Is a POS System a Worthwhile Investment for Retail Businesses?
The start-up cost of a retail business is undoubtedly high. Which makes you wonder if getting a modern POS system is necessary, or could your retail business run with just a cash register?
While running a retail business with just a cash register is possible, your operation management will require much more effort than with a modern POS system.
Find out in this article, the benefits of getting a POS system for your retail business.
Inventory management
Retail businesses that use cash registers often require a separate system to manage their inventory. Having sales and inventory managed by separate systems means updating your inventory management system consistently. This means lots of stock taking for you and your staff.
Even so, there is still a chance of human error when updating stocks. This may cause you to miss the opportune timing to restock, resulting in your best sellers running out of stock.
With a modern POS system, your sales and inventory management are integrated into a centralized system, updating your stock levels in real time. This allows you to schedule timely stock ins and reduce stock-take frequency, hence, less time-consuming inventory management.
On top of that, modern POS systems can generate barcodes for each item. This allows for faster checkouts by simply scanning the items with barcode scanners.
Powerful reports for analytics
The only reports provided by cash registers are usually “X” and “Z” reports. These reports are great for recording daily sales for accounting purposes and tallying stock levels during closing.
However, they do not provide you with the ability to drill down into your data to analyze, identify and improve areas of your retail business. This makes it difficult to pinpoint improvements to your retail business that would otherwise give you a competitive advantage over your competitors.
Cloud backend portal
Business connectivity is essential in this age of digitalization. A modern cloud based POS system allows you stay connected to your retail business from anywhere. Manage your retail inventory, view sales data, or perform business analytics through powerful reports and dashboards, without having to be in your retail store.
A cloud backend portal also makes it easy for you to scale. You can back-up your POS system’s backend settings and items in the cloud based portal and download them into your new outlet’s POS system. Easy and simple business scaling.
Getting a modern POS system is not that expensive
Thinking of getting a modern POS system for your retail store but worried about the cost? MEGAPOS cloud based POS system is pre approved for government grants such as the Productivity Solutions Grant (PSG), allowing you to claim up to 80% of the cost.
Interested in a MEGAPOS Cloud POS system? Simply drop MEGAPOS your contact information below and we will be in touch to arrange a free demo for you!
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Cloud POS System for Every Industry
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Optimised for businesses in the retail industry. Features for all your basic retail operation needs and more.
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MEGAPOS 2-in-1: POS Kiosk
MEGAPOS POS Kiosk is designed to meet the needs of F&B businesses that are looking to digitalize their ordering process with a self order kiosk but face space constraints and require a cost effective solution. With MEGAPOS POS Kiosk, you get a cloud POS system and a self ordering kiosk, two in one!