM) software functioning to manage a business's many interactions with its customers by creating meaningful and lasting relationships with them, while also assisting with procuring potential customers to boost the overall client base.
Customer relations management software is among the primary reasons why merchants are readily adopting POS software. By improving business relations, CRM systems assists business owners in myriad ways, from fostering connections with customers, boosting profits, and streamlining business operations to improve the financial bottom line.
Also fully capable of helping business owners with increasing productivity, managing sales, and storing contact data, CRM software enables a business owner to analyze relationships and interactions with suppliers, services users, and of course, customers.
Who Is Customer Relations Management For?
Customer Relations Management can provide any business with a vastly improved ability to manage the customer relationships and innumerable interactions with potential customers to pave the way to boosted profits and sustainable success.
CRM software can be readily found today in restaurants, cafes, bars, salons, gyms, offices, and many more establishments. Regardless of the size and type of a business, owners within any industry can greatly benefit from the all-in-one functionality of CRM tools that are integrated within modern POS systems.
Ultimately providing a wealth of useful data to business owners, POS and CRM technology are undoubtedly the leading technology today enabling owners the visibility, understanding, and access to make prudent business decisions for the future.
Why Customer Relations Management Software Matters for Your Business
Gartner, the leading international research and advisory group recently released a report predicting that customer relations management software will be the “single largest revenue area of spending in enterprise software” by the year 2021. Their widely anticipated report stated that POS systems equipped with CRM provide business owners with the tools to strategize the future along with up-to-date, precise data including sales targets, profitability measures, and business objectives.
POS and Employees
Employees are the essential backbone of any successful business. Retail, office and restaurants establishments all rely on the professionalism and aptitude of their employees.
Managing employee activity, pay, and performance can often prove to be a challenge, with restaurants in the particularly unique situation of having to manage front-of-the-house and back-of-the-house employees.
POS systems can help restaurant owners optimize management of time and the tracking of employee activity in an assortment of ways from taking orders, receiving and dispensing cash, and ultimately ensuring an outstanding customer experience.
POS and the Financial Bottom Line
Point-of-sale systems can boost a business's financial bottom line by making operations, management, and employee labor more efficient and accurate. Essentially streamlining all of the operations within a business, such as managing tips, cash flow, drawer counts or balancing books, POS systems are about speed and precision in service and the supply of goods and result in boosted financial bottom line.
POS and Versatility
Point-of-sale systems are incredibly versatile and can be easily customized to suit a business's offerings, menu, or selection. Whether you would like to incorporate daily specials, weekly coupons, or new menu items, POS functionality is easy to learn, easy to modify, and easy to cater to your individual preferences.
What Does a POS System Look Like?
Point-of-sale systems are composed of traditionally-styled computers equipped with POS software, and typically includes a printer for receipts and coupons, in addition to a cash drawer.
Barcode scanners and credit card readers are also important components of any POS setup and are readily available through pre-configured POS systems that come with all the most desirable essentials for business owners while taking much of the guesswork out of having to purchase the elements one by one.
Many pre-configured POS systems are available on the market today, with the cost of a well-equipped one coming in at around fifteen hundred dollars; a minimal cost for the immediate advantages you receive from garnering real-time, accurate assessments of your inventory and operations.
POS and Business Inventory
Time-consuming and labor-intensive, taking inventory is an issue that plagues every business owner. Despite the frustration involved, taking inventory is absolutely mandatory in order to ensure there is enough stock, or conversely too much stock.
According to the National Retail Federation, retailers in the United States “lose $224 billion due to excess inventory and $45 billion from not having inventory in stock.” The NFRs quote clearly demonstrates the importance of tracking inventory; fortunately, however, POS systems are now fully capable of taking inventory counts, thus reducing labor costs and the costs involved.
Inventory is a crucial component of nearly any business. Examples include restaurants and their stock of food, drinks, and ingredients, or clothing stores with thousands of clothing articles, accessories, and shoes. From cafes to tanning salons, inventory is an element that business owners hold in high regard.
