Point of Sales (POS) is where the transaction process held and completed at the given point of place and time. The cashier will calculate the amount price for the service / goods the customer owed then the cashier will prepare the invoice to customer, giving them options to make the payment. The goods are exchanged along with the payment and the cashier will issue the receipt as a proof of completed transaction.
While one or two processes of transaction might not be a problem to deal with, there would be a problem when the cashier handling a lot of transactions at one time. The POS system helps you with dealing with this kind of problem, A POS system is computer software and hardware networked together to track sales and inventory as they occur.
There are many reasons why your company needs the POS system for your retail business:
- Speed up the transaction process. If you use barcode scanner in your POS system it will significantly speed up the transaction process. This will give the customer a convenience to pay and increase your transaction quota per day.
- Analyze the sales data and adjust your stock accordingly with the history. The POS system can help you calculate your ROI (Return of Investment) by analyzing the best-selling products, which store location that has the most successful transactions per month. Using this data, you can take you management actions such as next marketing strategies, choosing the best sales person, etc.
- Reduce your losses. The POS system tracks every inventory in real time as well as your every item’s price and when you need to change your price for a particular item, you only need to do it in one place and it will update to your another POS system and inventory system. This means your prices are always consistent, This way, your customers will never have to check whether they are cheated because of the difference in price in other location.
- Increase efficiency and eliminate human error. You do not have to manually keeping track of your stock balance, POS system automatically enter sale information straight into your inventory system so you do not need to check it again between the sales you have made and the one you have in stock.
- Easy to use. You can look for software and hardware with low learning curve, while most of the recent software generally are easy to understand.
- Security. A lot of POS software comes with the good security program using the staff ID or even biometric identification. This security measures will help the management to limit the staff who are using the POS system to just authorized trained staff.
Although the implementation of full-fledged POS system might takes a lot of investments in time and money, but after 1 or 2 years, you might achieved a lot of benefits and money to save.