You have heard all of the hype: revolutionary technology, money-back guarantees, and more. The simple fact of POS technology, however, is that while many options exist, most do not live up to the hype the precedes them. Free solutions, low-cost solutions, and even some premium solutions can fall flat and will often cost you more than the promised savings that came along for the ride.
So what do you do to maneuver yourself away from POS platforms that are just hype? Can any of the small business retail POS systems on the market today deliver on their promise of increasing your profits? These questions make it very tempting for a small business owner to sit tight and to continue to do things the way they always have. However, this would be a mistake, and would only prove to exacerbate the current challenges that you face. Here are the top 3 things to look for as you start your search.
1. Affordable, Accessible POS Technology
The mention of the word “technology” often invokes visions of sophisticated software and equipment. It can also invoke visions of thinly stretched budgets and features that do not apply or are too advanced to understand. These assumptions could not be further from the truth; the simple fact is that cutting-edge POS technology is both affordable and accessible to small businesses of any size, or in any industry, making it advantageous for you to pursue the many options available on the market.
Having the opportunity to implement Enterprise-level technology while staying within a small business budget is a crucial win for entrepreneurs. The top retail POS systems on the market will provide you with the ability to implement just the features that you need but will keep the door open to add more as you grow. This ensures that your solution scales alongside your budget, allowing you to stay ahead of the technology curve and a step ahead of your competition.
2. Advanced-Data Management That Places Powerful Analytics in Your Pocket
Another advantage that a retail POS solution will provide is its ability to manage and analyze data. With data now the de facto gold standard of the world, you will want your POS solution to have the ability to gather data from all areas of your business, securely store this information, and present you with innovative ways to view and analyze it all. The great thing about this is that, regardless of the scale of your POS solution, you will still have powerful data analytics tucked under the hood.
A key part of being able to sift through all of your data is having it all be in the same format and in the same place. The data from your inventory scans should be in the same format and system as the transactions from your registers or online sales. It should all be stored in one, centralized database in the cloud to maximize accessibility and to ensure its security. This gives you a foundation that will have you feeling confident in the reports and trends that it identifies.
The ability to access accurate and integrated data will present you with multiple options to build a more powerful and attractive customer experience. Trends in product preferences, as well as subtle hints—such as online product views or rate of returns—will easily and effectively give you a clear path into the minds of your customers. In turn, you can develop a personalized approach towards the inventory you carry, as well as a more personalized overall shopping experience.
3. Features That Can Help Increase Sales Conversions
It is only one part of the battle to get customers into your store or onto your website. The second half of your battle is one that involves getting a customer to click on the “buy” button or to carry their items to your checkout counter. Using a POS solution to turn online product views and window shoppers into sales can yield a drastic increase in sales conversions. The data you gather can be leveraged to track customer reactions to your various products, allowing you to make subtle adjustments.
Here’s an example of what one of these adjustments could look like. Your latest shipment of widgets was met with an initial surge of purchases. However, a month later, while viewing your monthly inventory report, you notice that the sales of widgets largely stopped. Upon closer examination, you notice that the description on the shelf matched the last version of widgets and not the current. Once updated, sales begin to surge yet again, which is reflected in your sales conversion rates.
There are many other potentials where a POS solution can provide a boost to sales conversion rates. Monitoring staff sales performances can yield a startling insight into an employee you thought was holding their own, when in fact they have been floundering. You can then quickly intervene, getting this employee some additional training or coaching to help them build up their numbers, not to mention helping them to regain their confidence in front of the customer.
Small Business Retail POS Systems Will Drive Your Business Forward
The advantages that come from having modern POS technology under your roof far outweigh the costs. And, as POS technology has advanced, so has its affordability and scalability. This means that an innovative POS system can be sized to fit any size or type of business, from farmer’s market stands to bustling clothing boutiques. But before you commit to a small business retail POS software solution, it is important that you engage a point of sale professional to ensure that the solution you seek fits like a glove.
Partnering with talech for your small business retail POS system needs gives you the specialized guidance you need to make an effective decision about the technology you rely on. We see our engagement with you as an investment—one that yields benefits for you when the right set of POS tools are put into place. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.