What is Point Of Sales System ?
A Point Of Sales system also called a POS system is a combination of hardware and software that enables your business to process sales more efficiently. The hardware generally includes a central computer terminal and a number of devices called as peripherals. Peripherals can include barcode scanners, receipt printers, and card machines. These all connect to the central terminal either using cables or wirelessly.
The software can be customized depending on your business requirements to help with stock control and management specific to your industry. It can be installed directly on your computer terminal or alternatively you can set it up to sit in the cloud allowing you to monitor and analyse sales across several locations. Electronic tracking of sales enables you to easily monitor your business performance with a much greater degree of accuracy. At a quick glance you can see what you sell, where you sell it, who you sell it to, and which of your salespeople sells it best.
POS for Retailers:
Retailer like all small business owners have limited time and limited resources. Investing in technology such as a mobile based Point Of Sales (POS) system can help you improve your marketing, better reach customers, manage your inventory, and manage your employees. While traditional old fashioned cash registers or PC based Point of Sales systems might have been good enough 10 years ago, but today they are just not good enough anymore.
Traditional v/s Mobile POS system:
Traditional PC based POS systems just don’t offer the flexibility and efficiency of a mobile based Point of Sales System. So, from businesses point of view, instead of relying on Desktop PC based POS system, it is worth and important to invest in getting a mobile based POS system for your business. They don’t requires any technical support person to come and resolve an issue and are of much lower cost of investment. They are easy to use and most importantly mobile for anyone of you to go and use it on the go keeping users GPS location tracking on.
To help you manage the marketing of your customers, manage your inventory, manage your employees, a mobile based POS system is centre for growth for your business.
Generating Reports helps you make better business decisions, reports take raw data and turns that into actionable information so you can make better decisions for the growth of your business. While reporting is important , it’s also important that you don’t get too much information that overwhelms you or it’s unnecessary in your decision making. So what are the few things that reports can help you decide on ?
- Maybe you need to know which product of yours is selling most and on which day of the week.
- Maybe you need to know should you open on a weekend ?
- What about understanding how many employees to have in your store on a monday morning ?
- Maybe you need to know what items are profitable and what item are not profitable ?
These are few of the things that a good reporting system can help you make decisions on.
Another thing that a good reporting system or a Point Of Sales (POS) system can help you with is to understand about your profits and about your losses.
- It can help you understand what items are selling best.
- What items have a better profit margin ?
- What items may be you should stop selling because no one is buying them.
Access Anytime, Access Anywhere:
Maybe you are at home and you want to plan for next week’s sales, therefore, you should be able to access your reports from any location. May be you are expanding from one location to second or third location. Using a mobile based Point of sale system you can access and generate reports from anywhere while you are on the move.
With a modern mobile based Point Of Sale system you can run your business from almost about anywhere. You don’t have to be tied down at one place inside your business. You can monitor your staff , generate reports from a beach, or a shopping market or your home or your car, wherever you are at.
Another benefit of mobile based Point of Sales system is that since the data is stored in the cloud, they are much cheaper than systems whose servers is inside of your store and you have to call somebody to maintain the server, secure the server, update the server, whereas with a mobile cloud based Point of Sale server you don’t have to do any of this.
As a customer, when you look to purchase a POS system for your business, you should go for a provider who offers you a flexible pricing over SaaS (Software as a service) model. They may or may not ask you to sign a contract for a certain period of time. You should be cautious about hidden fees while you are already a user for a long time. I suggest you to go through the contract agreement before you agree and sign up.
Security is essential for every business, but specially for retailers. Mobile based POS systems have data stored in cloud which is much more secure than being in your retail store.
Make sure your customers information is secured at the point of transaction.
Checklist to consider before buying a POS system:
There are few points which you should consider before buying a mobile based point of sales system.
- Will the system meet my needs ? :
Maybe you have a small business today, may be you have a bigger business tomorrow, May be you are at one location today, May be you are at multiple locations tomorrow. Make sure you purchase a mobile based POS system which can grow with your business, i.e. make sure it is scalable.
2. Make sure you know upfront before buying a system that you don’t get locked into a contract.
3. Is the hardware that is provided with the POS purchase proprietary ?
You should be able to access and replace the hardware with as little friction as possible.
4. Downtime of cloud server means a loss of sales, a loss of sales is not good for any business especially Retailers.
5. Does the point of sales system have reporting, customer marketing, inventory, employee management features ?
6. Is it easy to use ?
So these are few questions which you would want to ask before you buy your first or next Point Of Sales system.