Selecting and implementing your point-of-sale (POS) system may be the single most momentous choice of your retail life, apart from deciding to open your store in the first place. Few decisions have the same ability to affect virtually every other element of your store’s operation as the choice of POS does. It’s worth reviewing a few of the major contributions a POS can make, and why it’s so important to choose yours wisely.
The Right POS Fits Your Store
Your first priority when choosing a new POS is to find one with the right functionality for your store’s specific needs. While different retail outlets will share some common challenges, your POS should be designed to respond to the quirks of your particular business.
For example, a good thrift store POS system should be able to handle the unique demands of varying inventory, bulk donations and fluctuating staffing that are common in that sector. While one POS may have optional extras for customization, another could have everything your store needs built in.
You’ll also want a POS capable of handling all the payment types that you want to accept. Depending on the level of payment flexibility you want, you may need to invest in additional equipment or financial services, which raises another POS feature that must fit your business: cost. The right POS system for you conforms to your budget as well as your business model.
The Right POS Streamlines Your Operations
The best POS for your store must help reduce your daily operational headaches rather than adding to them. For starters, the equipment should be simple to learn and use, not to mention reliable and easy to troubleshoot. Ease of use is especially important in outlets like museum gift shops or nonprofit thrift stores, which may be staffed by volunteers or others with limited experience.
For the same reason, you’ll want to investigate the POS manufacturer or distributor closely. What is their reputation when it comes to technical support and customer service? To meet the goal of improving your operations, dependable support is not optional.
Another essential that helps keep your retail business trouble-free is POS security. When it comes to payment processing, a vulnerable POS can put your business, customers and even staff at risk, another reason why choosing a POS provider demands due diligence.
The Right POS Boosts Customer Relations
The best POS system will help you understand your customers and serve them better. Of course the most basic way that a POS helps you make customers happy is simply by providing a quick and seamless checkout experience. However, a great POS can do much more for your customer relations than that.
While a good POS system makes it easy to get customers checked out, a great system helps you offer them service that keeps them coming back. From supporting the use of coupons to suggesting promotions based on purchase history, your POS can help you nudge your customers’ behavior and boost sales. A POS system that integrates with your existing marketing or CRM tools can make it even easier to strengthen the links between shoppers and your store.
The Right POS Helps You Manage Better
Ideally, your POS can provide insights that help you manage and plan more effectively. A POS integrated with your bookkeeping software can help you avoid accounting errors. That’s no small benefit; keeping your books right can mean avoiding costly budgeting and tax mistakes.
Managing inventory is another critical aspect of retail that your POS can help you tackle. Real-time inventory updates are especially important if you’re running a small boutique business or nonprofit with a lot of inventory variation or one-of-a-kind items.
Finally, you can’t afford to underestimate the value of financial reporting features offered by your POS system. If you’re just skimming over basic sales data, you could be missing your POS’s ability to show you trends, wasted resources or promotional opportunities.
In a retail environment where your POS system automates and improves so many functions, it makes no sense to try to get by with a system that is flawed or incomplete. A POS that offers flexibility and ease of use makes each transaction a bit smoother, while reporting and promotional tools can help you set a path for the future. Give the process of choosing your POS the time and care it deserves, and it may give you an additional reason to smile with every sale.
