The saying, what have you done for me lately, can easily be applied to the business equipment world. Traditional equipment may still work in some instances. However, as options evolve, tradition is being slowly replaced by technology. One of the most apparent industries to be impacted by this transition is the retail world. Shop owners may still rely on some old ways, but they may also look to new equipment that can help make their lives that much easier.
A point-of-sale (POS) system is essential in many retail locations. Traditional systems are slowly being replaced by the more mobile iPad point of sale system. Mobility allows owners to complete needed tasks, no matter where they are located. Some of these functions include managing both their online and in-store inventories, as well as performing various financial functions.
Online and In-store
Inventory is the backbone of any retail business. Without it, the retailer won’t attract customers and won’t turn a profit on their dream business. Consumers may not always have the chance or the ability to visit a brick and mortar location. However, they can still shop from their favorite retailers by visiting an online eCommerce shop.
When looking to fill a physical location, merchants would benefit from keeping the following in mind: location and weather. These two factors are especially important for clothing retailers as it is important to understand what seasons will affect potential customers. One of the downfalls of a brick and mortar store is the physical size of the space.
While weather and location may also influence inventory decisions for an eCommerce location, there is one large difference: there is no physical restriction on how much space is available. Most eCommerce merchants have the ability to offer a much expanded selection compared to what is available in a physical store. They may also be able to offer exclusive items to their online clients.
Keeping these factors in mind, merchants can quickly turn their tablets into an inventory control system that allows them to track spending trends and anticipate what their clients may be on the lookout for.
The system can also be set up to alert the merchant when a popular item hits its reorder point. This way business owners can stay ahead of the demand and avoid back orders.
Inventory is not the only reason to consider purchasing or upgrading to a mobile POS system. Software can also be loaded on these tablets that will allow merchants to complete a variety of financial functions. Depending upon the task, it can either serve as a tool to use between serving customers or as one that directly impacts the completion of a customer’s transaction.
Business owners need to understand exactly where every penny is going and where it originated from. Accounting software helps merchants tackle this exact problem. There are many types of software available with a variety of different features included. As owners search for exactly what they want to load into their system, there are a few things they should keep in mind.
- Cost of subscription.
- Exactly functions offered by the program.
- Do owners need more than one program to complete all necessary accounting tasks?
- If the business has more than one person on staff who may need access to the information, owners should also look into how many licenses the subscription allows them.
Accounting is not the only financial function that tablets can perform. With just a few taps, the tablet can quickly be transformed into a fully functioning cash register. Combining the tablet with a cash drawer and credit card reader gives merchants all the functionality of a traditional system while saving precious space and creating more personal interactions.
The benefit of using a system like this is that your customer service has the chance to soar. No matter how busy the store is, merchants can complete a transaction without making the customer move to a centralized location. Owners who decide to sell their merchandise in another location — for example, at an outdoor fair where they may not have access to electricity — can still complete sales with the swipe of a card and a finger signature from their customers.
Using a tablet-based mobile payment system benefits customers with speed. Merchants also benefit by having all of the transaction details in one location, along with customer purchasing histories and other important information, according to Tech Page One.
As technology evolves, business owners must learn to adapt in order to stay with the flow. A tablet-based POS system has many benefits for merchants and clients alike. Whether the shopping is done in person or online, technology now allows retail shop owners to focus on their clients and worry less about the daily running of their dream business.