Introduction
The era of using a cash register, pen and notebook for accounting and processing transactions is no longer an effective means of meeting up with today’s advancement in business technology. In view of this, competitive businesses have to adapt and change with emerging technologies.
A technological advancement that businesses are now using is the point-of-sale (POS) system.
Point-of-Sale (POS) systems are simple, yet incredibly effective technologies that literally revolutionized the food service and retail industry. A robust, high-tech POS solution can bring innovation to your business and positively affect your work environment in countless ways. A great POS system will save your customers and employees a lot of time, increase your revenues substantially and save you a lot of money. This computerized system will also open the door of innovation for your business. Newer POS systems are now jam-packed with features that can help you build long-lasting relations with your customers. They improve your marketing strategies and collect data, which you can later analyze to optimize your business.
Benefits of a Good POS Technology
Let us examine the three most important ways in which good POS technology can save you a lot of money.
#1. Knowledge is Power – The Importance of Big Data
To manage a business most efficiently and make it run smoothly, you need to know its strengths as well as its weaknesses. In order to do so, you need quick and easy access to the required information such as number, statistics, and facts. This is a better alternative to relying on your instincts like many old-school shopkeepers still do. Data collection can be a time-consuming process which may require a lot of effort. Although manual sorting through all these numbers is simple, the errors involved may cost you a lot.
One of the best features of modern POS tech is the collection of all your business data instantly and electronically. These include sales by the hour and type, the number of customers, food and labor costs, items sold, discounts and a lot more. They give you access to the popular “Big Data,” allowing you to learn and understand about your numbers with a practical approach. Point-of-Sale (POS) systems can provide you with accessible reports that will streamline the process of sorting through your expenses and taxes. Besides, they define your marketing strategies and plan your future promotions and deals. There are some well-defined Key Performance Indicators (KPIs) to assist you in knowing how well you performed. They have been designed to bring you a step closer towards reaching your goal.
#2. Improving Customer Experience – Making Them Happier
It is difficult to prove the fact that happier customers make successful businesses. An instance of this is when you run a quick ticket business like a brewery or coffee shop. Some POS solution can substantially improve your customer experience with specifically-designed features. These features can also increase their engagement. Imagine if your restaurant guests could look at their order status in real time and make their reservations online. You can also imagine them enjoying their waiting time while watching some food pictures.
Patrons in cafeterias may be enticed with charming menus that can be customized as needed. They can display your amazing food, an enthralling upsell or a convenient next-week-only promotion. This will in no doubt convince them to come back again.
If the POS is integrated with iPads and tablets, servers can take orders to customers on the spot. This will help reduce mistakes and waiting time. It will as well turn more tables and improve the quality of the service. The quicker your service and the better your customer experience, the more likely a customer is going to come back. Loyalty programs, coupons, and gift cards can be easily programmed with a few clicks. They give you an easy method for strengthening your bond with your guests and expanding your brand exposure.
#3. Making Your Business More Efficient
Improving operational efficiency can save you a lot of money. An advanced POS technology can help you smooth your everyday operations in a lot of different ways. Besides its many benefits, it can also increase your business and please your customers. Here are two quick examples of how a POS can help you run an eatery:
Order speed and efficiency – For many years, a traditional order system was the only way to go when completing sales in a store, shop, or restaurant. This system requires your server to go to the table and physically write down everything after talking with the guest. An automated order, on the other hand, comes to limelight with the advent of technology. The guest can send it by clicking on a table menu. It can also be done online through the phone. It helps to cut down the time from a few minutes to just a few seconds. The easier it is to read the tickets, the easier it will be to achieve high success rates on orders. The more orders you can take and process correctly, the more money you can make.
Order Accuracy – the more customers you have, the more hectic the workload can become. For instance, servers must run back and forth while cooks may need to prepare dishes in a matter of minutes. It may eventually lead to serious and unavoidable mistakes. Assuming you avoid one mistake a day, and this error costs you $7, you’re saving more than $200 every month.
Conclusion
As you can see, choosing the right POS for your retail or online store can help you save a lot of money beyond what you even expect. Although many of these solutions require an upfront expense, they are very cheap in the long run. Their cost will also pay itself as you watch the savings start to stack. The benefits they bring to staff, customers and mainly to you most certainly can’t be under-estimated. We are rapidly approaching an era of full digitalization. Possessing the right “tools of the trade” involves having the most advanced and reliable POS technology.
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