Small business owners too often must operate while feeling surrounded by business world pressures. Increasing prices for the products your customers love, the influx of new payment systems, and the continued encroachment of Big Box retail into your bottom line are all working to squeeze your margins. You need to make decisive decisions about where to cut corners now, but without sacrificing the quality of the products and the service you provide.
As you examine the places in your store where costs can be cut, make sure that a thorough examination of the technology you use is on your list—especially your point of sale (POS) system. This is a place that should be a positive contributor to your bottom line. Thankfully, many small retailers have found affordable retail POS solutions that work as hard as they do.
How do You Determine if Your POS System is No Longer Cost-Effective?
In short, your POS solution should not be a place where costs are generated. Paying for support, or dealing with a security issue due to out of date software or operating systems is not a productive way to operate. So how do you know when it is time to pull the plug on your current POS infrastructure and upgrade or replace it entirely?
Here are a few easy to understand signals that it is time to put your current POS system out to pasture:
- You no longer see software updates or security patches.
- The POS vendor has stopped asking you to purchase extended support options.
- The costs of payment processing have forced you to place a minimum purchase amount to use a credit or debit card.
- You cannot accept emerging payment technologies like tap cards or eWallets.
- Your customers wish they could access your products after hours, from home, or other cities.
If any of these are true for you, then you are in need of a POS system refresh. But how can you afford this? Can you purchase a new POS system without breaking the bank? The short answer is yes. Thanks to the rapid evolution of POS platform technology, affordable and cutting-edge options are out there for you. There are, however, a few key capabilities that a retail POS solution must offer in order to maximize the financial benefits to your business.
Using POS Technology to Provide Modern Data Analytics
Data has developed into the new gold standard in the modern business world, and small retail is no exception. The ability to acquire, manage and analyze large amounts of data without the manual intervention that spreadsheets and clipboards require is a game-changer. The cutting-edge, affordable retail POS systems that are available for you today present you with these options, as well as the next-gen technology to store and report against this information.
Taking a page out of the operating handbooks of your larger competitors is not just realistic in terms of price with the implementation of modern POS technology into your store. It is a way to level the playing field so that you can gain the same deep insights around customer purchasing trends, staff productivity, and inventory management that the Wal-Marts of the world get to enjoy.
Leverage Data Analytics to Build Better Customer Understanding
Any POS platform you choose must be able to deliver a customer enticing experience based on the data you obtain and analyze. It should give you a variety of ways to run reports from anywhere in your store, and ideally from the convenience of an app on your smartphone or tablet. This gives you in-depth visibility into what your customers are looking at and can aid in determining the future of how you manage the products you stock.
Discovering product trends as they evolve is a crucial benefit for small retailers, especially those with space limitations. You can readily view the items that are seeing slowing sales, allowing you to place these items on special to clear out the remaining inventory. Also, you can gain a clear sense of where your customer tastes are turning towards, giving you valuable time to introduce new items based on exhibited changes in product tastes. In a business era where the value of data is that of gold, you must have a POS solution built on the power of data.
There is Guidance Available to Find the Best Affordable Retail POS System for You
Making the right choices about what POS features and functionalities you must have requires an intensive amount of research. You must be able to understand the strengths and weaknesses of your business as they are and define goals for improvement before seeking out a solution. You would also need in-depth knowledge of the latest technological advances and how small businesses are using them.
Getting guidance through this complex process is not only smart, but it will save you time and money. Starting from scratch with a solid foundation gives you stability from the start. This allows you to focus on the customers and not on a server parked under your desk. With cutting-edge technical capabilities at your fingertips, you can finally compete with the big boys but without spending the big bucks.
Seeking the guidance that talech can offer to you will improve how you operate to level the competitive playing field. We will introduce the cutting-edge POS technology you need to improve the experience of your customers while reducing the stress of daily processes on you and your staff. Reach out to us today and engage us to be your expert POS resource.