Pet boutique finds more than point-of-sale capabilities in new system
Retailing is and always has been a tough business. Merchants work long hours, buy, stock and sell merchandise, try to keep customers happy and loyal, deal with staff and taxes — and hopefully make some money.
One of the major components of retailing is having an efficient point-of-sale system. Except for the smallest independent stores, long gone are the days of manual cash registers that rang up a sale and printed paper receipts to be added up at the end of the day.
Today’s POS systems are high-tech, allowing retailers to not only conduct transactions (from multiple stations, in or out of the store) but record data and provide sales and inventory information on demand in real time. Many store that information in the cloud, making it accessible from off-site devices.
The ability to get an up-to-date analysis of inventory levels and velocity of item sales means retailers can more efficiently manage their “open to buy” and re-stock merchandise when they need it to meet customer demands.
It also provides retailers an assessment of what they are selling when and at what price, which helps in determining staffing schedules, setting prices and evaluating and maintaining profits. From a marketing standpoint, a POS system also allows retailers to develop and better “mine” a database for outreach, as well as loyalty programs that can tailor offerings to customers based on their interests and preferences on a timely basis.