Most retailers have a Point of Sale system (POS) to keep track of inventory, sales and customers. This has been a common practice in retail stores for the past 30 years.
However, the data collected by your POS systems from entering sales can turn into reports benefiting numerous aspects of your business.
Firstly, POS reports can help you make better purchasing decisions. You can manage your inventory by determining what products you need to order more and less to prevent understocking of hot items and overstocking of less profitable products.
Also, POS systems can generate sales reports of your company’s sold items, revenue, sales trend, least and common payment methods, best and poor performing staff, sales tax breakdown, repeat and new customers, and so much more! For example, running a report of what is on order can help retailers anticipate the cash flow they’ll need to pay vendor bills.
This can guide your business decisions, such as boosting your marketing, eliminating the least used payment options, promoting and letting go of employees, giving incentives to loyal customers, and other actions you used to do manually.
The POS is really the spinal column of the business. It tells you a lot about what has happened at the store, and also can give a better view of trends and opportunities than “thinking you know because you are there everyday.” You’d be surprised what you can learn if you run the right reports each week.
These are just a few of the many things POS systems can bring to the table.
And to make things work easy, you must make the most out of it!
To get started, we at Retail Smart Guys can explain the options you can do to make data pulling and reports consolidation jobs done at a very affordable price.
We have the expertise to guide you through navigating Shopify and Stocky’s features, tools, and systems to ensure you can utilize their advantages to the fullest potential!
Never do things manually when you have POS systems to optimize your work!
Work smarter, not harder, with Retail Smart Guys!