Cash registers have long been indispensable tools for keeping inventory, records of sales, and other business processes. However, the perpetual growth of companies means they can no longer keep up with their demands and have become an obsolete way of tracking sales and managing overall operations. This is where point-of-sale (POS) systems come in, being comprehensive cash management systems capable of quick and efficient sales processing.

These systems provide a variety of features missing in traditional cash registers, such as network connectivity which allows staff to communicate and share information seamlessly in real-time, analytics and detailed sales reports, and special software for custom receipt formats, to name a few.

By leveraging data from daily transactions, the sales reports generated by POS systems offer a bird’s eye view of products sold, inventory levels, total cash received, and more, helping organisations keep their operations running optimally. In short, POS systems help to significantly boost business efficiency, allow employees to complete tasks more quickly, and provide greater flexibility through accurate reporting so that you can focus on the more important matters. Below are four more ways POS systems allow business owners like yourself to positively affect their bottom line and improve customer satisfaction. 

Inventory tracking across multiple outlets 

Integrated POS systems allow retailers to track inventory across multiple branches and provide visibility on stock availability in each store. For instance, when one store runs out of a certain product, they can look up if other branches experience the same shortages and see the trends unique to each storefront, leading to optimisations like improved restock scheduling to avoid future out-of-stocks.

Detailed and accurate reports

POS solutions boast advanced reporting features not found in conventional cash registers, which give a clear overview of metrics like expenses like Cost of Goods Sold (COGS), sales, profits, etc. The detailed reports give data in real time and are formatted for quick digestion of the information. With cloud capabilities, these reports can be accessible everywhere managers can always have the information they need for effective data-driven decisions.

Some modern POS systems also come with Key Performance Indicators (KPIs) monitoring features like stock turnover, average customer sales, and sell-through rate. These insights into their business performance will help leaders identify which areas are doing well and which ones need improvement. Either way, they allow one to make adjustments necessary to maintain profitability and competitiveness.

Saves managerial time

POS systems are not only for processing payments. They are also increasingly becoming a hub for all other business software tools to connect to, from payroll and scheduling to inventory management and accounting.

Current cloud-based POS systems either come with these tools right out of the box in an all-in-one system or allow integration with other software solutions to create a complete system for the business’s needs. Using POS solutions with integration capabilities shaves plenty of time off for managerial work since, for instance, it can allow the purchase and receipt of inventory and sync sales data directly with the business’s accounting software. 

Enhances the customer experience 

Retailers must always keep the customer experience at the forefront of their priorities, especially in the post-pandemic era, where customer service expectations are higher than ever. With an advanced POS solution, businesses can further improve their customer process in many ways:

• Multiple payment options

With the increase in the popularity of contactless payment, retailers that can accept multiple payment options have a greater advantage than their peers who do not.

• Self-checkout

The speed and convenience of DIY checkout can largely help reduce queue times, allowing customers to quickly be on their way and lower their health risk by not staying too long near other people. Moreover, self-checkout saves on labour costs.

Check out Edgeworks’ Self-Checkout Kiosks, which can be integrated with our POS system to implement a quick yet accurate sales experience for both your employees and customers.

• Checkout on the sales floor

Reach customers where they’re at without needing to wait in line. Mobile and tablet POS systems let retailers reach their customers directly by letting employees ring transactions directly on the shopping floor as soon as they make a buying decision, which also helps cut down on waiting times.

• Quick item lookupCustomers appreciate getting immediate answers to their questions about the prices, availability, and location of the items they need in the store. POS systems allow sales staff and cashiers to access such information in a matter of seconds or with a quick barcode scan.

Edgeworks Solutions’ POS system takes it to the next level with our ERP, eCommerce and Marketplace Integration feature. By seamlessly interconnecting all business practises into one, vital information is stored in just one channel, allowing for more efficient and convenient decision-making. Our system can be integrated with some of Singapore’s top online platforms, such as Shopee, Lazada, Grab, and many more.

Conclusion

Point-of-sale solutions offer a wealth of advantages, from lowering operational costs and boosting productivity to improving your bottom line. Upgrading a modern POS system from the traditional electronic cash register will surely net a quick ROI in the time and money spent on daily operations.

These advantages easily make upgrading to a POS system a no-brainer. If you are ready to make the switch, Edgeworks Solutions provides tailor-made POS solutions that bring you the benefits mentioned above and much more. With our extensive range of POS systems serving a wide variety of industries, including a retail POS system in Singapore, you can be sure we have the right solution for your needs. Contact us here to arrange a demo or find out more about our services.