Running a small business such as a retail outlet has its particular share of challenges. Retailers often have a hard time following all the moving parts of their business, and many of them resort to using notes or blank spreadsheets to manually keep track of things. However, these methods can be highly inefficient and time-consuming, and they can even prevent retailers from seeing the opportunities that can help the business grow and thrive.
A point-of-sale or POS system can do wonders in helping retailers manage their business. A POS is a combination of hardware and software that is used to centralize business operations. How can investing in a dedicated POS system for small businesses in the Philippines help your store grow and thrive?
It automates sales recording and inventories. Among the more tedious aspects of running a retail outlet are recording sales and doing inventories. Retailers who are still using spreadsheets to keep track of their sales have to run calculations every time they want to check how much they’ve already sold. If they want to know how many items they still have at the back of the store, then they have to do a manual inventory of their stock. These tasks are absolutely necessary, but they can also take up a lot of time and prevent retailers from doing more for their outlet.
A POS system automatically logs sales and provides retailers pertinent information about their store and products, such as the total sales and profit of the store and how much each product is earning. At the same time, it can track sales against business purchases, providing retailers with a real-time update of stocks. These features eliminate the need for manual calculations and time-consuming inventory checks.
It provides easy access to sales data. A POS system’s capability to track sales and inventory in real time can positively affect the speed and efficiency of a store’s business processes. Just one look at the system’s dashboard is enough to reveal the status of the store. If retailers are aware of their current stock level, then they know exactly when they should order a new batch of products. If they know the store’s current profit level and top-selling products, then they can make smart business decisions and formulate effective marketing strategies that will help them reach their goals.
It helps attract and identify high-value customers. Customer management is another important aspect of running a business. As a small business owner, it is in your best interest to know and understand your customers and find ways to keep them coming back to your shop. A POS with a customer management feature can help track customer history by keeping a detailed record of their purchases. This information can then be used to identify high-value customers and plan and implement reward programs that will make them feel appreciated and valued.
It uses one platform for managing multiple aspects of the business. As mentioned in the previous points, a POS system has many functions, including recording sales, making sense of sales data, tracking customers, and setting up reward programs. These features are all available in a single platform, and many POS systems even allow retailers to seamlessly use third party software in case they need additional functionalities.
Without doubt, a POS system is an investment for a small business, but it’s an investment that will pay for itself in the long run. By relying on a POS system to track the progress of the business, retailers have a much better chance of seeing the bigger picture and finding creative and effective ways of improving their sales and services.