As a business owner, you want your business to expand. You want to have a bigger store, more branches, better returns, and much, much, more. You are not the only one, states Mrketplace. Expansion is the name of the game for any business. As a storeowner, you have every right to consider how you can expand your business as cheaply as possible to generate more profits.
Using POS Technology
Modern consumers are comfortable with technology and more than 70 percent of consumers like ordering items online. As a result, storeowners should realize that their store POS can be used as a cheap and simple way to expand their business. POS systems have several simple online tools that can actually expand your business with no effort at all. Here is a quick guide to what is already available to storeowners.
POS systems track inventory accurately. With the sales process integrated with stock, the system can track how many items were sold per day, how many items are in stock and if any items were damaged or lost in transit. As a result, Keanstech says that in-store or warehouse theft issues are minimized immediately. On top of that, all POS systems now have remarkable accurate expiration date guides. That means storeowners can detect which items are nearing their expiration dates. To reduce loss, they can set up clear-out sales for these goods and at least recover their purchase prices. This kind of inventory tracking is very useful for small stores as they cannot afford to lose money on their inventory. By accurate tracking, it is possible to recover money on almost all store goods.
Newer POS systems also track this year’s sales with previous sales. For example, the system can predict requirements for festivals like Christmas and the New Year. It can tell you exactly how much you require of a particular product – such as eggnog – and which brand sells the most in your store. In the same way, it can also help you reduce the cash you tie up in inventory. For example, the store might be ordering ten boxes of Irish Spring soap every month but the system tells you that you sell only two boxes every month. You can use this predictive technology to streamline your ordering process and save money on inventory ordering as well.
Tax and Accounting
A good system usually contains tax and accounting features that are updated every year. Hardware vendors like Shopify have an automatic update system for their POS systems. With this option, it is possible to calculate your sales for the financial year, track your sales tax, calculate your accountability, etc. As the system is updated every day, new tax laws and guidelines are already in the system and you know that you are paying the right amount of tax. This saves you time and energy and ensures that you do not need to hire an accountant to do your taxes.
Integrate With a Website
Customers now love to shop online and they are more than likely to choose online shopping rather than retail shopping. Brick-and-mortar store should consider expanding their online experience before they invest in a realtime expansion. With an integrated POS system, it is possible to do just that. The website can reach out to customers all over the world and create a ready customer base. This will prove useful when the store actually expands their brick and mortar stores.
One of the best ways for a business to expand is by increasing customer interactions, states Pizzatoday. The store POS can do this as well by reaching out to customers. The newer wireless POS systems can interact with customer smartphones and tablets and send targeted coupons, codes, and deals that encourage online sales and retail sales.
Technology is improving rapidly and business owners are rushing to keep up, says Pizzatoday. Major retailers like McDonald’s and Walgreens are already ahead of the game as they have combined their store POS with their websites. For Walgreens in particular, more than 1.5 million customers visit the company through the website and six million customers visit the realtime stores. By combining and cross-linking sales, the store has managed to almost double its sales. McDonald’s is not far behind as it, too, has integrated the website POS with its realtime store. Customers can order online and the order is relayed to the closest store, which delivers the order within 30 minutes. McDonald’s combines retail customers with online customers and this has led to an incredible boost in business. Keanstech adds, if such a simple process can double the sale of a multinational giant like Walgreens and McDonald’s, imagine what it can do for a small business like yours.
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