Last Updated: March 29, 2021
In the small business world, it’s still pretty common to save some money on the checkout by using a rudimentary electronic cash register or some other basic point of sale software. Unfortunately, many business owners don’t realize how they are missing out. An advanced POS system for a small business can have an incredible effect on your retail store and can be entirely affordable. While this is a major topic that we’ve discussed at length elsewhere (the cash register/POS system debate, or our guide to buying a new POS), today let’s focus on 4 benefits that can be seen right at the cash register itself.
4 Benefits of a POS System for a Small Business
- Gift Cards for Your Retail Store
- Ease of Discounts, Promotions, and Special Pricing
- Employee Theft
- Advanced Inventory Reporting
Issuing in-store currency in the form of gift cards is a great way to gain capital. You should sell gift cards from day one – it’s guaranteed revenue. 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. Encourage your regulars to give their friends and families gift cards during the holiday season. Essentially, you get paid for someone else raising your brand awareness! Your POS software for small businesses makes this process painless, whether you’re selling them or a customer is redeeming the value.
Do you know what makes customers happy? Discounts! Promos, special pricing, product bundles, and sales are essential for any business. Too often, companies that don’t use modern retail POS software lack such pricing strategies. After all, managing multiple promotions with a cash register as your POS is simply exhausting and painstaking. A small business retail POS system makes setting up promotions easy. In addition, you’re able to use receipt coupons to encourage higher retention rates from your customers. In addition to a loyalty program, these types of promotions are a great way to keep regulars happy and excited to shop with you.
Though hopefully not an issue that your business has to deal with, employee theft is outrageously common. It is accounting for approximately $50 billion in annual losses for U.S. businesses. The main reason it’s so common is due to the difficulty of determining what’s actually happening to your inventory. Your staff could be consuming your products, giving discounts to friends, or simply stealing it.
Sometimes people don’t even realize that they are committing theft; they just see inventory keep coming in without realizing there are costs associated with it. Other times, the product is wasted but not accounted for, appearing to be theft. A retail point of sale system can track your inventory to make sure nothing disappears.
Using cashier permissions, advanced inventory reporting, and detailed employee shift reports, retail POS software, like KORONA’s, make your life as a business owner a lot easier. In addition, your POS will make sure manual discounts and item price changes are tracked or even blocked right from the start, helping your retail loss prevention.
This is probably the most underestimated feature of a sophisticated POS system. Many small business owners rely solely on their experience when it comes to business decisions. Unfortunately, you can’t always trust your gut. Bringing actual facts and number into the equation can help you make better decisions that benefit your business. Too many retailers base their purchasing decisions on personal preferences instead of sales figures. Using advanced tools, like ABC retail analytics, your retail store will become more efficient and profitable in a matter of weeks.
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