When customers spend a long time at your store’s checkout page or checkout counter to pay for their orders, it affects their entire purchase experience. You need an efficient point-of-sale system to make that sale quickly and make your customers return and purchase more frequently.
What is Point-of-Sale?
A point-of-sale or POS system is a device used for processing retail transactions by customers. It’s what allows your business to make and complete a sale.
A POS can be a physical device, such as a cash register, in a brick-and-mortar store. It can also be an electronic POS terminal or a checkout point in web-based or e-commerce stores.
With more and more features being integrated into software for POS systems and devices, they’ve also become more elaborate, allowing business owners and their employees to do more than just payments.
Now you can monitor inventory and stay updated with buying trends. Moreover, you can track pricing accuracy and gather marketing data.
How Does a POS System Work?
A POS system sounds simple and easy enough, but it can work differently depending on whether you run an online or physical store, or both. These days, POS systems are fully digital, which means you can use them via a POS app on your mobile device that’s connected to the internet.
If you’re running a physical store, a customer will ask your staff to ring them up, which can be done using a barcode scanner that also looks up the item’s price.
For online stores, customers can do this by adding items to their carts and clicking the checkout button.
The POS system will calculate the item price plus any sales taxes and then update the item in the inventory as sold. To complete the purchase, the customer will pay with cash, credit or debit card, gift card, or loyalty and reward points.
Once the payment goes through, the POS transaction is finalised. It will create a printed or digital receipt that will go to the customer with their purchase.
What are the Benefits of POS?
With a POS system, you can streamline and simplify your retail operations. Transaction processes will be automated, and you can monitor all essential sales data.
You can go beyond the basic POS systems by using a POS software system with more features, such as inventory changes, sales patterns, pricing accuracy tracking, and gross revenue.
Utilising these features can help you track data that will avoid pricing or cash flow discrepancies which can affect your sales or result in a loss of profit.
Furthermore, POS systems can boost efficiency and improve customer service. They can help you understand consumer behavior and make better purchasing and marketing decisions. They can also avoid common issues like items being out of stock.
What to Look for in a POS System
It’s one of the essential features of a point-of-sale system, as it allows you to receive payments on the go. Some restaurants have POS systems with QR codes that customers can scan using their smartphones. They can view the menu, place their orders, and pay their bill without assistance from the wait staff or queuing at the cashier.
Multiple Payment Options
There are so many ways to pay for items these days. Apart from cash, debit cards, and credit cards, customers are now using e-wallets to pay for their purchases.
Choose a POS system that offers a wide choice of payment options for your customers’ convenience. This way, they will have quicker and easier transactions, encouraging them to return and shop at your store more frequently.
Integration and Management via Multiple Channels
Customers connect with your business through mobile apps, social media, and websites. It would be great to have a POS system that can integrate these various channels and offer a multichannel approach to providing support and customer service.
Third-Party Software Integrations
Easily share data from various platforms without the hassle of manual updates when your POS system has third-party integrations. For example, your POS system becomes an even more powerful tool if you integrate your customer relationship management (CRM) and human resources management system (HRMS).
Aside from managing your customer data, you can simultaneously run loyalty programs and track individual employee performance right from your POS system.
Cin7 POS System
Get more out of your tools and provide a smoother customer experience with the Cin7 Inventory POS System at the point of sale.
Aside from processing retail transactions, track your inventory, ship orders or move them to another location, manage customer rewards programs, and more.
Moreover, you can run Cin7 point-of-sale inventory software from any OS or device, such as your laptop, PC, Mac, or iPad.
With its off-the-shelf solutions, discover how Cin7 can support your business in Auckland, New Zealand. Whether running a multi-site retail business or a wholesale and online store, Cin7 Point of Sale can sync and seamlessly bring together your POS and inventory system and more!