Point-of-Sale myths busted
We can not emphasize enough that point-of-sale solutions are one of the most important aspects of a retail business. From managing all transactions, recording customer data, analyzing sales, to managing the inventory, a retail business needs to invest in a good POS solution.
However, there are various myths associated with POS solutions. Most retailers struggle with overcoming these myths and investing in a POS solution. Without implementing a POS system in their organization, they might lose some crucial business opportunities, fail to understand customer needs and sales trends, or even take inaccurate managerial decisions.
In this article, we would be busting a few myths to assist retailers in evaluating and implementing POS solutions.
Myth 1 - POS systems are mere calculators
Retail POS solutions are used to manage various calculations such as total payables and receivables for customers, vendors, and partners, profits earned or losses incurred, ROIs, inventory turnover, and much more. However, they are widely believed to perform as mere calculators.
On the contrary, a POS system can do much more than that. They are used to manage customer loyalty programs, record customer purchase history and thus personalize their shopping experience, determine sales trends, manage the workforce, and much more.
Myth 2 - POS solutions are only for large businesses and are very expensive
For entrepreneurs that are just launching their retail business, budget is usually a major constraint while installing a POS solution at their stores. While leading POS solutions could be priced at the higher end, various players in the market offer customized solutions and finance options. Other than that, these retailers could also consider implementing an mPOS solution.
POS provides detailed insights about businesses of all sizes, so, they are not only relevant for large organizations and industry leaders but all small and medium-sized businesses as well. Based on POS data representation and analysis, retailers can spot opportunities to scale up their business, tweak existing strategies to make a sale, eliminate risks of theft, streamline business operations, and the likes.
Myth 3 - POS data is unsafe
All business owners dread data loss and theft, regardless of the industry they operate in. Retailers are no different. While considering various options, retailers could choose cloud-based systems over legacy systems. The reason is simple - if a legacy system is implemented, data is stored in on-premise servers. Any damage or theft of the hardware would mean that the data is irrecoverable and lost permanently.
On the flip side, cloud-based POS solutions would always store the data on a cloud platform, it can be accessed globally, and is protected against any hardware damage as well.
Ginesys offers one of the leading cloud-based POS solutions in India, specializing in the retail industry. It is also one of the most preferred solutions by businesses of all sizes - small and medium to industry leaders. Its powerful analytics provides great insights into business, allowing owners to make well-informed data-backed decisions.