How supply chain issues could affect your 2022 sales, and how a POS system can help.

The point of sale system: Your magic solution.

Believe it or not, the answer to many of your looming inventory and holiday sales problems in 2022 may already be gracing your business. We’re talking about the POS system that you use to process your customers’ credit and debit card payments. You may even be using some of its other features to run marketing and customer loyalty programs designed to entice patrons to keep shopping at your store, as well as to refer their friends. But that’s not all today’s smart POS systems can do. Although this will by no means be an ultimate guide to POS systems, we encourage you to spend the next few minutes diving into just what a POS system is and what it can do for your business.

You might think of your POS solution as the reader that scans customers’ credit or debit cards or communicates wirelessly with their mobile devices to complete payment transactions. However, contemporary POS systems consist of more than just the reader. The system could also include the following.

• A tablet or terminal that functions as the hub or central point of the system.
• Preloaded payment processing software that coordinates all operations.
• Peripheral devices such as receipt printers and cash drawers.
• A customer-facing screen that can be used to display product prices and advertising promotions.
• The all-important barcode scanner that we will be discussing in more detail shortly.

These components work together to make virtually every aspect of your business operations run more smoothly. From fast and secure payment processing to marketing and client relationships that improve customer support, the right POS solution will prove to be the missing link that works for your business 24/7.

How your POS system can maximize your control over your inventory.

As the pandemic proved beyond the shadow of a doubt, we live in a global business environment. Like it or not, what happens across the world can have a powerful effect on whether a small, U.S-based business is able to obtain its products in a timely fashion. Economic or social turmoil, disease, and single-sourcing can combine to make it difficult for retailers to obtain what their customers want in a timely fashion. And with the holidays coming around sooner rather than later, this fact once again becomes the source of many a business owner’s sleepless nights.

The good news is this: A modern POS system can take a good deal of the guesswork out of the inventory management process, enabling you to make intelligent, forward-looking decisions about what items to order and when. The secret lies in the system’s integration with that simple barcode scanner that we mentioned above. This small device can be used to record every piece of merchandise that comes into your warehouse so that your POS solution can keep track of it as it progresses through your system and ultimately into your customer’s hands.

Although your POS system might not look large or imposing, it packs a huge wallop, and nowhere is that truer than in its ability to store information and crunch numbers. As soon as a piece of merchandise is entered into your system, it becomes an invaluable data point that you can use as you coordinate the scheduling of future shipments. No longer do you need to sort through piles of receipts in a vain attempt to guess which products were bestsellers and what times of the year were your busiest. In just a few clicks, you can use the reporting feature built into your POSsystem to learn critical nuggets such as the following.

• Items with the highest and lowest sales.
• Data such as your busiest days, weeks, and months of the year.
• Statistics about employee productivity, and more. 

You can even set your system to alert you when merchandise is running low, giving you plenty of time to re-order so you never disappoint would-be customers when sought-after items are out of stock. In light of our current supply chain woes, you’d do well to set this low-stock alert threshold high to ensure that goods get to you in time even if unforeseen delays occur.

In this difficult economic climate, it is imperative that you do everything possible to maximize your profits. The right POS system can help to ensure that your customers know about promotions, are able to pay quickly, and are rewarded for their visits safely and securely. Just as important, this suite of hardware and software can function as your silent partner, helping to ensure that your inventory management is as intelligent and seamless as possible. Incorporating a modern POS solution into your operations right now will enable you to streamline your systems, organize your products, and please your valued customers this holiday season and beyond.