Among the many worries of business owners are inventory theft, stocking up on hard-to-find items, and consistently being aware of item quantities without having to repurchase them.
Keeping track of the thousands of items that constitute a business's inventory can be frustratingly arduous. POS systems can help manage inventory concerns by taking the worry out of the hands of owners and efficiently digitizing information such as quantities of items, alerts when items need to be reordered, providing daily, weekly, and monthly reports, in addition to keeping a chart of the prices you have paid for items over time.
There are even some POS systems that enable business owners to track their inventory on a year-to-year basis, thus allowing them to make accurate forecasts about what needs to be ordered in the coming months.
Purchasing the Right POS System for You
Any well-run business optimizes the capabilities of their POS systems well beyond the management of payments and transactions. Essentially, point-of-sale systems become veritable command centers, storing all of a business’s important information.
Small and large businesses alike can benefit from integrating POS systems. However, the type, price, and particular configurations may vary greatly. Available in great supply, POS systems can range from hundreds of dollars to well over ten thousand dollars.
In determining the right POS system for your business, it is prudent to consider what factors are most important to your business. In many cases, inventory reigns supreme for business owners after payments and transactions.
As such, business owners prioritizing the importance of inventory should seek put a POS system that is capable of assessing inventory thoroughly, efficiently, and easily. There should be options to easily customize preferences, for example enabling owners to set alerts for items low in stock or to add new items to inventory logs as soon as they come in, in addition to being able to generate new orders for vendors.
When considering what POS system to purchase, it is also helpful to compare its overall ease of use in contrast to its functionality and assemblage of features. If the POS has a bevy of features that are too complicated for you and your employees to understand, then the POS will fail in its purpose to augment and benefit your business.
On the other hand, if the POS you choose has relatively few features and is basically a device that merely manages payment transactions, owners will miss out on many of the benefits that POS systems have come to offer, in addition to possibly falling behind competitors who have already integrated well-equipped POS systems.
Ideally, you will want a POS that has an array of features if your business is multi-faceted with a broad range of concerns that need to be itemized and tracked. Conversely, if you are a smaller business, you may benefit most from a less complex system encompassing just the features you need most.
Owners of smaller businesses will want to seek out a POS system that reflects the size of their business By starting small and growing with the business’s needs; the right POS can merely just be a PC running POS software along with a printer for receipts and a cash drawer.
As time goes by and business flourishes, your POS system can be customized with higher-end elements such as barcode scanners, PIN pad, pole displays, and credit card readers.
All businesses will want to find a system that can grow with their specific needs. With the right POS system, it can become your hub for strategy and business-decision making, assisting your business to flourish and to keep your customers happy and loyal.
Point of Sale Systems:
POS systems manage customer payments and transactions, including voids, returns, and more. Equipping businesses with the tools and invaluable insight to achieve mission-critical goals to pave the way to future success, POS systems are indispensable devices that any business can immensely benefit from.
Found in every type of enterprise and industry, POS systems are data-driven apparatuses that can prove to be transformational for a business's operations and financial bottom line.
Benefits of Point of Sale Systems:
Customer Relations Management:
Customer Relations Management is a solution helping business owners focus on varying aspects of their business, from relationships with customers and suppliers to helping procure new customers.
A vital tool for creating and strengthening lasting relationships with customers, CRM helps businesses grow for long-term success.
Benefits of Customer Relations Management:
Learn how to grow your business while streamlining your operations through the integration of point-of-sale systems. Consisting of a combination of the latest hardware and software, POS systems guides business owners through the numerous processes of their business from the sale of goods to tracking labor costs, inventory, and far more.
With a proven record of increasing customer retention rates, POS systems help to cultivate and strengthen relations between businesses and customers to build a loyal client base while procuring new customers.
The myriad benefits afforded by point of sale systems are the reason why retailers and small business owners across the globe are adopting the technology today. From simple POS systems to elaborate complex systems, business owners of all types and sizes have integrated POS into their operations as a valued and indispensable element that will improve all facets of their business from customer relations to the financial bottom line.