As a retailer a major priority is to give great service to your customers. Being able to use a POS system to expedite the checkout process for your customers is a great tool to keep your customers happy. At the end of the day however, you’re in the business of making a profit, so the ability to use a POS system to limit theft and keep records is invaluable. Having a POS system allows you to track every purchase more in depth, which allows you to limit theft and the access to detailed reporting will make it easier to catch any sort of employee theft. Lastly, the capability to easily create promotions such as, buy three packs of cigarettes and get $1.50 off is a critical strategy to get new customers in the door. Having a POS system opens the door to many different new business strategies and makes other regular processes at your C-store or liquor store much easier.
Using a POS System to Limit Theft
45% of shrinkage in retail comes from employees. It’s obvious that not all employees are trustworthy, that’s why it’s important to assign different access levels for your POS. These different access levels (Cashier or manager logins, for example) allow you to control who can perform certain actions, such as voiding transactions or providing a discount. POS systems allow you to create unique logins with special permissions to areas of the POS they are authorized to access. This allows you to make sure some employees don’t have access to things they shouldn’t. Assigning different access levels for your POS will ensure that employees are only given access to information they need to do their job.
In addition, like I stated in the previous paragraph, employee theft represents a big percentage of shrinkage in retail. Employee theft typically doesn’t receive as much monitoring as customer theft. $50 Billion is stolen from U.S businesses annually by employees. Having the ability to conduct random internal audits is a huge asset in combating theft in your business. Using your POS, you will be able to run reports whenever you would like to see the sales your employees are making. This gives the ability to find suspicious transactions that may be occurring during a certain employees shift, which will be able to assist in pinpointing internal theft. Additionally, you can inform employees about the random internal audits, so they’re aware that you are searching for these suspicious transactions and may scare away impulse theft from employees. There is no sure fire method in preventing employee theft, but using internal audits, it may be easier to catch any acts of theft in your retail store.
Reporting and Record Keeping
A huge benefit a POS system provides is that it keeps track of your inventory. Being able to track your inventory through your POS is critical in discovering where your shrinkage occurs. When you use an automated inventory tracker, all items in your retail store are kept track of in a central database. This will allow you to see where items are stored and how many items are in stock. This will help reduce theft by being able to easily determine what is being stolen. This is especially useful when doing regular inventory checks, comparing how many units you have on the floor, versus how many units your POS says you have. This feature makes inventory tracking 10 times easier and faster. Using a POS that constantly tracks your inventory will go a long way in helping you limit costly losses resulting from theft.
Additionally an amazing feature that POS systems offer is shiftly, daily, weekly, monthly, quarterly, and yearly recording. This feature allows you to print out all your transactions throughout the chosen period of time. If you wanna see exactly what you sold throughout the month, you can see exactly that. You will know how much of your sales came from cigarettes, gas, beer, candy, etc. This is such a great feature because with this info, you can pinpoint what area of sales your business needs to improve on and which are doing well.
Ability to Run Promotions Easily
To increase sales, attract new customers, and retain current customers, many retail stores implement various sales promotion techniques. While most business owners would love to sell products at full price all of the time, sales promotions have proven effective at increasing the overall bottom line in many retail stores. Understanding how to effectively run and track your sales promotion campaigns are essential to increasing the profits in your store. Using a POS system you are able to run promotion 10 times easier. Through a POS system you can easily set up promotions such as, buy two packs of cigarettes and get $1 off. Instead of having to recall every promotion your store is running at the time, you can just scan the items your customer is buying and if applicable, the system will apply the promotion automatically.
Repeat customers are essential to the success of a retail business. One method to encourage customers to return is through offering them these types of promotions, if you’re running a deal on a product that they always buy anyways, they will just come to you for those items, plus any other items they need at that given time, such as cigarettes or gas.
This is especially helpful for your newer employees, it’s really hard for new employees to recall every promotion going on at your business at any given time, so having a POS system is a great asset for making sure you don’t get any unhappy customers by overcharging them for certain items that should be discounted. Being able to offer deals to your loyal customers and having them return is crucial for the success of your liquor store or gas station.
As a business owner you have a responsibility to always provide the best service possible to your customers. A POS system allows you to do that because it makes the checkout process much easier and faster. Instead of having to recall from memory the price of every item in your store and punch in the price of each item, you can just scan each item and it will pull up the total price for the transaction. This allows you to shorten the checkout time for each customer, which in turn speeds up the shopping process for each of your customers. Nothing is worse as a consumer than having to wait an eternity to pay for your gas, soda, and candy bar because the cashier is taking a long time to deal with the customer in front of you. You owe it to your customer to provide them with a fast, easy, and enjoyable experience at your gas station or liquor store, and having a POS system allows you to do that.
Benefits of a POS System to Remember
- Different access levels (Cashier or manager logins, for example) allow you to control who can perform certain actions, such as voiding transactions or providing a discount.
- The ability to run reports whenever you would like to see the sales your employees are making. This will be able to assist in pinpointing internal theft.
- Being able to track your inventory through your POS is critical in discovering where your shrinkage occurs.
- Shiftly, daily, weekly, monthly, quarterly, and yearly recording.
- The ability to easily set up endless promotions to get new customers in the door
- Being able to offer deals to your loyal customers and having them return is crucial for the success of your liquor store or gas station.
- The ability to deliver fast and efficient service to each customer
Overall having a POS system at your C-store or liquor store is a great asset. You can create endless promotions to get new customers in the door and please current ones, the ability to have access to detailed reporting on a daily basis, the capability to limit and catch theft through detailed reporting, and the capacity to deliver fast and efficient service to your customers. Every business will benefit greatly from having a POS system and I would recommend any business owner to look into purchasing one. If you enjoyed this article, be sure to check out our other article, How to Boost Revenue in Convenience Stores and Gas Stations in 2020.