5 Ways to Save Money with a POS System
By Multidev Technologies · PUBLISHED August 30, 2022
Retail technologies are constantly changing and evolving. Fortunately for your business, this can be a smart move. Upgrading your cash register to a new POS system can help your business save a lot of time and money.
A point-of-sale (POS) system is no longer an optional add-on; it’s a necessary feature to improve retail operations. Why? Because a POS system can leverage staff productivity, simplify the payment process, optimize inventory management, enhance the customer journey and increase your sales.
Here are a few of the ways you can cut costs, boost production, and enhance sales processes:
1. Inventory Management
Inventory management is very tedious and can cost your business time and money. But a point-of-sale system improves business operations with reliable inventory management software. The intuitive point-of-sale system allows for automatic inventory tracking, inventory monitoring, manual entry elimination, and inventory loss prevention.
Automatic inventory tracking allows for more efficient and accurate inventory management. It reduces human error, saves the organization time and money, and provides real-time inventory data. As a retailer, you will always know what needs to be ordered and what doesn’t.
2. Reduced Data Entry
With a POS system, retailers can reduce their data entry time. A point-of-sale operating system automatically stores customer information, so your existing customers don’t have to repeat their contact information on every visit. Data is stored in a centralized database so that all POS terminals can access the same information.
Automatic data storage reduces costs by decreasing checkout times. Faster transactions allow team members to reach and retain more customers. A centralized database means more immediate service and a better customer experience for consumers.
3. Workforce management (Better Use of Time, Scheduling, and Attendance)
Depending upon the size of your staff, scheduling can be stressful and time-consuming. Using a point-of-sale system with built-in scheduling features can save you a lot of time, stress, and even money. You can ensure that you have more overtime during the busiest times and reduce hours during the slower times, saving you money. Make sure your store has adequate coverage and track staff time and activity; you will save a lot. How?
By monitoring labor percentages and peak sales times through your point-of-sale system’s reporting features, you can ensure that you have enough employees scheduled to meet customer needs but not too many to waste money. You can plan your schedules around promotional events, historic busy days, or seasonal surges. You can also use your POS system to ensure that employees aren’t punching in early or late.
4. Boost Sales Processes – When your retail stores use POS software, the sales process becomes more profitable.
- Contactless Payments:
Today’s loyal customers prefer contactless interactions more than ever. When you invest in a point-of-sale system, customers can complete transactions without the assistance of team members.
Contactless payments put customers at ease throughout the entire retail process. Point-of-sale systems create a safe and secure atmosphere that promotes trust in your brand and builds customer loyalty.
A point-of-sale system for retail stores eliminates the need for staff members to manage payments. The POS software allows retailers to reduce labor costs and make team members more available to help in other areas, such as customer support.
- Analyze Sales Trends:
The key to beating competitors and reducing retail operational expenses is constantly analyzing sales reports and trends. You can invest in sales processes and marketing efforts that lead to a higher return on investment (ROI) by identifying what’s working and what’s not.
To implement profitable changes, your team needs real-time sales figures, which point-of-sale systems provide. Mobile POS terminals track sales and allow business owners to generate detailed activity reports quickly. They allow for a deeper dive into the numbers and the ability to adapt to trends with greater speed and agility.
5. Enhanced Organization and Workflows
The point-of-sale operating system is designed to improve workflows and business operations by being mobile, automatic data storage, and digital receipts. When productivity is higher, the revenues increase as well.
- Improved Mobility
Mobility isn’t a commodity; it’s a necessity in today’s fast-paced world. Increased mobility means more efficient customer service. Customers want immediate assistance, and a mobile terminal is the only way to achieve this.
Mobile POS touchscreen portals allow your team to conduct business smoothly and efficiently while on the go. Not only does mobile POS give your retail store the ability to make more sales in more locations, but it allows you to speed up your service and save time. For example, a mobile device processes payments, prints or emails receipts, and saves reports.
When equipped with mobile point of sale (POS), your employees can avoid long lines by processing payments on the go, split groups check at the curbside to avoid congestion, and take advantage of cross-selling and up-selling opportunities to increase sales. This will help your retail store streamline service, increase customer traffic, and improve overall customer service.
- Digital Receipt Options
A POS system can reduce the need for paper receipts by offering digital receipts. A mobile POS can email receipts to customers, saving you thousands of dollars in paper and ink.
A good point-of-sale system can also track how much money you’re spending. All of your fiscal reports can be organized in a way that is easily accessible, and you can dive deep into all the financial data without spending hours doing so.
- Reduces Errors
Mistakes can be made when cash registers and books are kept by hand and done manually. Reporting errors not only costs you time, but they can cost you money in the long run, especially when these errors add up. Another aspect is that a POS solution can highlight who is using the system, so employees are held accountable when mistakes are made.
- Pricing Accuracy
A point-of-sale system will ensure that the right amount of money is received so you don’t run out of money at the end of the day. Instead of relying on employees to enter the right price, use your system to do it for them. You can often customize certain price options for each daily special promotion or offer and modify them as often as you like. Each special promotion or discount can be different, and you can change it in the POS.
To make the checkout process faster and easier for your employees, ensure they can easily access popular products or promotions on the display screen. You can also stay organized and reduce confusion by removing old and unused checkout screen options. You’ll be surprised at how quickly your employees can keep lines moving. Keeping your product organized can save time and money on training and labor costs and eliminate costly checkout errors.
ChainDrive POS System: Book a Free Demo
The bottom line: a POS system will save your cost and time. If you’re ready to start reducing your costs, ChainDrive can help.
ChainDrive point of sale software and services are uniquely flexible and can be customized to meet your specific retail needs. ChainDrive Point of sale (POS) software allows store associates to access real-time information on customers, products, buying patterns, inventories, web orders, pricing, etc.,
Contact our team at (514) 337-6465 or complete our online demo request form now. A member of the ChainDrive team will reach out to schedule your free POS system demo and determine the best POS software for your business.