Are you operating in the retail industry for more than a month? If yes, then you must have understood the importance of recording every transaction because of tight margins. Can you become market competitive with manual accountancy and bookkeeping methods? Will these traditional managerial practices would allow you to efficiently track and record all retail operations?
To cater these emerging organizational issues, competitive Point of Sale solution offers exceptional standard features for managing sales, inventory, customer data, sales record, and purchases. The recording and tracking of real-time data become efficient while facilitating retailers to focus on available growth opportunities. They are not only ideal for solving managerial complexities instead it also ensures high satisfaction of your retail customers.
After reading the benefits of POS solution, you must be thinking about it as a necessary investment in a retail business rather than a luxury. But still, there are some retailers that do not find the need of having POS systems in their stores. This is not the real reason! Actually, they are usually not tech-savvy and because they don’t understand technology creates a fear in them that they will not be able to use it. These outdated retailers have the common excuse that they don’t need retail software but in reality, they have a limited understanding of the restricted approach. However, if they aim to maintain their sustainability than they should become flexible in adopting demanded working patterns. They only have to select the expert IT consultants that can deploy a complete retail solution as per their business requirements and will also be providing them with adequate training.
The purpose of this article is to train you for the effective and productive use of POS. We will help you in understanding the four simple steps through which you can streamline your retail operations by using Retail POS.
- Standardization of Business Procedures
First, you need to standardize your business operations, impose a set of procedures to the employees and track their implications through Retail management software. This will improve quality by ensuring the flow of seamless management process. Because it will be optimizing your business procedures and linking
The procedures that require standardization are:
- Employee Management: The JDs of the employees should be clearly communicated to them and integrated into the Retail POS software. It should be recording:
- Employee Attendance (should be tracked on the system)
- Employee details (name, contact, position, education and required personal information)
- Employee Working Hours Distribution (they should be recording all of their tasks that have consumed their working hours)
- Leave Management (Employees should be requesting leave through the system and get approval through the system)
- Employee Training (Despite operating in the same industry, retailers have their specific working patterns because of the different followed approach. Therefore, these systems can be effectively used for promoting these specific workflows by creating a training section in the employee module and assign a senior experienced staff member for training)
- Cash Management: The Retail accountancy software should be having defined rules of recording sales details, payroll data, and bank deposit information and should be recorded along with the name of the employee handling the transaction, it’s time and etc.
- Inventory Management: In order to track the inventory accurately across locations, it is important to automate retail operations. The standards of sales units either on daily, weekly or monthly basis can be easily set on the POS software or can be used for tacking the inventory. This information will be ensuring to sell the remaining items in stock before making new purchases. Retail Management System also helps a retailer in analyzing the lowest selling items in their stock that can be reduced by putting discount or any other promotional scheme.
- Supply Chain Management: You should be setting standards for the quantity and quality of the source products or related material and ensure their availability in the store for making it accessible to the customers in your retail management software.
- Customer Service: The guidelines of customer service should be uploaded in the Retail POS for ensuring the quality experience of customers. This will restrict the employees to deal
- Customer Service: The guidelines of customer service should be uploaded in the Retail POS for ensuring the quality experience of customers. This will restrict the employees to deal with customer s accordingly for training. Controlling customer dealing with the help of POS system will reflect professionalism and unity in business operations.
- Real-Time Data: One of the main advantages of the Retail POS solution is the accessibility to real-time data. It is better to use a single solution for managing your all business operations rather than deploying modules from different companies. It will help in tracking operations and remain updated with company finances. Moreover, the collected real-time data can help managers in making well-informed decisions.
- Improved Customer Experience: Retail POS software can easily store and retrieve customer credentials and history including their past purchases, preferences and etc. from the store. This feature does not only help in making repetitive orders of customers efficient by not asking for the same details again and again instead the stored purchase history of customers can be used for making effective predictions and related marketing plans. The system is also essential for maintaining customer engagement with the store by keeping them updated with the new collection, sales, and related offers.
These are some of the standard working procedures of a store that can be improved using the Retail POS Solution. Other than this, these POS solutions can also facilitate your specific store approach while these customizations are referred to as add-ons in the system. For example, if your store is giving customers the option of placing customize orders then you can add-on a feature in your POS for recording every little detail of the customer and assure delivering the desired orders. These systems will be restricting the customers from making unjustified customizations and reduce the chances of missing any given detail. So, do you think manual retail accountancy can compete with updated Retail Point of Sale Software that has now extended the accessibility and connectivity with the customers through cloud computing?