When shopping around for a new product, there is almost always a plethora of options to choose from. How do you choose? Do you go with the cheapest? The one your friend has? One you saw a commercial for?
You could. It depends on what you’re shopping for. It depends on what’s at stake.
If you’re looking for retail software for your business, a huge factor in the success of your business is on the line. There’s more at stake, so you need to be informed and aware of what you are looking for.
What makes the most sense to us is going with software that has the solutions to the challenges your specific store has. Below are several challenges real retailers face every day, and the solution to those challenges. Be sure to check out the infographic below this article for an easy, quick view of how the right POS will bring solutions to the challenges you face as a retailer.
Challenge 1: Inventory Management
Inventory management is one of the top challenges today’s retailers face. Which items will sell? What do I already have in stock? What inventory will sit idly on the shelf? Shockingly, 48% of small businesses have no POS. They either track their inventory manually or not at all. For almost half of small businesses, inventory management is a hurdle they face every day. This hurdle is so great, that US retailers are losing billions due to low stock or excessive inventory. (See infographic below for the details).
Solution 1: POS w/ Intelligent Reporting
How do retailers solve the challenge of inventory management? With point-of-sale software that offers intelligent reporting capabilities. By using reports that notify you of low stock and keep you apprised of what you have in inventory, you’ll not only overcome the hurdle of inventory management, you’ll increase revenue by ordering what sells. Regarding the right POS software, Entrepreneur.com says,
“[it becomes your] strategic service center, the place that will help you grow your business and keep your customers coming back.”
Challenge 2: Repair, Service & Class Management
Offering repairs, services, and classes is a great way to increase engagement with customers and diversify your store, but it can also introduce some challenges. Among others, these challenges include tracking repair tickets and items, managing classes and their teachers, students, and class fees, not to mention the long lines these challenges work together to create. Since 82% of customers will leave due to long lines, you’ll want a POS that manages repairs, services, and classes so you can keep every customer that comes to shop.
Solution 2: POS with Repair, Service & Class Management
Find a POS that will not only manage your inventory but will track your repairs and services and manage your many classes. Paper tickets get lost. With the right POS, you can put a streamlined digital process in place that keeps your store organized, your lines short, and your customers happy. (See infographic below for specific capabilities to look for in each area).
Challenge 3: Need a Physical And Online Store
Today’s retailer can no longer put off joining the world of e-commerce. That’s not to say the brick and mortar should be abandoned either. Today’s shopper wants to shop in multiple ways. Online. In the store. Via a mobile device. Today’s shopper is a multi-channel one. 70% of all in-store purchases are directly influenced by online research. How do retailers find time to manage not only a physical store but also an online one? There’s only one way that makes sense. With cloud-based software.
Solution 3: POS With One Cloud-Based Database
Cloud-based software allows retailers to pull their inventory management data up on their device wherever they are. By using one cloud-based database, retailers can use a point of sale and a website that run off of the same database. Inventory is always up-to-date in both places. You only need to add products once, and it will be listed in your POS AND available to online shoppers via your website. When one of those shoppers completes the checkout process, whether it be online or off, the products they purchased will automatically be removed from the inventory listed in your online and offline stores. Think of the time you’ll save.
Choose point-of-sale software that makes the most sense for your specific business. Find one that not only rocks and managing your inventory, but also tracks repairs and services and manages classes. Last, but definitely not least, find one that runs off of one cloud-based database so you can be available to customers online and off, without spending all of your time to do so. Check out this infographic for more stats and details that will help you choose the best point-of-sale software for your store. Here’s the software we recommend.
Also published on Medium.