Can You Afford to Use an Outdated POS System?

Can You Afford to Use an Outdated POS System?

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● ● ● ● Can You Afford to Use an Outdated POS System? Did you know that in a study conducted by Intuit market research, they found that an independent retailer with a revenue of $300,000 can cut costs by close to 10 percent just by using a by using an affordable, integrated point of sale system? That is an astounding $30,000!

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Published 17 June 2015
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Can You Afford to Use an Outdated POS System? Did you know that in a study conducted by Intuit market research, they found that an independent retailer with a revenue of $300,000 can cut costs by close to 10 percent just by using a by using an affordable, integrated point of sale system? That is an astounding $30,000! I don’t know about you, but I would go out of my way to save that amount of money. Now you may be thinking, “How can that be possible?” I mean, you undoubtedly have a nice little system that processes payments, tallies your sales, and prints receipts. It may even track your inventory, but is it even close to saving you 10 percent? Here’s how the right point of sale system can save you money: A good POS system can alert you to when you are running low on a product. Better yet, it can tell you the recent price you paid versus the average price you paid. This can give you incredible leverage when bargaining with a supplier or it can be valuable information if you need to shop around. Imagine having reports that track your sales year-to-year. You can anticipate what to have in stock and how much. For instance, the National Retail Federation found that U.S. retailers lose $224 billion due to excess inventory and $45 billion from not having inventory in stock. Just as companies come in all shapes and sizes, so do POS systems. The best ones can grow and expand as your business does. For example, you may only need one cash register, a receipt printer, and inventory management software that tracks your available inventory to start with. However, as you add multiple locations, increase your team of employees, and you have over 10,000 SKUs, you’re going to need more complex software to manage this multifaceted machine. The best POS systems can track employees to ensure they are meeting a quota, monitor backorders, highlight your best customers so you can cater to their needs, and provide mobile software that can allow you to run your company from any location. eMarketer reports that North America had B2C ecommerce sales reaching$482.6 billion dollars in 2014 and projected that in 2017 sales will increase to $660.4 billion. Online shopping is on the rise and if you don’t have a website or web store, you are missing a huge population of potential customers. A great POS system can allow you to create an awesome online store and track your online sales. The way that business was conducted in the past is certainly not how it is today. Ian MacKenzie, Chris Meyer, and Steve Noble of global management consulting firmMcKinsey&Companywrite,“Within the past century, local corner stores gave way to department stores and supermarkets, then to suburban shopping malls, then to discount chains and big-box retailers. Each of these shifts unfolded faster than the one
that preceded it, and each elevated new companies over incumbents. Indeed, six of the ten largest US retailers in 1990 have since fallen from their positions as new winners, such as Amazon.com, Costco, and Walgreens, emerged in their place.” With e-commerce sites, web reviews, and search engine queries, business is quickly transforming and evolving at the speed of light. Without the proper POS system, can you really keep up? Do you really want to take that chance?
Well, if you want to learn more what a simple, affordable, and robust point of sale system can help do for your business, you canlearn more on Vend.