When you take a quick look at POS in retail, it does not look an important tool for a business. This is because most people including retail managers do not know how to use the system correctly. The lack of knowledge can cause loss of profit. Here are five important tips to help retail managers use a POS system effectively.
1. Streamline the Inventory Procedures with a POS System
A POS system can be used to track every item that your business has. This makes it easy to have a clear record of the inventory, which can be updated within seconds. While there are many ways that items can be lost, a POS system provides the closest inventory count possible.
2. Limits Opportunities for Theft
A POS system can have built-in safeguards that limit the amount of opportunities for theft. This can help limit cash theft because there is a limit on the amount and types of transactions that can be voided. There are some systems that stop the No Sale function from opening the cash drawer, and even needing a management log-in to approve exchange, returns, and price adjustments. These steps can lower theft by employees significantly and saves your business money.
3. Remove Unneeded Items from the Pay Screen
A lot of businesses have POS pay screens that have features that are unneeded and are just slowing down the check-out process. Many times, having to use these unnecessary features cause holdups at the checkout, which is annoying. Longer check out times can make customers question if they want to shop at your store in the future.
Cleaning up the pay screen so that employees only need to ask for a rewards card and payment method can speed things up. This can help allow the lines to move faster and makes the checkout process for your employee easier.
4. Create a Rewards Program with the System that You Have
Many POS systems allow businesses to create their own customer loyalty program. This is easy to do and can remove the need to ask for an email address or other information during the check out. A reward program can also improve customer loyalty because they know that they can earn a discount or free items at your store.
5. POS Systems Can be Used for Payroll
Time theft is becoming more common, especially when a business is still using a time clock or other older system. This can cost a business thousands of dollars every year. A retail pos system can be used to check who is working and when. This is because employees have their own login information and need to login to the cash system before they can use it. This also stops employee theft, because you can see what items are bought at each cash, when, and who the cashier was.
POS system is an important piece of equipment for a business, especially when shrinkage is a threat to a businessâs bottom line. However, POS systems can help limit the amount of shrinkage that a business is exposed to.