POS or Point-of-sales, a unique amalgamation of hardware & software, that helps to centralize your business. POS is also known as a point of purchase. This product has helped many businesses in recent times.
Point of Sale or Point of Purchase (POS), a 4-step process, is everything you need to have to succeed today in this fierce business rival world. These four steps include
- First, customers decide to buy your product
- Second, the software calculates the actual price of that product
- Customers pay the amount
- Final Transaction and receipt generation
Let’s look at the key benefits of POS.
1. Increases Efficiency
Earlier, when we used to buy products, we use to get handmade bills, assume say you have 20 products in your cart and the vendor or the shopkeeper is going one by one; writing the name of the product first, then writing the price, then giving some random discounts, calculating the final bill amount. A lengthy & tiring process, right? Now consider just scanning the product and then paying. Yes, POS makes your billing process this easy, a literal 2-step process, decreasing the queue and checkout times, and now you can service more customers.
2. Decreases the effort needed
Back in the day, the accountants maintained huge record books, noting every sale you made. Troublesome scenario, right? POS helps you avoid all these situations and work according to your convenience. You can record each transaction; you can get real-time consumer data. POS restricts you from entering any data manually, minimizing the probability of any human error.
3. Scaled-up Payment Capabilities
Earlier, cash was the only mode of payment, not anymore. Today with the help of the ever-evolving technology and POS, you can pay using any source you have. EMV Chip Cards, UPIs, Payment Wallets, Store Credits etc. In recent times the power has been shifted to consumers. If the customers did not get the ease of payment in one store you will never come back to that store and such is the consumer power now.
4. Better Inventory Management
Assume you have three stores and you do all the inventory for all stores twice every day in the morning & the evening, filling all the data in the excel sheet manually, a shapeless process full of clutter. Point of Sale (POS) gives you better control over your inventory records & helps you manage the whole process more tediously. Also, it gives you several reminders when you need to stock up your products, proof of a healthy relationship.
5. Enhances Customer Relationship
The only thing that every customer wants is good service. However, what if you surprise them with customized messages or an offer on their special days, and just like that you can win their loyalties. Today, this kind of personal marketing is not only a trait for businesses to win customers, but it is the most reliable step to retain them. POS helps you maintain all these records like their DOBs or the DOAs. Then based on the data provided, you can sense their buying pattern and preferences, which will help you retain them. A secret tip: Always maintain your consumers because next time they will not come alone – word of mouth goes a long way.
6. Simplified Reports
In today’s data-driven businesses, understanding & managing data is not a cakewalk. It requires the right acumen, making it difficult for the layman to understand and act on it. POS have got you covered. POS delivers data reports in a simplified manner, allowing data to be easily apprehended.
Today the traditional handmade ledgers can’t help you win the race against your competitors. The market now is more fierce than ever and to succeed in this blood bath, you need to be updated on all the tech changes happening related to your business.