What Are The Benefits Of Using A POS System?
Updated: Oct 12, 2022
There are many benefits to using a POS system with your business. In this post, we'll go through some of the main reasons you want to get a POS system if you don't already.
Different POS systems offer various utilities, but with a bit of shopping around, you'll be able to find one to suit your business's needs.
Using A POS System, You Can Improve Customer Experience:
As a retailer, your customer's experience should be at the forefront of your mind – not just your logistical and backend needs. Creating a seamless and enjoyable customer experience should be one of your highest priorities to retain customers. Almost 60% of consumers in a Talkdesk survey said their customer service expectations were higher now than before the COVID-19 pandemic.
An advanced POS can help you take your customer service to the next level in a variety of ways:
Self-checkout: Different people have different opinions on self-checkouts and ordering kiosks. While some people find them convenient and fast, others prefer traditional methods. However, self-checkouts can help you save on labour costs.
Accommodate various payment methods: Why not make things easier for your customers by offering e-wallet, contactless, and PayPal payment options? This will help reduce transaction times and create a smoother shopping experience for everyone.
Saved payment types: Saving a customer's preferred payment method in your POS system is an excellent way to keep them coming back. This strategy is especially effective for businesses with close relationships with clients, such as boutiques and service providers.
Checkout anywhere in store: As shoppers make buying decisions, mobile and tablet POS systems allow associates to ring up transactions on the sales floor immediately, without needing to wait in line. This provides customers with the convenience they crave and keeps them returning for more.
Saved customer information: Saved customer information is just as important as saved payments. This can include loyalty program points, contact information, or even something as simple as calling a customer by name. Good customer service is essential for any business, and this kind of data can help you provide the best possible experience for your clients.
Easy item lookup: POS systems are an excellent way for customers to get fast, accurate information about the prices, locations, and availability of the items they need. Your salespeople and cashiers can access this information with just a few clicks or a quick barcode scan, making it easy and convenient for your customers.
A POS System Will Grow As Business Trends Change
As consumer preferences evolve, it is vital to have a POS system that can keep up with the latest trends. Cloud-based POS systems are continuously updating their software to support the latest emerging consumer trends, which means that your business will always be up-to-date. It is easier to accept increasingly popular payment types like mobile payments (like Apple Pay and Google Wallet), online payments, and contactless near-field communication (NFC) payments with a POS in-store.
As more and more consumers move away from traditional payment methods, merchants must adapt to stay ahead of the curve. GlobalPayments found that over half of merchants plan to increase their payment options next year. This includes adding digital wallets (60%), QR code payments (60%), and digital invoicing (51%). In fact, by 2023, it is expected that digital wallets will account for 30% of all POS payments.
As we enter into a new decade, it's time to look at the latest trend poised to change the way we shop and order food: voice ordering. With the advent of Siri in 2011, more and more people are becoming accustomed to using their voices to search for things online. According to a study by Statista, it is predicted that by 2023, e-commerce purchases made via voice channels will reach $19.4 billion.
A POS System Can Boost Revenue
A POS system can help your small business boost sales by increasing the number of revenue streams or sales channels you can handle. By improving customer experience and keeping up with developing technology, a POS system can help you capitalise on new opportunities and drive more sales.
There are many ways to interact with your customers beyond traditional in-person sales or appointments. You can reach out to them online, through mobile events, pop-up shops, catering, or subscription services. By offering a variety of options, you can cater to each customer's needs and build a strong relationship with your base. Here are a few examples:
A salon specialising in cut and colour services might add an online store to sell its recommended line of hair care products to its customers.
A popular burger joint might want to consider expanding into catering events.
A mobile vintage clothing store would be a great way to meet customers at community events or outdoor markets. Having a store that is set up at different locations would make it easy for people to find and shop for unique items.
Buy Now, Pay Later (BNPL)
As shoppers look for ways to save money, stores are offering more opportunities to pay later with BNPL options. This allows customers to purchase an item and pay it off over time, usually in four instalments. Once only available for large purchases, BNPL is now being offered for purchases of any size. In fact, BNPL payments are expected to rise up to 24% of all purchases by 2026.
POS Systems Can Offer E-commerce Capabilities
Ecommerce is a vital part of a restaurant and retail sales in the post-COVID world. More and more consumers are shopping online, with 23% saying they do so at least daily. If you want to stay ahead of the competition, it's essential to have a POS system connecting your online and in-person sales capabilities. With the right tools, you can ensure that your business is ready for anything!
Here are some things you can do with an eCommerce-integrated POS system:
Free online store: POS systems offer a variety of options for online selling. Some are simple and integrated with your POS system, while others provide more robust tools for selling on your website or social media. A few, such as Shopify, offer a complete eCommerce solution.
Inventory tracking: Inventory management is crucial for any business, especially for companies selling physical products. POS systems help businesses keep track of their inventory levels so they can order more products when needed.
BOPIS (Buy Online, Pick Up In-store): Purchasing online and picking up in-store has become increasingly popular, especially during the pandemic. In 2020, this feature saw a 106% increase in users and another 10% in 2021. Because of its convenience, over half of shoppers said they would continue to use this feature even after the pandemic ends.
Food orders: If you're running a restaurant, you'll want to make sure your POS system can interface with delivery apps such as DoorDash and Uber eats. The best systems will also let you prioritise and route online orders directly to your POS or kitchen display.
There are a lot of different factors to consider when choosing whether to use a POS system or just a register for your business. Cost is usually one of the main concerns, but you should also consider efficiency and what will work best for your particular business type and size. A POS system can be a great way to level the playing field with larger brands for small, independent retailers and restaurants. Many well-established POS brands offer free trials or short-term contracts with 0 software fees, so it's definitely worth checking out this option if you're on the fence.