There are basically two ways you can improve your retail profit margin – spend less or earn more per sale. Both outcomes are the result of being smarter in the way you run your store and engage with your customers. Retail store point of sale systems can help.
Experience will tell you there’s little luck involved in improving our bottom line. Every extra item that gets sold passes through a system of decisions that place it before a customer’s eyes and then get it tucked away safely in their possession.
If you acknowledge that reality you can boost your profit margin by investigating a retail store point of sale system. These digital platforms help you make more informed, better decisions at each stage of the product journey from purchase order to payment transaction.
By modernizing your register and POS you’ll actually find them ticking over more regularly.
Data Science for All
Your retail store point of sale system already sits at the heart of your business. Every sale you make passes through it, every successful decision is reflected in it. What the new breed of digital POS systems can do is wring every possible piece of information about your store out of the transactions that flow through them.
And it’s not just raw dollars and shirts it counts. You can record customer information, any requested alterations, time and seasonal data, customized discounts and packages offered, and other information that led to the right customer finding the right item.
This is the same sort of information the big, loud digital companies employ to feed us advertising, cultivate our attention, and earn our money. You can use it too. You can use it to improve your profit margin by making your retail decisions smarter.
Ever Vigilant Retail Store Point of Sale Systems
This isn’t new information your digital POS system is discovering. This data was always moving through your workflows, it’s just impossible to catch with basic inventory lists and human perception. But your digital POS system can collect it all.
It allows you to cut through your own biases about what are your “best” items and instead focus your business mind on what sells best and to whom. You can then couple this information with your own retail insights and know-how – and don’t forget, your POS system is there to serve and inform you not run the show.
For example, your POS reporting may tell you that customers who buy certain styles of dress are more likely to purchase accessories. Hence you might consider placing a display of costume jewelry next to a section carrying designs for late teens. You could take it a step further and start offering customizable bundles of items, say silver earrings with black evening wear, or clutches with below-the-knee gowns. Not only does your POS system feed you this information, but it can also accommodate the adjusted flow through your inventory so that the profit from bundled items isn’t lost within an immovable accounting program.
A comprehensive digital POS system will give you the flexibility to follow cost savings and increased sales wherever they hide in the online and in-store worlds.
Linking Online and Main St
Every retailer knows there’s a huge benefit to having an online presence. It may, in fact, be critical to lasting growth. Retail store point of sale systems can help smooth the divide between the digital and the personal, and guide you toward a more profit-aware balance of the two.
For starters, if your in-store POS or register is equipped with a simple yet powerful iPad display it can operate as a self-serve or staff-guided tour through all the possible styles, colors, variations, and old and future stock. The digital realm is a limitless one, so you can take a customer’s initial interest and pursue it across the net until they find something with which to connect.
And the reverse is certainly true. Online ordering can begin or complete a customer’s journey with you, giving them the power to browse and mix ‘n’ match from the comfort of an otherwise dull office morning.
Meanwhile, your POS system can document the source of each sale and give you a detailed report on who likes to shop when and where, and what they like to combine to complete their shopping experience.
Ultimately, however, all a POS system can do is provide data. Turning that information into improved profit margins depends on your sales and retail experience.
Uncover Every Possible Saving
Employing a digital POS system is like hiring an auditor to watch over your business and point out all the ways you’re double-handling, over-ordering, wasting resources, and not capitalizing on customer curiosity. It’s a cold, digital appraisal of the way product moves through your store, but the difference is it’s up to you to partner this data with your own retail wits and find a solution.
Automation, data science, and streamlined communications can only offer potentials – it’s up to you to turn a better understanding of your shop front into lasting profit margin improvements.
The POS systems created by talech are purpose-built for the retail sector. Our fully customizable hardware and software solutions cover purchasing, customer engagement, payment options, and even staff management to give you complete control of your business. If you sign up for a free demo you’ll get to see the value of a digital POS system for yourself.