You are not the only business owner still using an old-school cash register. A recent study has shown that 56 percent of small businesses are yet to move to a POS system.
Using an old-school cash register still puts you on the same level as most of your competitors. This also means you’re losing a lot of customers to the 44 percent that has integrated the system. Based on this reason, it is important to integrate the POS system into your small retail business.
The POS system can provide you with a competitive advantage. You tend to have an advantage over your fellow competitors. It can also streamline all your operations, making you stand out among your competitors.
The POS system will delight your customers and increase your customer base. Below are six good reasons why your business needs to integrate the POS system solution.
1. It Improves Cost of savings
You can supercharge your profitability by investing in a new POS system. Investing in a POS solution will go a long way to increase your profits.
A business owner that generates up to $300,000 in a year can save up to $30,000 in that year. As a business owner, you can only achieve this if you integrate the POS system into your business. This information is from a recent study from Intuit.
If you can save 10 percent of your annual revenue from your business then you’re making a huge impact. This impact is huge despite how much revenue you generate from your business. With this much impact at stake, getting a POS system is a great investment for your business.
2. It improves the experience of your customers
It is a known fact that waiting in a long queue just to buy a product in-store can be frustrating. Most shoppers will always pick a store with very fast checkouts, compared to a very slow one.
Every customer will pick such an option when given a chance to choose. It is very difficult to create a loyal customer base when your check-out lines are very slow.
Using a POS system will greatly improve your customer experience. The POS system speeds up transactions and ensures your customers are charged correctly.
Your customers also get to experience the use of modern technology in your store. With all these features together, it becomes a big deal for your customers. 86 percent of customers will pay more for a service or product with good customer experience.
3. You have total control of inventory
There is a very fine line between having too much inventory and having enough inventories. Many business owners tend to walk between those fine lines. This is a very tricky problem to manage especially when you do not have the right tools. This can cost you a lot as a business owner.
In the U.S. business owners lose up to $224 billion every year due to excess inventory. U.S. business owners also lose up to 45 billion dollars each year from having fewer inventories.
A POS system is not just a tech-based cash register. POS systems provide you with clear information on your entire inventory. With the POS system, you get real-time data in your inventory every time.
With the POs system solution, you no longer have to waste time counting inventory every time. With the POS system, you can save energy, time and remain on top of your inventory.
4. The history of your customer orders is accessible
In most small businesses, loyal customers make up to about 15 percent of your entire customer base. The requests and orders of loyal customers account for up to 70 percent of your sales.
This is because every customer has a favorite product and store where they feel welcome. Customers tend to remain loyal to a product or store that provides great customer experience.
You can build or increase your customer loyalty by developing a customer loyalty program. This can be done using the right POS system in your small business. Doing this will prompt your customers to visit your store more frequently.
You can create a lot of loyalty reward programs to increase your customer loyalty. With the POs system, you can carry out as many programs as you want. You can also decide to change your reward programs at any time.
Having a POS system will help you get more happy and loyal customers for your business. With the POS system, your customers will always look forward to visiting your store again.
5. It provides you with robust reporting features and better business intelligence
When you have access to the right amount of data, making informed business decisions becomes easy. Major POS systems allow you to receive reports on your data in various ways. Some of these ways include your clerk, promotions and time.
The reports can determine a list of things. Some of these things include:
- Employees that perform best in your business
- The most effective marketing campaigns
- The time your business is very busy
- The products that sell very fast
6. POS integration Increases productivity
By investing in the right POS system, you may be able to take your small business to the next level. With a good POS system, you can meet more specific needs of your business. A good POS system will also supply you with the required tools to run your business.
You should get a POS system that can merge with other software and hardware solutions. This will provide you with customization and flexibility to maintain the workflow of your business.
With a smart POS system, you can transform and change your business operations. Having the right POS system will help you get a larger customer base. A POS system is also capable of increasing the efficiency of your business.
Integrating a POS system into your small business will help improve customer experience. It also increases the visibility of your business leading to an increase in loyal customers.