Retail stores use Point of Sale software today for considerably more than the role it played just a few years ago. While it still serves as a replacement for a cash register, good Point of sale software serves more deeply and usefully in a retail business.
The challenge for retail business is to drive the use of the software beyond replacing a cash register. There has to be a whole of business commitment to getting the most out of the technology investment from the owner through to the retail shop floor. This starts with a clearly documents strategy for support and active use of technology in each role within the business. If employees are relying on technology to perform their work then their respect will grow.
Education throughout the business is also important in successful use of Point of Sale technology, showing how proper use of the technology helps and the business and therefore the position of everyone who relies on the business for income. This will drive a sense of ownership over the integrity of the use of the system.
Here are some ways Point of Sale systems are helping retail businesses more effectively compete and grow outside of the traditional cash register facilities:
Stronger and more valuable supplier relationships. By providing a live or end of day feed of sales data, strategic suppliers are able to act as a more valuable business partner. Such a relationship can result is less floor stock in the retail store and thereby a more efficient stock turn. This improves the return on investment for the retailer. It also provides for a more certain supply chain for the supplier - a true win win.
Extended product range. Smart Point of Sale systems are able to sell 'virtual' or voucher based products, products which do not exist in the retail store but which are sold through the POS software. Examples include cell phone top up, phone calling cards, gift vouchers, movie passes. These can all be sold without the store carrying stock yet still earning a commission on each sale.
E-commerce link. Retail stores operating an e-commerce site can use their Point of sale system to help manage a single pool of inventory and thereby not have to rely on two sets of data.
Key KPI analysis. Good Point of Sale software will report for the business on stock turn, return on investment, return on floor space, return on shelf space, basket efficiency and customer conversion. These KPIs go way beyond the reporting ever available from a traditional cash register and some of the older Point of Sale systems.
These are four of the many strategic facilities available in Point of Sale software for retailers today. While many systems have the facilities, too few retail stores see the benefits.
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