The NCAS, Association for Convenience and Fuel Retailing reports that 63.1% of the retail industry in the country comprises of convenience store outlets operated by owners of single establishments. These retail stores also captured 21.7% of the food service sales in 2016. Perhaps, the basic feature that contributes to the popularity and success of convenience or c-stores as they are also called is the speed with customers can complete their shopping.
The NCAS estimates that the average time taken by each customer to enter the store, choose the products she needs, pay, and leave the store is just 3 to 4 minutes. And, the one piece of equipment that makes speedy transactions possible is advanced POS systems.
Whether you’re running a convenience store or any other retail business, you’ll find that using POS systems can streamline business operations. This indispensable piece of equipment provides you with a host of other features that you’ll find highly useful in running your store. And, if you aren’t ready to invest in a new and possibly expensive gadget, opt for second hand POS systems.
1. Speeding the Checkout Process
In today’s fast-paced world, customers appreciate businesses that can process their purchases quickly. By scanning product barcodes, you can quickly add up sales and conclude the transaction within minutes. POS systems help you by keeping a record of regular customers and the items they are most likely to pick up. As a result, you can offer them gift cards, online offers, discount coupons, and other store pricing deals that they can redeem at their next visit.
Connect your POS system with inventory tracking software and you can instantly get updates on the goods that are being sold. Accordingly, you can place orders for fresh goods to ensure that you have a ready supply to cater to demand. You’ll also receive real time information about the fastest running products and their vendors making stocking a streamlined process. An added advantage is that you can track the movement of goods from their arrival to exit eliminating the possibility of losses from shoplifting. Recording returns and exchanges of products is also a lot easier since they get added to the inventory instantly.
POS systems help you create a closer connection with your customers by integrating with client software such as Customer Relationship Management (CRM) solutions. They help you form a better understanding of customer spending habits, and product and brand preferences when shopping in a physical retail store, online, or over a mobile phone. Offering a personalized shopping experience gives you an added edge over the competition allowing you to build a dedicated clientele that is likely to choose your store above others.
4. ECommerce Integration
If you would like to take your retail business online, POS systems allow you to make the integration smoothly. This equipment can coordinate the operations of your physical and online stores by keeping real time records of the goods being sold and available stocks. In case you would like to make adjustments in pricing or add discounts or other offers on specific products, you can make the necessary changes that will apply instantly to your entire inventory.
5. Complete Security for Customers
Using advanced POS systems can ensure that you keep your customers’ credit card and other sensitive information safe and secure from accidental leaks. Like the Digital Guardian reports, you can keep the software updated with patches to protect all data passing through the system. Encrypting data as soon as it enters the system can safeguard information until it reaches the payment processing agency.
6. Eliminating Possible Human Error
Using automated POS systems eliminates human errors in entering and recording figures when computing sales. You’ll also save on the cost and time involved in identifying the errors and correcting them. And, given that fewer employees are needed to man the checkout counters, you can divert this valuable resource towards the store floor so they can help customers with purchases.
7. Managing Accounts and Computing Taxes
By integrating the POS systems with the store accounting packages, you can update records and compute taxes with every sale, purchase, exchange, or return. This feature proves to be highly useful at the time of computing taxes and filing tax returns.
For any convenience store owner or retailer, POS systems are fast becoming an essential part of business operations, helping streamline the functioning of the establishment. You’ll also find that having access to updated information with the click of a button helps you make quick and thorough business decisions giving you that all-important edge over the competition. Use this equipment in the day-to-day running of your store and you can offer smoother transactions and better customer service.