The introduction of Point Of Sale (POS) systems revolutionised how businesses interacted and transacted with their customers.
As technology evolves, cash payments and registers are rapidly diminishing as shoppers are offered more diverse and innovative payment options than ever before.
Innovation used to be debit and credit cards. Evolution is now pay-and-wave processes, mobile payments, electronic apps, after-pay and even crypto-currencies across e-commerce channels or bricks and mortar stores.
More than 80% of shoppers now also use smartphones, tablets or some kind of digital equipment purchasing in stores.
Why bother carrying around the queen’s face on notes if all the options above are instant and easy?
44% of Australian consumers abandoned a sale in 2019 due to lack of payment methods online or in-store. That’s more than $13 billion in lost sales. Ouch.
Retailers have been forced to adapt to the modern trends of consumers by implementing digital POS solutions. Over the last few years, demand for these smart and user-friendly systems has soared.
According to a recent study, the market value for POS systems will top almost $100 billion worldwide by the end of 2022. That’s on the back of a compound annual growth rate of nearly 14%.
Why? Because POS systems are evolving from glorified cash registers into intelligent, integrated systems.
Retailers are embracing the improved capabilities that unified software companies like Spenda have implemented because they weaponised POS by expanding its connections and capacity.
So, how does a complete POS system benefit your business?
Customer Specialisation & Loyalty
Customers will return to businesses if they get excellent service and their shopping experiences are made quick, easy and hassle-free.
Complete POS systems can now track your customer preferences, favourite purchases, shopping history and credit balances to implement loyalty programs.
Before you think tracking your customer history is stalker-ish, don’t stress. Studies have found more than 83% of consumers in 2020 are willing to share their data to enable personalised shopping experiences.
Real-Time Inventory Management
A major issue for retailers losing sales is incorrect stock levels. Simple POS systems don’t sync to inventory in real-time.
If Walter wants a pair of croc shoes and you are out of stock and unsure of when it will be replenished … it’s likely Walter is going elsewhere to keep his dress sense questionable.
Complete POS systems monitor inventory in real-time across multiple locations. This removes the chances of depleting or miscalculating stock, resulting in lost sales.
Improved Returns & Refunds
Managing returns and purchases in a single transaction is crucial to a smooth customer engagement.
So, if Walter returns the pair of croc shoes because his family verbally roasted his fashion taste, he wants the exchange to be a quick and seamless experience.
Improved POS systems store all your sales, payments and returns into your financial software and adjust stock levels in seconds, not hours.
By having everything digitally stored, returns and reimbursements are processed faster while receipts and paperwork don’t need to be chased up.
It means Walter leaves your store satisfied, increasing the chances of your business retaining his loyalty.
Complete Financial Integration
It is estimated that 82% of retailers closing down is because of poor cash flow.
That’s not just revenue, but also the time it takes managing financial tasks.
This can take weeks to manage annually, require mountains of paperwork and repetitive data entry, which naturally leads to increased human error.
Complete POS systems integrate in real-time with financial software platforms, including MYOB, Quickbooks and Xero in seconds.
It also gives you peace of mind during tax time knowing all your data is grouped accurately.
Flexibility & Security
New and improved POS modules are tablet-based and user-friendly, meaning you can take it anywhere and everywhere with the data stored on a secure cloud-based system.
Owners can also assign their users different access levels and approve trusted admin users to manage key business functions.
By making this learning process easier, businesses are also saving time, resources and money by removing complicated training sessions.
Improves Efficiency & Revenue
Now that businesses are consolidating vital data within complete POS systems, they are better prepared to make smarter decisions.
These innovative POS systems benefit customer shopping experiences without them even having to enter a retail store. Consumers have easy access to your products and can make payments rapidly.
Not to mention, your POS is expanded, faster, more reliable and secure.
Change your system. Not your vision.
View a complete retail POS system with Spenda.