More sales and higher revenues are a priority for every business. Naturally, much goes into creating a lucrative business, from an excellent range of products or services to a good digital presence. However, all of this can easily fall flat without a top-notch POS (point-of-sale) system to keep your commercial processes working smoothly and effectively.
At ZeroBubble, we recognise the importance of setting up good POS (point-of-sale) systems and have made it our mission to offer the best quality tech solutions for all retail businesses. Not sure what a POS is or why your store needs one? Fret not, this article lists all you need to know about POS systems, from what POS means to the top 6 benefits of using our POS systems in your business.
What is a POS System?
The point-of-sale (POS), also referred to as ‘point of purchase’, describes the moment when a sale is made official, a retail transaction is executed and sales taxes become payable. At a physical store, a major part of the POS system is the cash register, where sales personnel ring up their customers’ items and create a record of their customers’ purchases. On the other hand, in an e-commerce store, the POS system retains the same main principles but is divested of its physical properties to work entirely on a digital plane.
However, a POS system is more than a fancy calculator or a receipt printer. Whether online or in-store, investing in a POS system holds various advantages for your business. Let’s take a look at the full benefits a POS system offers.
The Top 6 Benefits of Embracing an Up-To-Date POS System
1. Increased Efficiency
POS systems can use a variety of hardware and software options, each boasting varying levels of functionality and sophistication. Yet, even the most basic of POS systems – namely an online cash-register and a simple data management software that coordinates sales – has the power to increase your business’s efficiency.
More than simply processing items, a POS system manages inventory, promotions, discounts, important data and much more. It saves time on paperwork and uses cutting-edge technology to ensure that transactions occur faster and more effectively. Naturally, as your business starts to run more smoothly and with more professionalism, you will increase customer satisfaction and fuel company growth.
2. Streamlined Stock Management
An integrated POS system has the ability to streamline your business’s stock management. By syncing up your online and offline processes, you will be able to keep an accurate inventory by means of real-time updates and easy barcode scanning. Everyone knows that manual inventory tracking is highly time-consuming, but a POS system is fast and less subject to human error. As your POS systems execute superior stock management, your business will enjoy smoother sales and a more seamless workflow.
3. Better Data Management
Leave manual record-keeping in the past and have all your data stored centrally. POS systems make business data management effortless with online tracking, instant access to real-time data and a secure system that affords peace of mind. Conveniently, with POS solutions every piece of business information is integrated across all of your systems, saving you the time of having to manually transfer data from one system to another. You even get access to an inbuilt analytics dashboard that helps you to keep track of your sales performance and maintain a results-focused business approach.
4. Effortless Tax Management
Tax management can be frustrating, complex and time-consuming. Thankfully, a high-quality POS system has the ability to automatically calculate your taxes by drawing data from across all of your sales platforms. Saving you much time and energy, POS solutions help you to manage your taxes effortlessly and with more accuracy.
5. High-Quality Reports
A good POS system even grants you in-depth insight into your business’s productivity by generating a variety of advanced reports. Business reports help you to keep track of your business’s performance. However, creating reports manually is a complex and time-consuming task that requires days of data collection and execution. A POS system bypasses all of this and automatically creates a range of business reports that help you to stay on track. From sales reports to inventories, these reports can help you to monitor your sales margins and make metrics-driven choices that fuel business growth.
6. 24/7 Access
One of the best attributes of modern POS systems is that they can be accessed at any time and from any location. Most POS systems are connected to the cloud which keeps your data securely backed up and accessible to authorised personnel. Of course, this allows you to safely manage and control your data wherever you are, giving you the power to track your store’s activities in real time even when you’re away from the physical premises.