If the desire is to start a new retail store, then it is quite natural for you to wonder whether to install retail POS hardware and software, which is said to come with three major advantages over cash register. The advantages derived are instant feedback on expenses and sales, sales incentives and shrinkage reduction. The given below points will help you to understand that by the coming year or so, the installed POS solution in your business will pay for itself.
Instant trend spotting
The latest retail POS system does offer instant access to expense and sales data during business hours. Pertinent trends about the times purchased can be derived at any point of time, including coupons that are presented and redeemed, staff performance, sales, etc. Trends can be spotted in real time due to instant availability of data and inputting the same into the POS accounting back-office software. This real time trend does offer that powerful boost to the bottom line profits. Besides tracking day-to-day trends, also can be spotted, seasonal, monthly and weekly trends. No messy downloads, copy & paste in spreadsheets are required. Data can be accessed whenever desired for instant trend spotting and calculations.
Employee and customer theft causes shrinkage related expenses in retail businesses. It can be prevented with the latest POS technology. A good Retail POS system along with security camera can easily correlate the person’s work schedule with minute-to-minute sales related information to identify suspects stealing money from cash register.
Easy sales incentive implementation
This is possible with the retail POS solution. Coupon redemption and campaigns becomes effortless, thereby boosting sales. Similar, employee performance combined with sales performance can also be track, so as to publish daily payouts and commission structure. It helps to boost sales through timely and clear incentives.