The 5 Best Cost Justifications for a POS System
In our day and age, retail automation has reached a new pinnacle of efficiency with the POS system. It is the harder, better, faster, and stronger version of its predecessor – the cash register. One of the most important questions we hear from people, though, is the question of cost justification – will it be worth it? Will it improve my ROI? We’ve put together five of the best reasons that justify the cost of a POS system:
1. Increased Sales Potential
The nature of a POS system’s features vastly increases sales potential for businesses. Integrated Customer Loyalty programs and Customer Gift Cards both boost raw sales and help grow return customers. Integrated Email Marketing also enables you to target specific customers. A POS system’s speed of checkout helps overall efficiency while its inventory software can help optimize business decisions. One of the most important things about these features, however, is an increase in overall customer satisfaction, the key to developing customer connection.
2. Decreased Costs Potential
The biggest decrease in cost with a POS system is time. Combining information from multiple POS stations, automatically posting invoices to business accounts, and streamlining inventory ordering help save time. The most important of these is the impact on the inventory ordering process. A POS system can highlight which products are selling the most, the quickest, or the slowest. That these statistics are updated in real time means that purchasing decisions are easier to make, which means you don’t waste money ordering slow-selling product.
3. Employee Efficiency
Implementation of a POS system reduces the need for older cash registers numerically, resulting in a decreased need for labor. This is where the automation factor kicks in – simultaneously automated organization, inventory control, and ease of transaction processing optimize the checkout process for employees. Whereas an old-fashioned cash register system requires noticeable manual labor, a POS system eliminates tedious hand entering and speeds up the retail process, not to mention better accuracy. Running your POS system with a barcode scanner makes the process even quicker.
4. Customer Connection
A good bond with customers is essential in developing returning and repeating business. Shorter lines, quicker checkout, and the customer connection created through loyalty programs and gift cards all help build a better relationship with customers. Email Marketing features will also help you keep in touch with your most valued customers. This is both better for short term ROI and long term business stability.
5. Overall Business Efficiency
Whether it’s speeding up the checkout process, encouraging return customers, or optimizing inventory, a POS system helps improve your business in many ways. You’ll spend less time checking your inventory and your cash registers. You’ll spend less time trying to get customers to come back. Hopefully, you’ll spend more time counting your profits.