Cloud-based point-of-sale (POS) systems are the standard for online businesses, but now, more brick-and-mortar retail stores are adopting these payment management systems to help them efficiently serve customers, take payments, and keep track of sales.
However, cloud-based POS systems are also a flexible, low-cost, and easy-to-use tool for streamlining your retail operations, including supply chain management, store management, employee management, inventory management, marketing promotions, and payment processing.
This article will help you understand more about cloud-based POS systems and explore four in-store retail operations a cloud-based POS system can help streamline.
What Are Cloud POS Systems?
A POS system is the location where a customer pays for goods or services, either online or in person. In particular, cloud-based POS systems process payments and store data using the internet. Compared to traditional POS systems, they are more secure, less expensive to run, and take up less storage space.
When using a cloud-based POS system, retailers can access their sales and customer data from anywhere, as long as they are connected to the internet, as it is stored on a secure external server. This is more secure than a retailer’s computer or hard drive, which could lose sensitive information in the case of a power surge, a corrupt employee, or a cyberattack.
No matter which payment method a customer uses (cash, card, gift card, digital wallet, etc.) or where the customer made their purchase (in-store or online), a cloud-based POS system can manage sales in real-time.
4 Business Operations That Your Cloud-Based POS System
Can Streamline
Inventory management
Inventory management includes everything from ordering products to storing and selling them.
A cloud-based POS system can integrate with automated inventory management software to enable your business to maintain optimal inventory levels and automate stock counts. This saves your employees the time and effort of doing manual stock take.
In addition, you can set automatic reorder points, which helps retailers avoid stockouts and ensure that popular items are always available to their customers. This ensures better customer satisfaction and prevents lost sales. In fact, 65% of consumers said they tried a new brand because an item was out of stock.
(Image Source: inFlow)
Transaction processing
A cloud-based POS system has faster server processing speeds than traditional POS systems, which ensures efficient and accurate transaction processing. In addition, integrated payment processing software automates the payment processes along with back-office accounting processes.
Efficient transaction processing reduces checkout queues and frees up staff to help customers on the shop floor and personalize their store experience, which improves customer satisfaction.
In addition, cloud-based POS hardware like barcode scanners eliminates timely and costly manual errors, which makes it easier for staff and streamlines in-store operations.
Employee management
Employee management includes recruiting and onboarding new employees to onboarding, rota scheduling, ensuring health and safety procedures are being followed, and checking they are meeting their job requirements.
Retailers can integrate software with their cloud-based POS system to manage staff rotas, allowing managers to set shifts, accept or reject time off requests, and agree to employee shift trades.
Employees can access a secure clock-in and clock-out feature via your cloud-based POS system. This is a fast way for accounting to check employee hours, streamlining the payroll process and minimizing time fraud – which costs US employers $400 billion per year.
In addition, a retail POS can monitor employee sales performances, which allows you to recognize top-performing employees, pay out any earned sales commission, and identify which employees might need additional training.
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Marketing promotions
Marketing promotions are a way to drive customers into your retail store. If you identify best-selling products and seasonal trends, you can create campaigns that promote and upsell certain products that your customers are likely to be interested in.
Whilst a cloud-based POS can’t run your marketing campaigns, it can analyze the customer behavior (when they visit your store), customer preferences (what products they favor), and sales trends (when your store is the busiest or what products sell at certain times of the year) to help you identify those best-selling products and seasonal trends.
Ready To Streamline Your Retail Operations?
Investing in a modern POS system is a necessity for retailers in the competitive landscape, especially a system that is designed for those in the retail industry by including sales hardware and software, payment systems, and integrations with all your favorite business programs.
Additionally, a cloud-based POS system can be an invaluable tool for retailers who want to streamline their operations and provide customers with a better shopping experience.
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