4 things to look for in selecting a point of sale system for the holiday season

Late November and December can be your most profitable months, particularly if you make the most of your point of sale system. Don’t just use it to take payments when it can do so much more for your business.

Performance and scalability

When your POS is equipped to meet customers’ payment preferences while also assisting you in your back-office functions, you can perform better in both your behind-the-scenes and front-facing operations. 

A high-quality POS can meet fluctuating and evolving demands, including the increased sales and added products that are hallmarks of the holiday rush.

One of the key advantages of a high-caliber POS is its ability to make ordering and checking out more efficient. Streamlined inventory management combines with lightning-fast, secure payment processing that provides error-free funds transfers and accurate records that can be retrieved in just a few clicks.

Because your modern POS is configured to flex with your fluctuating requirements, making adjustments for added holiday traffic is a breeze. A good system can effortlessly interface with added equipment and software, including additional payment types and multiple cash registers. 

As a result, you can expand to take in extra sales during the Christmas rush that can translate into higher numbers throughout the year.

Retailers understand the importance of incorporating these POS integrations. That is why over half of the sellers surveyed are actively working to update their systems to accommodate them.

Customers know when a business’s payment systems and back office POS solutions are lacking. When they sense that a company’s hardware and software are inadequate after a frustrating checkout experience, a whopping 79% of those online shoppers will react by taking their business elsewhere for their next purchase.

Inventory and sales management

A high-quality POS is equipped with robust inventory management tools. These enable business owners to know, in real time, the quantities of any and all items. Consequently, merchants can avoid overstocking items that sell poorly while simultaneously never running out of what customers are clamoring to buy.

Data is what drives these inventory management components. Because it is being constantly updated with accurate real-time records, it can be leveraged any time to create reports that owners can act upon immediately or to come up with sales forecasts and future marketing initiatives.

On-target sales analysis leads to better product management. For instance, you can ask your system to summon a report on what was flying off the shelves during last year’s holiday rush. Then use it to gauge what you may need to purchase in advance for this year.

These days, every penny counts, and each customer’s satisfaction is vital. Buyers who are told that the product they want is out of stock will often simply go elsewhere to purchase it. 

Fortunately, a good POS system can help you to avoid under-stocked products and delayed shipments with accurate, inventory-based reporting.

The current statistics on inventory precision are underwhelming. Today’s inventory accuracy is only estimated to be 63%, leaving a lot of room for mistakes in stock management that can lead to unhappy customers and low retention rates.

Payment flexibility and security

Today’s customers are not content to be restricted to one or two payment options. They want flexibility and diversity that goes beyond cash, checks and standard credit or debit cards.

Over 80% of Americans have demonstrated a willingness to use modern digital technology. These days, they are embracing everything from digital wallets like Apple Pay, Google Pay and PayPal to online payments via their internet browsers. 

Modern POS solutions can be configured to take virtually any type of payment available today, including everything from multiple currencies to crypto.

As buyers come to put added trust in online payments, however, they and the businesses from whom they purchase become more vulnerable to security breaches. At no time of the year is the danger of data breach higher than during the busy holiday season.

Two out of every 10 data breaches that are perpetrated on retailers involve stealing cardholder data. Because the point of sale system is at the hub of every online payment transaction, it is vital that any solution in use today, especially during high-traffic times, be fully compliant with all data security standards and regulations. 

Updated POS systems will be equipped with the latest software and anti-fraud and anti-theft measures to significantly lower the odds of data breach.

The Payment Card Industry Data Security Standard is designed to protect cardholder payment information throughout every stage of the payment transaction. It does so by setting forth a series of requirements that businesses of all types and sizes must follow.

Customer experience and engagement

Your staff are the face-to-face ambassadors who represent your business and brand to your customers. When your employees have a clear understanding of all aspects of your POS and find it intuitive and easy to use, they will be able to quickly and accurately meet the needs of your customers even during the busiest time of the year.

Your modern POS has customer relationship management tools that can effortlessly personalize each shopper’s experience with your brand. The system’s database can be used to store contact details as well as other information that your customers voluntarily provide to you. 

With these nuggets at your disposal, you can create loyalty programs, divide customers into segments and delight these subgroups with highly customized offers and promotions.

While the holiday season represents the perfect time to jump-start your loyalty program and other marketing campaigns, you will reap lasting rewards throughout the year. That’s because these initiatives encourage repeat visits and referrals that lead to an ongoing profit stream.

The benefits of excellent customer service cannot be overestimated. When buyers have positive feelings about the service that has been provided by a business, an estimated 93% of them reciprocate by returning to make additional purchases in the future.

People also tend to reward excellent customer service by spending more money. With a modern POS solution integrated into your systems, you can analyze past behaviors, make inventory adjustments and thereby provide the products and services that will delight people and transform them into long-term customers and engaged brand ambassadors.

Embed This Infographic

Copy and paste the code below to get this infographic onto your website or blog.