The way that consumers shop is changing, and your point of sale (POS) system needs to reflect that. Customers want their shopping experience to be seamless and efficient. Business owners want to know as much as possible about their customers’ shopping habits, wants, and needs. A great POS system provides all that and more, but many business owners still rely on POS systems that don’t offer them everything they need.
How to Identify Your POS Needs
Before you examine what, POS system is right for you, take stock of what you need to run your business effectively and efficiently, as well as what your customers need and want from you. Take a look at what you and yours customers should add or want to avoid at POS. This self-reflection may require changing your existing practices but will eventually lead to maximizing shopper satisfaction and profits.
For example, you may be overlooking the importance of a customer loyalty program. This is a feature of advanced POS systems, like those provided by Korona. While you may not have considered this essential for your business before, studies show that that loyalty programs help customers build a relationship with a brand and make them more likely to shop there. Currently, 90% of companies have some loyal program, so it may be time to start thinking about adding or updating a loyalty program to your business.
Choosing the right POS system can bring significant positive change to your business. The right POS system can build brand loyalty, maximize profits, and shrink labor hours. Business owners are sometimes daunted by the advanced technology and myriad of features offered by advanced POS systems, but the right POS system for your business will make everything much easier and more streamlined, rather than more complicated. Although self-reflection on what your business and customers need is helpful, there may be aspects of POS that you don’t even realize the importance of yet. After all, POS systems are expanding their capabilities and getting more advanced every day. Here are some of the key aspects you’ll want to see in your POS system.
Analytics
One of the aspects of POS that has seen the most change in the past decade is analytics. You want to make sure that your POS system has the analytic capabilities to help you make smarter business decisions and understand your customers’ shopping habits better. Advanced POS systems can capture real-time analytics to help you price products better, develop better promotions and sales, and stock your shelves to optimize profits. Some POS systems are even integrated with cloud computing so that you can check POS analytics anytime, anywhere. POS analytics can also be used to collect KPI reports on everything from foot traffic to average transaction amounts. With more advanced analytics, you can save time on crunching numbers and spend more time engaging with customers.
Security
Another concern customers and business owners share are security. Customers don’t want their information to be stolen off of your POS system by cyberattacks, and you need to build customer trust. The most common targets for cyberattacks on POS systems are credit card terminals, internet networks, and POS endpoints. Cyberattacks are getting increasingly sophisticated, so it’s vital to make sure your POS system is updated to combat them and keep your customers’ information safe and secure.
Security is a vital aspect of a fantastic POS system. A great POS system could be the difference between a secure transaction and a major breach of privacy. Make sure your system has encryption, multi-factor authentication, and user controls to prevent cyber-attacks. When choosing a POS system vendor, it is critical to select a vendor with excellent customer service and 24/7 support in case of a security crisis. You should also look for a POS system that offers automatic software updates, so your system can be as secure as possible without you even having to worry about it.
Ease of Use and Integration
Lack of integration is an important issue that slows down the sales process, makes it tricky to keep track of inventory, and potentially leads to a loss in sales. This lack of integration usually occurs with payment options (ex. your POS system cannot accept Apple Pay) or in converting physical inventory to digital records that can be accessed from anywhere. You don’t want a customer to miss out on a product that they were hoping to purchase just because your inventory hasn’t been accurately updated.
Ease of use is one of the most vital aspects of POS for any industry. Fast transaction speed and integrated payment options are crucial to making more sales and keeping customers happy. The world is an increasingly fast-paced place, and customers don’t want to wait for their purchases.
Another great way to increase ease of use is by integrating with an e-commerce store to allow customers to shop in-store and online. If you’re in the food service industry, you can use your POS system to even create an online menu that can be constantly updated to reflect inventory. Another feature you should look for to make POS as simple as possible for your customers is loyalty programs. Loyalty programs make it simpler for customers to pay for their purchases at POS, whether through store cards or a rewards program, and often lead to customers spending more at your business.
Flexibility is a key component of easy use. Flexibility is especially vital if your business is in the food service industry or any custom-design industry. You never want to be unable to offer a customer the combination of products or custom orders that they desire. You want to be sure that your POS system allows for easy order modification, product combination, special pricing, and multi-store cross-promotions.
There’s no better time to update your POS system than today. It’s time to make sales easier for you, your employees, and your customers. A great POS system will save you time, money, and energy, while also taking your customer’s experience up to the next level.
