You may be spending a lot of time dealing with preparing invoices and billing if you have a small to a medium-sized business outlet for your brick-and-mortar store. To avoid this headache, consider using an online POS or Point of Sale solution with an automated product billing and stock calculation system.
A POS tool could be a terrific option for your organization, especially if you have many locations if you consider the deployment. That’s because everything you handle at your many outlets can be maintained and monitored with simply an internet-connected smartphone or laptop.
In today’s article, I’ll explain why you should use a POS system for your business and how to get the most out of it.
However, before that…let’s discuss the basics first.
What a Point-of-Sale System Really Is?
In layman’s terms, a POS is a computerized system that assists a retail merchant in calculating the amount owed by a customer, stock levels, and creating an invoice or receipt for that customer.
You’ll be able to take orders and count your inventory in the most efficient way possible with a POS system.
You might think, how does this POS can help you benefit your business. Let us discuss that first-
Why Should You Use a Point of Sale System in Your Company?
You should investigate more than just the POS functionalities. The best way to determine whether or not you require a POS system is to assess the current pain points that your business experiences.
This is also useful when deciding on the best POS software and hardware to create a high-quality and appropriate POS system for your organization.
Here are 5 questions to ask yourselves before making up your mind to act as a guide.
Do you have a number of Retailers and/or Vendors?
If the answer is “Yes,” and each warehouse supplies more than one store or vice versa, you must be having difficulty managing them all. Then, you might want to think about implementing a POS to provide an omnichannel experience for both you and your consumers. This POS function is essential for effective multi-store and multi-warehouse management.
This POS functionality enables merchants to assign each of their warehouses to each of their stores (both online and offline), and vice versa. Furthermore, because data is linked across platforms, the personnel at each store may check the product availability of the other locations. If an item is out of stock in one store, store associates can check product availability in other locations and notify customers.
Do you have to Deal with Never-Ending Lineups in your Store?
If you said no, may God bless your spirit and your business. And you don’t have a pressing need for a POS system. A POS, on the other hand, is essential if you run a high-volume business and are always dealing with long lines of disgruntled and unwilling-to-wait consumers. It can aid speed up your service, especially throughout the check-out process, by making your lines shorter rather than longer.
Do you even have a Diverse Product Portfolio in your Store?
Yeah of course! You have a lot of products on your shelf, and remembering all of their specifications are driving you insane? If that’s the case, a POS system can be extremely beneficial.
With a mobile POS, store assistants may instantly check product information such as prices, option variants, availability, and more by utilizing the search bar or scanning barcodes supported by POS systems.
If a consumer requests assistance, it saves store employees a lot of time and effort looking for the merchandise and running back and forth empty-handed.
So, if you’re selling bespoke items, can a point-of-sale system help? Without a doubt. Custom sales, for example, allow clerks to add a temporarily unavailable item to the shopping cart and check out as visitors.
Do you have Employees who Handle Transactions in your Store?
As previously said, POS systems with capabilities like staff management and shift management may truly assist you to manage your workforce. However, in other circumstances, such as if you own a small business or a micro-enterprise with fewer than six employees, a POS system is not required.
However, if you have a large number of employees to handle or if your staff will be handling sensitive payment information, a POS may be the best option. A POS not only assists you in properly managing a big number of employees but also ensures that your transactions are secure and transparent thanks to the POS’s payment integration functionality.
This is crucial for both your business and your personal life.
Would you need to Handle Multi-Level Taxes for your Store?
If you run a business with different tax levels, synchronizing tax settings with your platform’s settings is essential yet difficult. That’s when you realize you need a point-of-sale system to handle everything for you. And everything you have to do now is summarised in a few bullet points:
- Determine the tax rate for each.
- By combining different taxes, you can create a single multi-line tax.
- Just one tax can even be imposed on one or even more stores.
- This tax could be allocated to a particular product.
- During each transaction, modify or exclude a tax.
So, what’s your take then?
If you’re still not convinced with the facts stated above you can check out this amazing stat from Statista depicting POS software market revenue from 2018-2027.
