5 Ways A Point of Sale Can Optimize Your In-Store Operations

Retail is evolving as we speak. With new customer behaviour comes new technology to help you overcome the inherent challenges posed by running a retail business.

One of those new technologies is Lightspeed Retail, the advanced point of sale (POS) for retailers. Lightspeed not only helps you ring up sales, it boasts features that can streamline multiple aspects of your business, from inventory management to marketing.

Let’s explore some benefits of using an integrated POS system for your brick & mortar business.

1. Inventory management

All too often, inventory management is a manual and time-consuming task for retailers. Inconsistent or unreliable stock control practices leads to shortages, lost revenue and a diminished customer experience.

That’s why a POS system with built-in stock control features is a very powerful thing.

Point of sale solutions with inventory capabilities, like those of Lightspeed Retail, sync stock levels as you make sales. This makes it easier to track product movements, and  make smarter decisions around purchasing and sales.

Here are some of the ways Lightspeed Retail helps you master inventory management:

• Manage stock across multiple locations and warehouses—Check inventory levels and easily transfer products from one location to the next to avoid out-of-stocks and excess inventory.
• Manage inventory across channels—Whether you’re selling online, on marketplaces and on social media, Lightspeed automatically adjusts your inventory levels with zero manual effort on your part.
• Control stock from one place—You might have dozens of suppliers, each with their own ordering processes. Lightspeed makes things easier by serving as a central, cloud-based catalog, so you and your team can see what you’ve got and what’s on its way.

2. Customer Management

Getting customers through the door is one thing. Keeping them coming back is a whole other challenge. Luckily, most modern POS systems have tools that can help you nurture customers and drive repeat business to your store.

Most complete POS systems also have customer management capabilities that allow you to store shopper information and build customer profiles. Some platforms even offer loyalty features so you can reward your top patrons. 

All these features lead to higher levels of engagement, repeat purchases, and loyalty — all of which are invaluable for retailers!

Some customer management features from Lightspeed Retail include:  

• Adding new customers directly at the point of sale—Save customer information seamlessly during checkout and rapidly build your customer database.
• Creating customer profiles—Store customer details to view their purchase history, loyalty and account balances.
• Importing your customer list into Lightspeed—You’ve worked hard to build your customer database. Easily bring those contacts over to Lightspeed with a simple CSV upload.

3. Sales and marketing

If you regularly run sales promotions in your store, then it’s a must to choose a POS system that can support your sales and marketing efforts.

Choose a solution that makes it easy to implement offers and discounts, so you don’t have to manually slash prices or do the math.

Some essential sales and marketing tools on Lightspeed Retail include: 

• Offer discounts—Add discounts that will apply to all the items in a customer’s basket or to specific items only.
• Sell on-the-go —We’ve reimagined the checkout process to save swipes, touches and keypad taps. Quicker sales mean more time making customers happy. Create a custom interface using Quick Keys to access your most popular products faster. Intuitive, beautiful to use point of sale, and a wonderful way to start conversations with your customers.
• Grow your bottom line with Gift Cards—Gift cards can help boost your bottom line. With Vend, you can bring in new customers and increase revenue with flexible and brandable gift cards.

Moreover, with Lightspeed Marketing & Loyalty by Marsello, you can deepen your customer relationships, streamline your marketing initiatives, and grow your bottom line.

• Automate your marketing—Enjoy automated customer segmentation and marketing templates to enhance customer experience.
• Be where your customers are—Engage and reward your shoppers in-store, online and everywhere in between.
• Communicate on all channels—Use email and SMS to cover all your bases with customer comms.

4. Reporting

Part of running a successful retail business lies in the data you have at your fingertips. Having the right insights — particularly when it comes to sales, product movement, and customer behaviour — will lead to smarter decisions that positively impact your bottom line. 

That’s why it’s important to choose a POS system that can generate the reports you need. Opt for a solution that can run the following reports:

• Inventory on hand
• Product performance
• Low stock
• Sale summaries
• Sales per customer or customer group

5. Streamlined retail operations

When you have a basic POS or cash register, you’ll often resort to using spreadsheets or pen and paper to manage your business. And while these old fashioned tools may have worked for decades, they simply won’t cut it in today’s fast-moving retail landscape. 

If you want to keep up with modern shoppers (and your competitors) you need a powerful POS solution that gives you real-time data and processes tasks quickly and efficiently. 

Additionally, integrating your POS system into your CRM and ERP will help optimise your retail operations by improving stock management, streamlining product returns and providing one clear overview of all your financial data!

Do your business a favor and choose a complete point of sale solution that covers all your needs. That way, you can save yourself from having to do manual work and run a more efficient retail business. 

Get yourself an integrated POS system 

While a complete point of sale system typically requires a higher investment than a basic POS, the benefits of the former far outweigh the latter. Having an integrated POS solution offers a wide range of features and makes it easier to run your retail business, but it also opens up opportunities to increase your bottom line. 

Advanced POS systems save you time, help you engage shoppers better, and enable you to make smarter decisions. All that leads to higher levels of efficiency, happier customers, and a healthier business overall.