While a clunky old cash register might still come to mind when we think ‘checkout’, in reality, our point-of-sale (POS) systems now do much more than simply process sales. As we move closer and closer to a cashless society, POS systems have evolved from these traditional cash registers and stationary credit card readers to iPads and even mobile- or cloud-based POS systems.
But more than just a change of payment processing device, the POS system of 2019 is an integrated part of the entire business operations ecosystem – from your marketing activities, to your customer relationships, to your stock management, staffing, and more.
What does the POS system of today look like?
Integrated features such as detailed financial reports, inventory tracking and management, customer relationship management (CRM), operations reporting and payroll modules have all become standard features of our modern-day POS system, giving small businesses access to greater flexibility, control and intelligence than ever before.
POS systems are now also highly tailored to the needs of a specific industry – for example, cloud-based restaurant POS systems can allow users to split bills, quickly search items on the menu, track server performance, process online and tableside orders, report trends, track what menu items are selling well, and even train new employees.
Big data for small business
Big data isn’t just for big companies with big budgets. Small businesses now have affordable access to powerful data right at their fingertips – that is, from their POS systems. One of the biggest benefits of a comprehensive POS system is the ability to extract valuable information from transactions to help business owners make smarter business decisions.
POS software now offers robust data-gathering and reporting features that give you at-a-glance and complete overviews of your business. With the click of a button, your POS can provide detailed reports on things like volume analysis, top-selling items, revenue and profit margin optimisation, and staffing needs – everything you need to make informed calls for your business.
And, for the small business owner, a cloud-based POS allows you to view this reporting and sales data from any internet-enabled device. That means you can check in on your business when you’re not there – allowing you more time to balance your business and the rest of your life.
Targeted marketing, maximum results
POS systems that are integrated with CRM systems make it possible to dig in to what your customers’ buying habits are, see which customers are making the biggest impact on sales and whose loyalty is worth pursuing. This helps you funnel those all-important marketing dollars to the places you will see the best return.
But it’s not just about targeting. It’s also about adding a personal touch – you can use this data to personalise your marketing activities and nurture the customer throughout every touchpoint, which results in higher conversion rates and directly impacts your bottom line.
So, whether it’s linking management and inventory systems, or tracking customer behaviour, to presenting real-time offers at checkout for loyal customers, businesses that aren’t utilising these tools could be in danger of being left behind.
NCR Silver is the all-in-one POS, marketing and business management solution that can help grow business profits, make life easier, and save serious time for Small Business owners. To find out more about NCR Silver, head to ncrsilver.com.au