Thus far, you’ve concluded that a POS system can help your store manage the small details more efficiently. When you’re an entrepreneur, it’s critical to make informed decisions based on facts and risk assessments, specifically, if you’re inexperienced with the benefits it could provide.
As a result, we’ve put together a list of the most significant benefits of a point-of-sale system.
Benefits of a POS System
The benefits of a POS system are numerous and varied, regardless of the type of organization. Adopting a POS system can completely transform your online store by providing an all-in-one solution. It enables you to keep track of and process all sales, inventory, and customer data in a seamless manner.
Here are some ways how a Point of Sale (POS) can increase your business sales significantly:
Improve Your Business Efficiency
A dependable POS system will increase the productivity of your firm. You may save time on paperwork, employee management, stock updating, bookkeeping, and other activities in your business by incorporating a POS system into your online store. So that you can devote more time to improve your consumers’ buying experiences on your website.
Track & Manage Products with High Accuracy
By adopting a POS system, you will have direct access to the inventory and will be able to observe real-time updates. It contains all of the information you need to know about what to stock and when to stock it. When you run out of a product, the POS system sends you a notification.
It will also show you which things your consumers prefer to buy and what time of day or season is the busiest. So that you can anticipate your changing inventory requirements.
Build Brand Loyalty & Keep Customers Coming Back
Based on their previous purchase history, you can provide specific incentives and personalized offers to your clients. It contributes to the expansion of your brand’s identity and encourages people to return to your store. Aside from recruiting new clients, it is also critical to focus on consumers who have already spent money with you. In fact, the study found that attracting new consumers is up to seven times more expensive than retaining existing ones.
Customer retention is critical, especially given that existing customers account for all sales. By providing excellent customer service, a POS system can help you retain consumers and strengthen your company’s values.
Inventory management is essential for ensuring that you have enough products to meet the needs of your customers. If you don’t have enough inventory, you can lose money if a potential consumer goes to the competition.
In the United States, around 39% of customers have left a store empty-handed as a result of out-of-stock merchandise. As a result, retailers could lose up to $22 billion in sales.
These data demonstrate how critical it is to have an effective inventory management system in today’s retail sector. With the use of POS software, you can easily arrange and update your inventory.
If you can keep your stock up to date and make your most popular things available on your shelves, your shop will always be busy. Furthermore, you will never have to worry about overselling things or reducing your clients’ orders.
Serve Customers with a Great Payment Experience
Even if your customers adore your products, they will not return to your store if the payment terminal is slow or complicated, or if the machine does not take mobile payments.
Fortunately, the majority of the most recent POS software supports a variety of payment methods such as Visa cards, MasterCard, bank transfers, and mobile payments such as Android pay and Apple pay, among others. Customers also want to make purchases where they may pay using their preferred way of payment. It allows you to tap into a large number of clients while also providing you a variety of payment alternatives.
POS Systems Speed Up Transactions
Buyers today are impatient. You can reduce transaction times and provide the convenience that online shoppers have come to expect from businesses by using a good POS system. This not only expedites the transaction but also reduces the risk of human error.
As a result, you can serve more consumers in the same amount of time. Furthermore, speedier transactions ensure that customers have a favorable experience. It’s an important aspect of keeping customers satisfied and willing to do business with you again.
Get feedback to Better Serve Your Customers
After shopping, your customers can leave evaluations and evaluate your business using an advanced POS system. Negative feedback allows you to identify areas of your business where you need to improve. Positive feedback, on the other hand, will highlight your abilities and give you the courage to move forward. This inspires both new and existing clients of your company.
Provide Complete & Precise Sales Reports
You can generate thorough and accurate sales reports with an eCommerce POS system. The amount of sold products, best-selling items, profit margins, stock status, and so on are all included in these reports. Manual data entry is also no longer required. As a result, the chances of entering inaccurate data are reduced. As a result, the information you receive will be correct for further processing.
Make Faster & More Accurate Business Decisions
A modern point-of-sale system enables users to make informed business decisions quickly and easily. It gathers information on your inventory, customers, staff, transactions, and other important aspects of your organization. For savvy business leaders, this data may be a huge resource for strategic decision-making.
