Five ways to improve your profitability with Point of Sale tracking
Point of Sale (POS) tracking can be a valuable tool to boost the performance of your front-line sales staff and provide transparent, trackable transaction data you need to inform you when making business decisions.
POS tracking is big business for software developers with industry forecasts revealing that the global Point of Sale software industry rakes in more than $3 billion annually.
However, more businesses are turning to ERP systems that incorporate integrated POS tracking in favour of a stand-alone POS software solution.
MYOB EXO integrates POS tracking with the rest of your business to consolidate all transactions in one system for automated inventory updates and delivery logistics, resulting in better customer management all based on real-time POS transactions.
Here’s how POS tracking through an integrated ERP solution can improve your profitability:
Provide faster dispatch times
An ERP solution can integrate your POS transactions with your warehouse logistics for the order fulfilment process. This reduces your dispatch timeframes, which equals happy customers and repeat business.
Build better customer relationships
Bring together POS tracking and your CRM system via an integrated ERP solution to reveal customer buying patterns at point of sale and tailor your marketing communications to target specific buyer profiles.
Limit your losses
A good POS system can help you limit losses caused by internal theft, refunds and unauthorised discounts by building in management approval for refunds and limiting the POS discounts your front-line sales staff can apply.
Make more accurate forecasts
Analysing POS transaction data through reports generated by your ERP system will reveal your fast-moving stock and help you make more accurate inventory and sales forecasts that will lead to better overall business decisions.
Sell out seasonal stock
Integrated Point of Sale transactions will ensure stock levels are adjusted accordingly, which is especially important when you receive a large unexpected order. Such live reporting will advise purchasing of stock quantities required to replenish inventory holdings, ensuring that you have every opportunity to make the next sale. Additionally, EXO inventory tracking will help you get your seasonal stock levels right with transactional data analysis based on comparable sales performance from past years to accurately plan future stock levels for seasonal stock that needs to sell out within a set period.
Create a loyalty program
The point of sale is a great place to sign customers up to a loyalty program as a reward for their current purchase, and, if integrated with your CRM software through an ERP, will automatically capture customer contact information you use in your marketing communications.
The take-home message
Businesses that neglect POS tracking are turning their backs on a lucrative opportunity to improve overall profitability.
Rather, to gain the full advantage of POS tracking, use an integrated ERP solution to improve the customer experience while cutting your costs with automated inventory, faster delivery, more accurate forecasts and a POS loyalty program that’s directly linked to your CRM system to help you keep in touch with your customers later on.
Contact us to see how we can help you improve your profitability with Point of Sale tracking or…