This is a talk I was supposed to give, but it never happened so enjoy. I stick by its conclusions.
Technology has changed the retail industry forever. Retail POS systems are becoming increasingly popular in retail. This is partly due to the rising demand for a streamlined and effective retail process. Our POS Solutions software helps retail businesses improve efficiency, reduce costs, and increase profits. This article will examine the advantages of our Retail POS software in greater detail.
For this talk, we will assume a financial model of a bookshop based on the ATO benchmarks here with a $500,000 turnover. I will use average figures for everything and assume a 1% improvement on each factor.
So the ATO benchmark book looks like this
Keep in mind that the profit is $17,500.
Management of the Inventory
A crucial aspect of running a successful retail business is inventory management. Our Retail POS lets you deal with your stock effectively. It processes exchanges and track order information—Reorder points and purchase orders can optimised to your stock holding. You can check your stock levels and make informed restocking decisions with real-time inventory tracking.
Indeed correctly done, this will increase your sales by 1%, which is not much of an ask if you think about it. It will also positively impact other factors here. Since you are buying smarter, it should decrease your cost of goods by 1% and other expenses as much will be automated by 1%.
Tracking sales is another vital part of running a successful retail business. You can make better decisions with our POS software's detailed reports on sales performance. For example, you can follow items by season and current trends. Additionally, you can use customer behaviour data to encourage repeat business.
This would increase your sales by 1% since you buy more of what is selling in your shop.
Compatibility with Other Systems
Managing your company's operations is better because our Retail POS software is user-friendly. It can integrate with accounting software, e-commerce platforms, and marketing tools. These can save you time and assist you with staying away from blunders that might happen with manual information entry.
With better financial control, you should be able to reduce the Other Expense category by 1%. The e-commerce platform depends on your business direction so I will leave that one. Our clients that do run e-commerce platforms tell us that it is work, but it does pay its way.
Customers will be more likely to continue doing business with your company if you offer loyalty programs. With our POS software, you can create personalised loyalty programs based on customer behaviour. Consider running a points-based system where customers can redeem points with discounts or free products for each purchase. You can likewise offer selective limits, advancements, and contributions to your program individuals.
Using our Retail POS software to set up a loyalty program can help your business in many ways, including:
Improved Customer Satisfaction
Customers are more likely to stay with your company if you offer loyalty programs to encourage them.
Increased Spending by Customers: Compared to customers who do not take part in a loyalty program, those who do spend more on average. This is because they feel appreciated and valued by your company.
Enhanced Engagement with Customers
Loyalty programs permit you to draw in your clients more. With client information, you can fit well-defined offers for their inclinations and necessities.
Enhanced Customer Information Collection
With our Retail POS software, you can get purchase history information about your customers. This allows personalised marketing campaigns.
It is easy to estimate its value, as industry figures show that a good loyalty program is worth 1% more sales, although it can generate more work.
Management of Employees
Any business's success depends on having good management of its employees. You'll be able to better manage your workforce with the help of valuable insights provided by our software. It can track employee hours, sales performance, and commissions. So employee performance can be monitored. Top performers can be identified.
I will say 1% of Other Expenses, but it will be more.
Processing of payments
With our POS Solutions software, you can accept cash, credit/debit cards, and mobile payments. this makes it easier for your customers to pay for their purchases. The capacity to accept various payment methods has the potential to boost sales and customer satisfaction.
We have all experienced lost sales because the customer wants to buy something, but we cannot handle the proposed payment method. So 1% more in sales as it takes little to make such an increase.
Support and instruction
None of these benefits matters if you do not know how to use your Retail POS system. This is why we offer comprehensive training and support to ensure you get the most out of our retail POS system. Our client care is accessible 24/7 to help you at whatever point you want it.
Free training is available in our offices or online with teamviewer or Zoom. So the cost to you here is zero.
Putting these factors in, we get a 206% improvement. Here are the calculations.
I have yet to include some essential but non-financial elements like more control over your business. Knowing where you are and having an information hub in your business is worth much too.
Retail POS systems have gained popularity not because they streamline and optimise retail processes but because they increase profits, decrease expenses, increase efficiency, and increase customer satisfaction.