In the small business world, it is still pretty common to just save some money on the checkout by using an ECR or some basic point of sale software. Unfortunately, many small business owners don’t realize how they are missing out. This is a perfect example of the all too common saying “Penny smart, pound foolish”. The following topics are intended to make you aware of some crucial points.
Issuing in-store currency in form of gift cards is a great way to gain capital. Even when you are just opening a new business, you should try to sell gift cards. Of course gift cards isn’t income, however, it is revenue that is guaranteed. This means you can use this capital to purchase inventory without concern. In addition, you will always have a certain percentage of gift cards that will never get redeemed which basically represents free money. If you still don’t see the value in gift cards check out our post on gift cards.
You know what makes customers happy? Discounts! These days you can see promotions and special pricing left and right. Do you know who doesn’t typically participate? That’s right, the business with the ECR. Managing multiple promotions with an ECR is simply exhausting and a task that is typically too much for the hourly employee. A POS system makes setting up promotions easy and your employees don’t have to keep track of everything that’s going on. In addition, you might be able to use coupons on a receipt to make customers come back.
Do you really trust all of your employees? How do you know that your staff doesn’t just use inventory without paying for it or giving discounts to their friends? You would be surprised how common employee theft is. Sometimes people don’t even realize that they are committing theft. They might only see the fact that inventory keeps coming in without realizing there are costs associated with it. A retail POS system can track your inventory to make sure nothing disappears. In addition, your point of sale will make sure manual discounts and item price changes are tracked or even blocked right from the start.
This is probably the most underestimated feature of a sophisticated POS system. Many small business owners solely rely on their experience when it comes to business decisions. Unfortunately, you can’t always just trust your gut feeling. Using actual facts can help you make better decisions that actually benefit your business. Way too many retailers base their purchasing decisions on personal preferences instead of sales figures. Another interesting aspect is hours of operation. You can find a more detailed article on this topic here.
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