Even though there are about 47 businesses that develop and provide retail POS systems in the U.S. these products represent one of the fastest growing industries in the country — and they’re one of the most essential items for businesses, too. Between 2009 and 2014, the U.S. POS software development grew by about 3.3% each year, and experts estimate that the industry generates about $1 billion annually. Many people are a little surprised that such a profitable industry isn’t in the public eye more often, but if you own a business yourself, you probably already know just how important good retail POS software is.
And if you’ve noticed recently that your store sales are a little lower than usual, your POS system could actually help you out more than you realize. Here are a few simple tips for getting your sales numbers up — all which happen to be even easier tasks when you have the right POS system installed:
- Determine the products that your customers want — and the products that they will want, and make sure to stock your shelves with those items. Some retail industries, like clothing stores for example, already have trends predicted months in advance, so it’s important to pay attention to those.
- On a related note, if a certain product or brand just isn’t selling — don’t put too much effort into selling it. Consumer buying preferences naturally change over time, no matter what you do. Regardless of how you end up getting rid of the items, don’t waste valuable shelf space on something that your customers won’t buy.
- Make sure that your transactions are as fact as possible; time is money, after all, and customers won’t come back to your store if they have to wait in long lines. Some business owners choose to bring in extra employees (especially around holidays, as “seasonal help”), but updating your retail POS system can also be helpful. Your current POS equipment probably has a lot of data recorded in it, slowing down the POS software, and ultimately slowing down the checkout process.
- Last but not least, make sure to stress to your customers that every transaction is processed through a secure retail POS system — with so many “cyberhackings” affecting big-name companies, consumers are more wary than ever before about the security of their personal bank and credit information. A good POS system can help you with this by tracking suppliers, substitutes, sales reports, and vendor information — right on the spot, helping you determine immediately if there’s a security issue.
Most importantly, remember that your business is valuable and that you deserve to provide customers with high-quality products and services that make you proud.