We all have childhood nostalgia associated with rushing to neighborhood Kirana to buy something. We had these friendly kiranas who served us day in – day out with a piece of paper and pen. They used to write down each item on paper and then. These were hyperlocal businesses of the past that focused and thrived on an estimated catchment of 500-1000 families. However, this is fast changing, customers expect a better experience through faster checkout, best-in-class personalized offers, cutting-edge loyalty programs to engage them both in-store and online store.
What is a POS?
POS (Point of Sale) is the point where a customer completes his shopping journey. For a lasting impression, a hassle-free checkout experience is vital. You don’t want your customers to spend time in long queues and take home a bad shopping experience in the end.
A good POS solution enables faster checkout, helps in collecting payments by enabling various payment methods, keeps track of the inventories, helps merchants in managing merchandising more effectively, and allows for more inventory turns. It helps merchants with vital customer information (including buying patterns) and helps engage the customer with personalized offers and loyalty programs.
Selecting the right POS for you:
Simple billing operations
POS solution simplifies your billing process by generating bills quickly, you can add new items or remove items or cancel the whole order without any trouble. This completely takes away the need for a pen and paper by digitizing your entire store operations.
A good POS solution allows you to sell your own private label products. Selling your own private labels in-store can be a great way to build a strong brand and to increase your profit margins. This can be achieved by generating your own barcode on products.
A good billing solution should allow the retailer to bill on credit, redeem award points from loyalty programs while avoiding misuse.
Comprehensive inventory management
Strong Inventory management solution helps you manage your inventory better by:
- Reducing pilferage by decreased in-store theft;
- Avoiding stock outs through various reports and auto purchase orders;
- Helping understand the value of stock;
- Timely identification of near to expiry items;
- Helping negotiate better terms of trade from the vendors;
- Improving capital utilisation by tracking performing / Non performing SKU’s, categories, etc. and;
- Tracking loose item inventory by seamlessly integrating weigh scale with POS
You can read more about inventory management from our other article.
Sales and financial reports
A good POS solution helps you track your store sales and financials through various reports. Some examples of reports that you should be tracking include:
- Sales report
- Media report
- Hourly sales report
- Fast moving, slow moving report
- Stock movement report
- Receivables report
- P&L report
- GST report, etc.
This helps retailers in identifying what is working for them and what is not. It can help make better decisions to accomplish their business goals.
Analytics & insights
In this competitive market, it is crucial for retailers to know what is working for them and what is not. The analytics and insights will give you in-depth & granular details about your customers, transactions, employees, etc.
This supports retailers in drafting a clear picture of the present situation and helps in beating the competition.
A good CRM that is integrated with your POS solution is a great way to improve your customer’s shopping experience and increase customer loyalty and in achieving an improved top line.
Few things that a great POS solution can deliver for your business:
- Create offers to pull customers.
- Enable an engaging loyalty program.
- Helps you design marketing campaigns around accumulated analytics.
- Allows to run marketing campaigns via multiple channels.
With the advent of new technologies, it’s important for any brick and mortar store to have a great online presence. A good POS solution can allow you to enable your inventory catalog with real-time pricing and stock availability online across multiple platforms. Which in turn can increase your sales significantly. Having a good online presence is increasingly important in the post-Covid world where lockdowns and movement restrictions are part of routine life.
A great POS solution enables you to scale your business by seamlessly opening multiple branches and integrating franchisees. A good solution can be a boon to track inventory, maintain common masters across, track sales and financial reports in real-time across all stores, etc.
A good POS solution can serve huge benefits to a retailer and aid in simplifying their business processes, accomplishing business goals, generating increased profits, saving time & effort at a low cost, and could be key to maintaining a healthy work-life balance.
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