Point of Sale software solutions are much more than mere tracking and billing tools. They also help boost retail operations by enabling you to make strategic decisions.
POS solutions provide comprehensive insights. They unveil a great deal of information on how various areas of your retail operations are doing. Using this, you can boost retail activities and revenue based on accurate metrics.
In this article, we discuss the 5 business-enhancing insights that Point of Sale solutions provide.
Best-selling products
All the products in your inventory won’t have the same demand. Some products may sell more quickly, while others may have a lesser demand. It is crucial to understand and identify the scope of each product. It helps in managing your inventory.
When you restock your inventory, you must prioritize the purchase of fast-selling items. Otherwise, you may end up with an overstocked inventory that contains items customers don’t purchase much.
Point of Sale software solutions seamlessly crawls and analyzes customer purchase information in its database. It then generates a comprehensive report on what items are selling the most, and what items are selling the least.
Shopping experience
Maintaining a sufficient stock of products that your customers like results in greater customer satisfaction. That drives more customers to your store. Besides that, you must also focus on the shopping experience of customers. It is another major factor that determines the number of footfalls your establishment will have.
By identifying what your customers like about shopping at your store, you can improve them for better prospects.
POS solutions can collect feedback in the form of star ratings, smileys, and even comments. This will give you a clear picture of what you can enhance to boost customer footfalls.
Sales performance
The sales you collectively make every day can reveal how your business is performing. By tracking every sale you make, you can consolidate them and process them into valuable insights. When you do this regularly, you will have enough data to compare your retail store’s performance with different timelines.
Performing this task manually is immensely time-consuming, laborious, and error-prone. This is one of many areas where POS systems prove their superiority over manual tools like spreadsheet software. POS systems automatically track every sales transaction. After that, they can be configured to generate comprehensive sales reports on a daily, weekly, monthly, or yearly basis.
Employee productivity
Your employees are key resources that help run day-to-day operations in your store. Each of your employees may have a specific work shift and particular responsibilities. Rewarding them for their dedication and efforts will help sustain and improve the quality of your operations. Besides that, it is also crucial to identify the challenges that employees face in carrying out their duties.
POS solutions track employee activity such as:
- When they enter the store
- When they exit the store
- How many productive hours they have put in
- How many leaves they have taken
This information is further extrapolated into easy-to-understand statistical reports. They can show you who the top-performing employees are.
Exchanges, returns, and refunds
It is important to know what aspects of your business are doing great. At the same time, it is also important to know what aspects of your business are underperforming. Products that undergo frequent exchanges, returns, and refunds are counter-productive for your business. It is necessary to identify the list of products that face this issue from time to time.
POS systems can present reports on products that are not faring well in the market. That includes exchanges, returns, and refunds. With this valuable piece of information, you can make an informed decision to curb the problems associated with the product.
Conclusion
Your retail store gathers large volumes of data every day. You sell various items, restock items on shelves, process transactions, and more. When you track all of this data, you can identify trends and patterns in your business. This helps you explore new business opportunities, enhance existing operations and eventually boost your store’s revenue.
The best way to gain insights into how your business is doing is by investing in a POS solution.
SmartPOS is an incredible POS software from SmartPoint that is cloud-enabled, feature-loaded, and secure. You can view a live demo of how it works by contacting them. Reach out to SmartPoint today.
