POS systems evolved greatly over the years. Apart from keeping your cash safe, they can perform even greater roles now and increase your profits in two ways – by saving cost and by increasing your business revenue. This article discusses the benefits of POS systems for modern businesses.
To start off, let us see how investing in a modern POS solution can help your business save cost. For starters, how about we begin with the classic saying – time is money?
By adopting a modern POS system with a cloud-based software, entrepreneurs are able to save a lot of managerial time. Business owners would be able to simply mundane tasks and manage their entire business from a single device – from inventory management, to payroll, to scheduling and obtaining key metrics about your business performance. You would be able to track your costs, revenues and key performance indicators across multiple outlets from a single location.
You would also have access to real-time data on the go using key features of the device, and can check on your businesses no matter where you are using a management dashboard. With accurate sales reports, you can easily identify annual sales, recognize sales patterns, measure your cash flow, sales transaction and upfront costs. Your accounting process would flow more smoothly as well. By understanding and analysing important aspects about their business, you can make smart business decisions with better information.
There are also employee management features that you can utilize. You can automate many manual tasks such as shift scheduling for employees and have automated inventory reports and inventory ordering when levels of stock are low. This helps with staff management. You can also utilize a cloud-based POS to automate appointment scheduling for customers. That way, you can easily manage your appointment bookings and ensure a pleasant experience for your customers.
A strong POS solution would also allow employers to free up their staff for other revenue generating activities. Gone are the days where your employees have to perform accounting and auditing activities in order to tally your daily sales. With this technology, every detail of every transaction is tracked and locked into the system. The POS device will be able to tell you immediately about your daily revenue.
POS devices are also not limited to only bulky set ups. There are also many mobile POS devices that you can utilize to carry out your daily tasks. Staff can carry these lightweight devices to move around from table to table to process payments for your customers during the busiest times. By doing so, you can also increase interactions between staff and customers and obtain real-time customer feedback. This allows you to get up close with your valuable customers and understand your customer profiles better.
With strong handheld devices like iMin’s new Swift 1, you can even perform printing or scanning activities with it. Swift 1 is a portable device that allows your employees to glide through shelves and shelves of inventory to perform stocktaking activities quickly and efficiently. With barcode or QR code scanning in under 0.3 seconds, your staff will save a lot of time. We also provide self-order kiosks that can save the cost of hiring another employee to take orders. In modern day business, F&B entrepreneurs can even rely solely on these self-order kiosks to handle all orders for them.
Now, apart from saving costs, businesses can also see an increase in revenue. The modern-day POS is an extremely capable and multi-functional device. Not only can it look elegant and classy on your checkout counter, it can also serve as an advertising and marketing tool. With devices that boast a dual screen setup, businesses can run company advertisements all day long to attract customers. By having a dual screen set up or a self-order kiosk, business owners can display promotions and hot deals to bring in potential customers wandering around the mall. This allows them to maximize their revenue by omitting the need to hire a part-timer or instructing their staff to hand out promotional flyers to shoppers. This also allows employees to conduct other revenue generating activities and do more productive jobs for the business, leading to a higher business efficiency.
Apart from promotions, advertisements and referral programmes, the POS device can also be utilized to manage customer loyalty programs and events. In theory, a retained customer is more valuable than a newly acquired one. By creating reward schemes with POS software, businesses will be able to secure more recurring sales from their customers. Setting up programmes that reward customers for visiting the store multiple times in the form of discounts or free gifts is a great way to encourage customer loyalty. Research has also shown that a revisiting customer is more likely to spend more money than they did on their first visit, further strengthening the reason for a business to retain its customers.
Loyalty programmes help to increase sales and revenue, and it is imperative to have a well-designed and well implemented loyalty scheme. Apart from having good software to manage the programme, having good hardware is also very important to facilitate the process of registering and claiming rewards. For example, with iMin’s Swan 1 dual screen setup, customers will be able to register for an account easily using the secondary screen that can be mounted on the back of the main monitor or attached to the device with a wire up to 0.5m apart. The secondary screen also has a camera that can perform QR code scanning. This allows the customer to open their personalized QR code or gift cards on their phone and scan to redeem their rewards.
An all-in-one POS system can also help businesses prevent losing out on sales. Businesses should adapt to the ever changing trends in our society. It is necessary to accommodate all of your customers’ payment methods. In recent years, technology has enabled consumers to travel out of their homes with just one item on them – their mobile phone. They no longer need to bring even their wallets out, which used to contain cash and their credit or debit cards. People are able to go to malls with only their phone and purchase all the good and services that they desire. As such, businesses could potentially lose out on sales if they don’t cater to all types of payment methods – and adopting a good POS solution solves that problem in a heartbeat, since it would allow customers to pay using their preferred payment method, enhancing your business’s customer service.
Entrepreneurs can also adopt such a feature to improve their customers’ experiences. People love convenience. They crave convenience in everything that they do, and paying for their goods is not going to be an exception. Offering customers a smooth checkout process not only enhances their experience with brands, but helps businesses stand out against their competitors as well by providing excellent customer service to increase customer satisfaction. A good customer experience produces happy customers and helps to encourage a constant stream of loyal customers.
With self-checkout kiosks, customers are able to slip in and out of grocery shops or convenience stores just like that. Setting up multiple self-order kiosks can also speed up the food ordering process and encourage customers to patronize the restaurant. Restaurants can take their service up a notch using a POS mobile device by having service staff approach the customer at the table for payment – after their meal of course. This can greatly improve their dining experience and leave a lasting good impression on the brand. These mobile payments are extremely convenient and sure to add positive notes to the customer’s experience.
POS terminals have transcended their original functions as merely devices to facilitate transactions. They are now so much more – they have become systems that can help to support, integrate and manage every aspect of a business. Gone are the days where the bare minimum was sufficient. The demand for POS devices is only increasing – and iMin strives to bring POS solutions to merchants globally. Get yours today.