Are you still storing all your money in a big box at the store counter? Well, you might be one of the victims of store robberies that we all read about in the newspapers. No? To keep it this way only, we have a capable software that will digitize all the operations of your store. Forget the brick and mortar structure, and move to modern store management in the post-pandemic world. The Retail Software Australia is your one-stop solution to move towards ultimate digitalization. Want to know more? Read on!
What is POS software?
POS or Point of Sale software can automate all the major tasks right from cash management to inventory recordkeeping in a store. Expect no error at all, as machines will conduct everything, without any fear of theft or discrepancy. The POS solutions also allow you to customize the store settings so that you have a custom build for yourself.
The new-age POS software has also gained immense popularity. The benefit of this system is that every setting is saved directly on the cloud and is accessed through the internet. These systems can be controlled from every device which can connect to the internet and use cloud-based software. They are very convenient to use for the merchant, especially for small and mid-scale businesses.
Why should you go for POS software?
This automated cash register called a POS software is bundled with several other features, leading to its popularity. Modern POS systems also have plenty of other benefits and features, as follows:
The first and foremost use of POS software is to maintain the records of everything that comes in and goes out of the store. It will create a complete and timely record of your entire sales, making it easier for you to see the profit.
The POS system is capable of taking over your entire sales facility. Even from the comfort of your own home, you can see what is happening at your store. Without any manipulation, all the sales data will reach to you in real-time, in sync with the inventory. There are many options and features related to sales report generation, which you can avail after installing the system.
Inventory management is very complicated and time-taking, which needs a lot of patience. Human error can always creep in while matching the record of all the sold items with the total purchased and remaining ones. POS system can bring to you, a record of accurate sales and purchase, with name, brand, supplier, SKU codes, colors, etc.
Sales Tax Accounting
POS systems practically do all your work, even the calculation of your sales tax. It notes the total sale amount of the store and does the estimation. It can also note the accounts payable and receivable.
There are better management plans at the POS software, showing your financial records as well. You can monitor how much others owe to you and even the due date. There is a provision to manage installments and interest rates, giving you a complete picture of your financial stand.
As you can connect the POS system to any other terminals of your office, even the back-server, all your data is stored in one place. Furthermore, the POS system can read all data through barcodes and credit card transactions, saving a lot of time and money on manual data entry.
POS software can analyze the sales made by each employee, have their separate profiles, and display their performance throughout the month. This makes employee management more effective and also boosts their confidence. You can also reward your best employee of the month, to encourage them.
As said earlier, there are various types of information readily available on the POS systems. This will help you as well as your employees, to know all that is happening in the store in an orderly fashion. Any risk of data loss is also reduced, this way.
With quick calculations at the cash register, customers will have to wait less in queues. As there is smartphones and tablets access, the workflow at the cash counter gets really smooth.
With your sales report, you can see the products that are highly in demand. The charts can be sorted from a high to the low category as well. This way, you can implement store offers, discounts, or even free sales on the less purchased products, along with slightly increased rates of the high selling ones.
Performance Loyalty Program
To retain customers, it is essential to keep interacting with them. A POS system is capable of storing all the details of your customers, thus notifying you of all their favorite products and frequency of store visits. This way, you can even choose the most loyal customers and give them some benefits. Furthermore, as a mid or high-scale business, you can also launch your own performance loyalty program with POS software's help.
What does market research say?
With the gradual shift of all business to an online mode during a pandemic, the market has seen a significant increase in the demand for POS software. The growth charts are also in, and they show a massive increase in the market shares of POS software.
The global market size of POS systems was about 8.2 billion USD in 2019 and is expected to increase at the CAGR of 10.1% over the next seven years. This growth is going to be reflected with a revenue share of 34.77 billion USD by 2025.
Tremendous demand is foreseen to come from all sectors, right from medical to hospitality, for a shift to POS. There are software and hardware facilities, too, available and upgraded for the vendors. The accessibility has increased, with full support from smartphones, computers, and tablets, running on Windows, iOS, and Android platforms.
With the overall analysis of the application insights, organization size estimation, deployment mode insights, regional insights, and end-user insights, several market reports are in circulation. All of them hint towards a massive increase in the global use of POS software. Thus, it is definitely the appropriate and next big change that you should bring to your store, to amplify sales, convenience, and profit.