When starting on a new business, one has to be keen enough to identify what are the things that need to be done. Besides giving importance to products and distributors, one should also spare a thought to a customer’s convenience. Now as far as convenience is concerned, the POS or point of sale system is a technology that has come a long way. People have accepted it, and therefore local merchants or any store seller must invest and install it. So let us take a look at the benefits of POS system.
Benefits of Using a POS System for Your Business
A POS system gives a status report of the business as it keeps the record of all the transactions automatically. Having this knowledge enables the owner to predict the revenue at the end of the current month or the next two or three months. Based on such predictions, purchases from the distributors can be made more calculatingly. It gives the overall position of the business to the owner in terms of sales and revenue.
Identify the Sales Pattern:
POS also gives a report on which products are leaving the shelves earlier than the others. It basically identifies the products that meet more sales and also those products that are avoided or ignored by the general public. Based on that future purchases from the distributors can be adjusted by ensuring more purchase on the selective items and less on the others. This is a marketing strategy many retailers use to ensure that there is no loss in the future.
POS system keeps track of what goes and also what goes out. What are the recent sales of a specific product and how much of it do you have left in your stock. If you are running too low on a particular product, the system automatically sends the information to the distributors to send in more stocks. This makes the job of daily employees faster and easier. On top of it all, we have taxes. If you can keep track of your sales, you can also easily calculate the right amount of tax to be paid. So you are never due on your taxes and the machine calculates what you need to pay.
Prices for products change over time during different seasons. The POS keeps track of all these changes in prices and makes sure there is no confusion at times of payments. Even during sale season, this comes in handy as the MRP printed stays the same, but the amount to be paid is less than that. All this is conveniently considered with a POS system.
Increasing Purchase Intention:
The POS enables the retailer to understand a particular customer’s choices of products and hence introduce special offers specifically for them. This will make them feel special which will eventually encourage them to purchase more products.
Maybe some employees made more sales than the others. POS is the best way to keep track of it all. Using that information the owner can introduce monthly employment awards with certain rewards to encourage the employees to work more efficiently. Furthermore, employees can also check for themselves if they are hitting the quota they aim for every month. They can check if they are fulfilling the customer’s desires just as they plan to do so at the beginning of the month. Maybe someone is also checking if they could potentially be announced the best employee of that particular month.
So to sum it all up, POS is a system that enables a business to identify it’s revenue, calculate taxes, increase employee performances, and make the small things easier and faster for the regular working staff. You can apply for Jio PoS for your business which comes with pre-loaded SKUs for easy billing and also provides 56 Days complimentary welcome pack.