- It's easy to underestimate the role
that your retail point of sales system plays
in the success of your business.
And there are many, many, many different types
of POS software available,
and your choice can have a major impact
on the guest experience.
So what's the best retail POS system for your business?
- I mean, well, just like most things, it depends, right?
There's a long list of viable options
each with their own pros and cons,
but you know us, we did the dirty work.
We've got those pros and cons for you to help you decide.
So here's some of the top qualities to consider,
starting with purchasing options.
What payment methods are available.
Will guests be able to provide payment
in their preferred way?
And collectively, most POS's have several different types
of credit cards, cash, mobile payments, App based payments
and even cryptocurrency.
So if you wanna maximize convenience
and appeal to the widest range of customers,
you'll need to have a retail POS system
that offers diverse options for customers to pay.
And remember, customers always have the option
of shopping online instead of in-person.
Online they'll have a practically
unlimited range of payment options.
Your POS system needs to do a lot of heavy lifting
to close that gap.
- A lot of heavy lifting.
So let's talk about the importance of speed and efficiency.
How long does it take for a customer
to complete a transaction
and how streamlined is that process?
I know a lengthy checkout process
is going to sometimes cancel my entire sale.
And I'm a pretty patient person asks Nealey,
Nealey you would agree, right?
- Yes. - Patience, my middle name.
Yeah, but a lengthy checkout process.
Those processes are like the biggest pain point
for 73% of retail consumers.
And we've all had the experience
of being stuck in a long line at the grocery store
when we're eager to be somewhere else.
It always happens when you're in a rush
and the faster your transaction times are,
the faster you can keep customers moving
through your lines and cash flowing.
And your customers will also be happier
and more likely to choose your business in the future.
- And now not only do you need a system
that you're least tech savvy guests, (coughs) Emma,
will be able to navigate,
you should also consider how easy
it is for your employees to use and troubleshoot.
The cost of retail POS systems downtimes vary.
But on average, you can count
on losing about $5,600 per minute or more.
And with a complicated or unreliable system in place,
downtime could crush your profitability
and leave your guests frustrated
or unwilling to trust your business in the future.
- Am not even mad about what I heard when you coughed,
because you're right.
So I feel like we know each other,
moving on inventory management integrations,
ideally your system will integrate directly
with your inventory management system,
resulting in more data and better decisions.
And when customers make purchases,
those items are removed from inventory,
which means you'll get a notification,
whenever certain items are low or out of stock.
And additionally, you'll be able to study purchasing trends.
So you have a better idea of how popular
each item in your retail store truly is.
Cause you might have this idea of like,
oh, that's for sure top seller,
but you will be surprised.
Let the data tell you,
and this can help you keep an ample stock of items
that your customers wanna purchase the most.
So your guests never experienced
the frustration of, or heartbreak not to be dramatic
of an empty shelf when they stopped
in for this one specific item.
- The nice thing about POS systems
is that they frequently come equipped
with marketing integrations.
Some systems connect directly
to customer relationship management or CRM software.
So you can track individual customer habits
and study broad trends across your entire target audience.
You might even be able to integrate personalized data
into your marketing campaigns,
this way sending emails with personalized offers
to your top customers.
Now, if utilized properly,
it can help guests feel a stronger connection to your brand
and ultimately boost your sales further.
- Now, of course,
you'll also need to consider the cost of the system.
Some robust systems serve guests perfectly well,
but they might be outside your budget.
Now POS systems can cost it's quite a range
anywhere from $0 to $1,700 for the POS hardware,
and $0 to $300 a month for the software per terminal.
And some companies offer free POS software
and some even include free POS hardware,
but those systems usually have strings attached.
So choosing the right, right retail POS system
is challenging even for experienced business owners,
but with so much on the line,
including both guests and employee experience,
it's not a decision that should be rushed.
- So please take your time researching various POS systems,
gathering feedback from your customers and your team,
and crunching numbers to find the right system
for your business.
That's a wrap, that's all we got for you.
Your journey does not have to end here though.
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Thanks for watching.
This is The Journey.