You can determine your most popular products, for example, by looking at the sales report. You may now stock enough of those products in your inventory to meet customer demand once you know that.
Allow Sales Gift Cards & Redemptions
By incorporating gift cards and redemptions into your POS system, you can boost the number of delighted customers. These cards will be used by your consumers to purchase items from your online store. If you handle the gift card using a solid eCommerce POS system, they will love shopping at your store. It’s a fantastic approach to please your customers while also increasing revenues.
All of these benefits of eCommerce POS make online retailers’ accounting easier. But that’s not all; based on your needs, it might enhance your eCommerce site with additional advanced capabilities.
If you can integrate the right system into your company, it will undoubtedly propel it to the next level. However, finding the perfect POS software with all of the capabilities that your online store wants is not easy.
Increase the Value of Your Business by Integrating the Right POS System
So, how can we determine which option is the most effective in resolving the issue?
Plugin Integrations for WordPress POS Systems
Setting up a POS system in your retail store with plugins is a fantastic solution. For most WordPress stores, this is a simple and economical choice. It not only maintains many channels at the same time, but it also has a number of features that make buying easier for both the user and the customer.
Orders, sales, customers, and other details are handled easily using a WordPress POS system. We’ll go through this in more detail below.
For WordPress and WooCommerce sites, OpenPOS offers a fully automated system. It has a progressive web app and can easily manage both retail and eCommerce stores.
Multiple channels, warehouses, and payment methods are all supported by the plugin. It also has real-time data synchronization, extensive reports, and other features. It also happens to be one of our favorite WooCommerce plugins.
YITH Point of Sale for WooCommerce
Why waste so much money on many terminals and people when you can use the YITH POS for WooCommerce to handle transactions and manage the backend operations of your retail and eCommerce store?
It allows you to set up several stores and sync data in real-time, so any changes to stock, orders, and so on are automatically updated.
WooCommerce POS by Kilbot
This WooCommerce POS plugin is quick and easy to use. There are no monthly fees, and all data such as inventory, customers, and orders are auto-synced, eliminating the possibility of human error. It’s a strong plugin that takes care of everything for you.
I personally recommend incorporating an efficient POS system for your store inventory. As with the right point of sale software for inventory management, retailers can ensure they are performing inventory control with the latest real-time information, timing purchases with increased accuracy, and predicting stock requirements across multiple stores.
When your stock levels hit a certain key point, orders are sent out automatically, and key details on products, such as billing and tracking information, are communicated from the back-end all the way to the front-end of the supply chain.
The inventory challenges they confront are a significant factor. Managing inventory can be a difficult chore whether the products are at your store, a warehouse, or a third-party fulfillment center. A POS system reduces guesswork and manual errors. A POS system can help you ensure that you have enough products in the correct place at the right time.
Isn’t that an amazing package deal?
Off course. Don’t think twice, just opt for MWB Point of Sale (POS) for WooCommerce. It is an amazing POS that had started a revolution in the market. Store owners with multi-channel inventory systems or the ones who are yet naive to online operating at brick-mortars only can effectively make use of the system.
The best part is that- It is a standalone plugin that with minor setups offers you an amazing single-page web app. You can simultaneously operate on that POS panel at multiple store counters and process orders.
POS dashboard need not be refreshed from time to time as it is fully automated and based on React JS.
What? Are you still waiting for a second thought, just leave it and try to figure out the bigger picture hidden beneath. Then take the decision wisely.
We hope that as we walked through all of the obvious benefits of a POS system to your organization, you saw an opportunity to improve your business. We also hope that you take a step back and consider the following questions:
Is a POS system-critical and essential?
Only when you have fully resolved the matter with our assistance will you be able to develop the correct POS system for your business.
So, do you actually need a point-of-sale system? If you answered yes, take a look at many POS software options to discover which one is best for your business. There are other POS system providers, however, MWB Point of Sale for WooCommerce is worth mentioning.
You can initiate your transaction on the MWB Point of Sale for WooCommerce website Free Trial today.