October 16, 2018 / GuidesFor Team
POS, also known as point-of-sale service or point-of-service, is a technology used in almost every type of business today. Whether yours is a small, medium, or large enterprise, it is impractical to manually sell your products or services to customers. Not only that it takes too much time and effort, but manual sale and inventory make your business vulnerable to theft and mistakes.
With point-of-sale, companies need not worry whether their employees are keeping accurate sale or if payments are secured. Adopting POS will require the minimum hardware and software components, which can be a combination of electronic cash registers, touch screen displays or PC monitors, barcode scanners, receipt printers, and scales.
To illustrate, Marshall Fisher, a professor of operations and information management at Wharton, reported that the U.S. food industry is losing an estimate of $30 billion a year due to poor and inefficient coordination.
While his study is specific to the state of the country’s supply chain, the presence of point-of-sale would reinforce coordination and collaboration within the company. Imagine how the volume of inventory stocks is streamlined to the number of sales made at the checkout counters.
Experts said it will not only give you a detailed report of sales and inventory. It also provides a statistical overview of which items are disposed of faster than the others; thus, aiding you to make relevant business decisions.
Point-of-sale is user-friendly. As companies adopt new technologies, both employees and customers experience the so-called “sales learning curve”. This process refers to the transfer of knowledge and skill between various areas or departments (e.g. planning, operations, purchasing, or sales).
According to a Harvard Business Review report, operational repetition makes processes more efficient, and it reduces costs over time. Because a point-of-sale setup is simple, direct, and functional, the learning curve is shortened. This translates to faster checkout time, shorter queues, secured payments, and of course, happy and satisfied customers.
In the 21st century, convenience and accessibility is king. This is why approximately 190 million Americans were projected to shift to or continue shopping online in 2016, according to a Forrester Research. This billion dollar industry is accelerating at a rapid rate due to the widespread availability of smartphones and other portable devices.
Mobile point-of-sale takes the basic principles applied in traditional POS with the need for wireless internet connectivity and dedicated devices like smartphones or tablets. Mobile POS is used by restaurants, supermarkets, bookstores, freight forwarders, and retail stores.
Mobile POS expands your customer reach because goods and services are delivered and paid right at the doorsteps. It expands your base because it can be used in multiple locations. Your sales representatives can engage with the customer in a personalized manner; thus, increasing the chances of repeat transactions.
Today, mobile POS accepts different payment sources like debit cards, credit cards, gift checks, and cash. Most technology providers offer security features like customer signature and synchronized delivery and acceptance tracker.
Things to consider in transition
If you have decided to adopt mobile point-of-sale into your business, consider the following points. How big is your business, and how many point-of-sale terminals do you need? What features do you think would be best suitable for your current demand? What is your level of preparedness in terms of transitioning your backend data to the mobile POS system?
You may want to check out the five most basic features of mobile POS such as multiple payment options, cutting-edge security standards, ability to integrate customer relationship management, barcode scanning capability, and compatibility with Apple or Android devices.
The point-of-sale software is a tool you can use to leverage manpower and increase efficiency. However, it is important to note that the effectiveness of point-of-sale is also dependent on the efficiency of backroom offices. Remember to assess your business’ strengths and weaknesses prior to transitioning to a mobile point-of-sale system.