A POS system is a powerful tool that, when maximized and used correctly, can help boost revenue and increase business efficiency. The wonders that a good POS solution can work for your business can also translate to a better experience for your consumers. From shorter checkout lines to a well-informed staff, here are some ways that a POS system can improve customer experience.
The POS Purchasing Experience for Customers
1. Faster Transactions
Based on a 2013 study conducted by Synqera, 73% of consumers say that waiting in line to pay for their items is the worst part about shopping in-store. Some consumers are willing to abandon their shopping carts, or even change their mind about entering a store, if they deem the line too long.
A good POS solution expedites the processing of transactions, allowing your staff to serve more customers per minute. The automated system can consolidate the information of several simultaneous transactions, so you can open multiple checkout counters without worrying about sales tracking.
The faster you can serve your customers and have them on their way, the better their experience will be and the better their perception of your business.
2. Efficient Inventory Tracking
It’s a common shopping pain point: Your favorite brand just released a new product, so you make the effort to go to the store to buy it, only to find out that it’s not in stock. Or worse, you shop at the store you frequent to buy your usuals, but some of your go-to staples are missing from the shelves.
According to data from the National Retail Federation, approximately $45 billion in revenue is lost by American retailers due to understocking, while $224 billion is lost due to overstocking. If you’re not carrying what your customers are looking for, then you risk losing their business altogether.
A reliable POS system will help you efficiently keep track of your inventory so that you always know what’s in stock and what’s due for reordering. Furthermore, it can also provide insight on what’s selling well versus what’s not moving, so you can recalibrate your stocking plan.
This way, you’ll be more likely to offer the products that your customers want, and they’ll be more inclined to have you as a top-of-mind choice when repurchasing.
3. Well-Informed Staff
Poor customer service is a big no-no in any service-focused business. Best case, it could cost you a sale. Worst case, it could leave a lasting negative impression on the customer that will not just keep them from coming back but may prompt them to discourage others, as well.
With a reliable point of sale system, you can improve your customer service by making smarter staffing choices. Based on hourly sales trends, you can pinpoint your peak hours and ensure your business is sufficiently manned to meet the influx of customers.
Some mobile POS systems enable staff to communicate and access relevant information from anywhere in the store, so they can assist customers better. If a customer approaches them to ask about the availability of a product, a quick look at the inventory records will let them know if it’s available or when it will be restocked. This cuts down the time you leave your customers hanging because of checking “in the back.”
4. Accept Diverse Payment Options
In a survey by U.S. Bank, 47% of consumers have stated that they prefer paying via digital alternatives instead of cash, and 76% say that they have less than $50 when they do carry cash. This is supported by a study from the Diary of Consumer Payment Choice, which found that as of 2018, debit cards are the most used payment method. Cash comes as a close second, and credit cards as the third.
To keep customers happy and retain their patronage, businesses need to get with the times and grow with their changing preferences. Naturally, consumers are more likely to shop or dine where they will be able to pay the way they want to. If you only have a traditional cash register, you may alienate those who prefer to pay via mobile wallets.
A modern POS system will give you the flexibility to process diverse payment options. This will enable you to cater to your customers’ various payment preferences and minimize the risk of turning them away at the till.
5. Offer Personalized Customer Engagement
A contemporary POS system can be a useful partner in engaging your customers inside and outside the store. It stores vital information about your customers that can enable you to serve them better.
For example, your customers’ transaction history can give insight into purchasing trends. You can hypothesize that they are likely to buy again the shampoo brand they purchased from your store four times in a row. So, when you roll out a Buy One, Get One promo for that brand, you can inform them of this promo via personalized email marketing or letting them know at the counter the next time they visit.
6. Reward Customer Loyalty
Customers are the lifeline of businesses, and they like to feel valued and appreciated for their support. Loyalty programs and reward systems help recognize the continued patronage of your loyal customers and keep them coming back.
Findings from a study by Bond show that 73% of respondents say they are more likely to recommend a brand that has a good loyalty program, 79% are more inclined to continue supporting a business with loyalty programs, and 66% are even willing to adjust their spending to get the most out of their loyalty program benefits.
The best POS systems are equipped to manage loyalty programs, rewards programs, and promos. They can even handle cash discounts and accept gift cards easily. This empowers you to better engage with your customer base and incentivize them to repurchase from you.
You can roll out different kinds of loyalty programs depending on your business type. Restaurants can implement a point system that gives customers a free dish depending on the number of points accumulated. Retailers can have a dedicated members-only checkout line. Convenience stores can offer discounts after a customer reaches a certain number of transactions or store visits.
Make your customers happier and more satisfied with your services with a trusted POS system like True POS. A one-stop hub for all your point of sale system needs, True POS goes beyond innovative technology and customizable solutions. Our unparalleled customer support is with you each step of the way, providing you with the guidance and help you need to get your business to the next level.