Growing your business starts with streamlining your operations, reducing expenses, and learning how to better connect with your customers.
None of this happens overnight, but with a good POS system at your disposal, it will be a simpler and more efficient process.
POS systems are powerful allies for the modern business, combining payment processing, customer service, and even data collection in one simple interface.
If you’ve never used a POS or are curious about them, here’s how to effectively use one to grow your business.
Data Collection
Data is absolutely vital to the success of any-sized business.
From the freshest startups to the largest corporations, the real currency of the business world is data.
Data tells you so much about your business and your customers; how often they visit, what they buy, what your expenses are and how much they’re costing you, how effective your marketing is, and more.
Data collection can be overly-complex when you’re using different software for different things, which is where the modern POS comes in.
Your POS system will collect data on sales, customers, promotions, and more, right from the interface.
Everything you need to know about how your business is performing on a daily, weekly, monthly, or yearly basis is right at your fingertips.
With easy reporting tools, you’ll always be on top of the latest trends within your business and ready to handle new problems as they arise.
Customer Profiles
Speaking of data collection, how do you get to know your customers better?
By collecting information on when they visit, what they purchase, and how they feel about your store/brand.
Tools like Vend’s POS system allow you to collect your customers’ information and build detailed profiles about their purchase history and preferences. This is all done with consent, of course, while they’re checking out.
Information such as email addresses or physical addresses allows you to market directly to specific customers for specific promotions.
Maybe you have a group of customers that really love one of your products; you can send them all the same promotional email while sending an entirely different email to another group of customers with different tastes.
This type of focused marketing is infinitely more effective than just sending one general email to everyone on your list.
Customers will appreciate this level of customer service, and will even respond better when you get to know them on a first-name basis.
They’ll feel right at home in your store when you know both their name and their favorite products.
Better Inventory Management
If you struggle to maintain effective inventory management practices, you’re not alone. In fact, good inventory management can make or break a business, and most businesses seem to have trouble with it (especially in the retail industry).
From inaccurate counts to outdated and faulty software, inventory suffers on all ends from human and technological errors alike.
A POS system will unite all of your inventory management needs under one program.
In fact, some POS systems can even integrate with your catalog software to automatically order new stock when you’re running low.
How’s that for taking the load off of your shoulders? You won’t have to worry about remembering to complete manual orders anymore!
Inventory is also updated in real-time, so there are no longer delays from the time a sale is made to the time the back-end software is updated.
The POS software manages sales, inventory counts, returns, and stock in the same interface. More effective inventory management means more efficiency and reduced expenses.
Loyalty Programs
Customer loyalty programs reward customers with points, coupons, and more for shopping with specific brands.
You probably have about 3-4 on your keychain or in your wallet as we speak, racking up those points for some kind of reward later on.
It’s been proven that companies with customer loyalty programs often have increased sales because customers come back to rack up points and rewards.
This simple reward program can actually be managed in certain POS software as well!
You’ll be able to track points, issue cards, refunds, and promotions, and keep track of what customers are buying and when they visit.
Effective Employee Management
What’s the band of any thriving business? Poor employee management and performance.
POS systems aim to solve this issue as well by including employee management features in the interface.
From clocking in and out to monitoring employee sales goals throughout the day, the modern POS system can help you create a better team for great efficiency.
The more money you save on labor by creating an efficient team, the more you’ll have to spend on growing the business!
Conclusion
A POS system is one of the most valuable assets any business can acquire.
You’ll be able to streamline multiple aspects of the company, save money and time, and, most of all, increase your relationship with your customers.