In recent years, the retail industry has undergone a profound transformation. Consumers are empowering brands with their expectations and demanding personalized conveniences. Therefore, companies are opting for business intelligence reporting tools, such as POS systems, to improve their speed, quality, and sales at the same time.

A POS system, or point-of-sale system, is already being used by many retailers at the places where a retail transaction has been completed. Using a POS system, a merchant can calculate the total amount to be paid by the customer. This is done by generating an invoice to the customer and indicating certain options to make payment. With this business intelligence platform, the need for price tags on products is slowly eliminating, as the prices can be seen through product codes. POS software includes certain features like CRM, inventory management, warehousing, and financing.

How does a POS system work?

To understand the POS system, you cannot ignore its setup process. The POS System comprises of the main server, as well as one, two, or more terminal stations. This business intelligence reporting tool includes both POS software and hardware for setup and proper functioning.

What is a POS system used for?

A point of sale system in a retail store usually consists of a computer, cash drawer, customer display, receipt printer, and a barcode scanner. It also includes a debit/credit card reader for easy payment options. Many businesses boost sales with POS system by:

1. Running a sale

The business intelligence reporting tools like POS can be utilized to run a sale on the stale inventories that must get off the shelves soon. Your POS helps you in a better understanding of the popular products of your store and which products need to be put on sale. This will help you in making decisions based on your inventory cycle.

2. Update your products

You must keep your inventory updated in store, as well as online. With the help of POS, you can post the latest products, product descriptions, and product images on your website. This will make the consumers aware that which products are in stock, online or in your store.

3. Mobile POS

Mobile POS is the latest way of helping retailers boost their sales and improve their in-store shopping experience for the customers. With such business intelligence reporting tools, you can even empower your store associates with digital mobile devices by offering them detailed information about all the available products. Even customers are allowed to process their entire transaction process through their mobile devices.

4. Leverage social media accounts

Using the right business app, you can leverage all your social media platforms from within the POS system. This will help your customers to know your story, brand, and products and, ultimately, it will have a big impact on increasing sales.

POS features that help retailers to increase their sales, include:

• Customer Relationship Management (CRM) helps in improving customer service and also to increase sales.
• Auctions help in new sales and marketing channels.
• Integrated e-commerce ensures your store is not limited by any geographical location or time.
• Integrated mass emails are your low-cost promotions.
• Club pricing is another great feature to improve customer loyalty.
• Customer loyalty points or rewards encourage customers to purchase more.
• Revolving Accounts Receivable also improves customer loyalty via credit.

Finally, here are some simple steps that can help you improve the sales performance and reduce the cost of selling:

1. You must be clear about your mission.
2. Try to break your mission into specific goals to simplify things.
3. Sell products that satisfy customer needs and convenience.
4. Try to maintain a favorable attention from customers.
5. Sale on special events or occasions.
6. Request customer feedback and act on it.