Need to Improve Business? How POS System Upgrades Can Be Beneficial
As the saying goes, “if it ain’t broke, don’t fix it”, so why should you upgrade your point of sale system? Consumer behavior has changed over the years, and businesses need to keep up in order to stay relevant.
Statistics show that people are no longer staying with the same brands, with 75% changing shopping behavior over the pandemic. Shoppers want to buy products that are in stock and available everywhere, whether online or through a physical store.
So in order to meet demands, a business should have technology that can handle multiple sales channels, or risk losing sales. Outdated hardware, lack of integration, and limited reporting are signs that your POS system is no longer serving your business needs.
This is why upgrading your business technology will be the best thing that you can do to ensure long-term success. Read on to learn how POS system upgrades can benefit your business.
What Do the Latest POS Systems Have?
The first-ever POS system might have been the cash register. But today you can choose from a range of products to suit your business.
Generally modern POS systems include:
- Hardware such as a register, card readers, scanners, tablets, and printers
- Cloud-based software
- Software for payments and digital receipts
- Inventory management and reporting software
- Seamless integration between applications
- Software to track employee work hours and performance
It may seem like a big task to upgrade everything. However, new software can make your current setup more efficient.
This is because the software is often designed to also support existing platforms like accounting software.
So rather than switching between systems and copying data across, you’ll be able to operate from one place instead.
Faster Checkout
Long checkout lines are a surefire way to turn away customers. But the latest POS systems can remove this problem by offering multiple ways to pay, such as mobile POS terminals.
Furthermore, tablets and other portable hardware can free up staff to better serve customers and do stock checks. Customers can also complete transactions on the shop floor instead of lining up at the checkout.
Another advantage is the portability with newer POS systems, which is ideal for pop-up shops and promotional events out of town.
Inventory Management
Shoppers are buying online and in-store, which could lead to problems if your system is not updating stock levels properly. This is why a new POS system upgrade can help keep information accurate and customers happy.
Some key advantages of a new inventory system include:
- Syncing web sales and in-store purchases so that both customers and staff have access to actual stock levels
- Auto-tracking inventory which reduces the need for manual updates
- Data to help stores identify shopping trends
An inventory system that’s built-in to the POS system will make the management of stock more efficient and cut down on costs.
Excess stock that’s been left on the shelf or overlooked is costly but can be avoided with a system upgrade.
Customer Loyalty
Statistics show that email marketing “generates $42 for every $1 spent”. So if you’re not directing marketing efforts on existing customers, then you could be leaving money on the table.
A decent POS system should not only collect customer details but should also capture data on shopping habits.
If you want to create an effective marketing campaign, then you need the right tools to gather customer insights.
Consider whether your current systems are falling behind – do they work with the latest marketing software? And if not, then how much is this costing your business?
Plus, an updated POS will give your staff access to purchase histories, allowing them to recommend the right products and look for upselling opportunities.
Features such as creating a rewards program can help incentivize customers to keep coming back.
Employee Performance
Managing work hours and employee performance can be difficult. But advanced software can help to automate most of the process and improve accuracy.
Software upgrades can include employee profiles and interfaces designed to make scheduling work hours easier.
You’ll be able to access key data on staff performance, hours worked and evaluate whether sales targets are being met.
This can give you better insight into the overall performance of workers, which will allow you to pinpoint areas that need to be improved.
Less Administration Work
Keeping on top of paperwork and repetitive administrative tasks can be frustrating and prone to errors – this is where modern POS systems can help with automating manual tasks.
Additionally, paperless receipts and discount codes can easily be generated and saved onto the system.
You’ll be able to streamline the invoicing process and automate repeat orders of items that are low in stock. All of which will save you time and allow you to dedicate more resources to other areas of the business.
Access Data From Anywhere
The pandemic has seen an increase of employees working from home, with permanent hybrid-working now the norm. Businesses that still keep their data onsite will find it hard to adapt to these new working arrangements.
This is why a cloud-based system is essential in protecting your business. You and your employees will have access to data from anywhere, and you’ll have peace of mind knowing that your business information is secure.
Improve Business With a POS System Upgrade
Your point of sale system is one of the most important parts of a business, and holding on to outdated solutions will only hinder your growth.
If you want to improve business, then upgrading your POS tech will give you an edge over your competitors.
Whether you plan to implement a complete upgrade or a partial one, getting practical advice from a specialist vendor will help you make the best choice.
RedIron is a team of experts that helps businesses successfully integrate POS systems and more.
Contact the team today for a detailed evaluation and guidance on custom solutions just for you.
