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Does Your POS System Offer These Hidden Money and Time Saving Benefits?Hidden Benefit #1 - Loss Prevention.Loss prevention is not usually the first thing that people think about when they consider their POS system, however, a good POS system can go a long way to reduce loss prevention.While not every point of sale software system will be able to meet your needs, a good loss prevention system will help you reduce losses by offering end-of-day reporting features, password and security options, and real-time access to inventory and sales figures. A good loss prevention system will enable you to: · Find abnormalities by percent per cashier. For example, if most of your cashiers have 0.5% of their transactions voided, a cashier with 2% of their transactions voided should rouse suspicion. · Require store managers to review register transactions every day (to look for excessive openings of the drawer, excessive discounts, small cash refunds, returns, etc...) · Review your "voided/cancelled/deleted sales report," "inventory adjustments report," and "returned transactions report” every day. · Add password protection/security to all areas of your software and ONLY allow employees to access what they really need. · Review your "profit margin reports" every day. If your margins are low in a certain category for that day, then you should do a little research to find out why. · Secure the access to your customer's personal information in your POS software. Hidden Benefit #2 - Matrixing
Did you know that some POS systems do not have the inventory features you need to manage all your different categories, colors, and sizes of your merchandise? In order to efficiently categorize your items, you need to be able to easily track different colors, sizes, and possibly a third dimension for styles that come in different variations. Hidden Benefit #3 - Customer Relationship Management Features.Did you know that the total cost of getting a new customer is 10 times that of holding onto an existing one and that a five percent improvement in customer retention can lead to an 85% increase in profits? A POS system with CRM features helps you track your customers buying habits, preferences, personal information like birthdates and anniversaries, and it helps you keep in touch. In fact, a good POS with CRM features enables you to send personalized mailings to your customers based on their preferences, buying habits, and your in-store promotions. You can even send thank you notes for large purchases. When searching for the right POS system for your business, it is important to make sure that the CRM features are easy-to-use and update. It does not help your business; in fact you’ll lose money, if you send mailings to people whose addresses or personal information has changed. It is always very important to make sure that your retail establishment matches your customer with your merchandise. If you miss on the customers, you miss half of your opportunity for profits and good customer service. Jeff Haefner, is the author of The Point of Sale Software Buyers Guide, The POS Software Comparison Chart and Retail Technology Newsletter. He has been working with computers, retailers and POS software since 1993 and he runs a retail technology consulting and software selection service. For free tools and information about POS software and retail technology, visit http://www.possoftwareguide.com/freestuff.html
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