Common Applications of Retail POS Software
Any vertical market has one valuable tool that they cannot afford not to use – the POS system. A supermarket or a retail store is no exception to this rule. Today, the talk will be about some of the standard applications that a point of sale system offers a supermarket.
- The foremost feature of a good billing software, an example of which is Wondersoft’s system, is cash management and checkout. When you have POS in place, you can use it to ring up sales and record it. Instead of an employing counting the amount that needs to paid for each item and the whole order, the software does it. The system is also capable of processing debit and credit card payments and collect detailed information about the patron while the transactions occurs. Some of the data it gathers is what has been purchased, when and how many of each item.
The cash management feature not only take cares of cash handling on the counter but also to the back office and then the bank. It keeps track of cash totals, which employ handled which step and at what time.
- The second most practical application of the retail system is inventory management. This feature allows you to keep track of each product and how much of it is in store. It is valuable to keep track of inventory because most supermarket consumers want an item at the precise time they say so. If you do not shelve the piece, chances are the consumer will switch to another supermarket and you will lose business. There is a flipside to this issue; overordering items means a wasteful expenditure that really eats in your margins if the products are perishable.
A billing software solves these problems by recording each time a particular item is purchased. It tracks how many of them were bought along with the SKU number. The information is then passed to the inventory management software where it is subtracted from the inventory count. As a result, you get real-time data on your inventory such as what is selling like hot-cakes and what is lying on the shelves. This vital information can tell you what you need to re-order and how much quantity.
Some POS retail systems are sophisticated enough to alert the manager when a stock is below a specified limit. They can also be utilised to generate re-orders by using this information.
- The profit margin of most retail supermarkets is wafer-thin. It means doing guesswork on employee schedules can lead to further loss. From cashiers to front-end staff to personnel who work behind the lines, it is vital to schedule time and attendance accurately. A billing system can help by comparing high traffic times with sales patterns. It can then generate a schedule for employee attendance to ensure that the store is not under-staffed or over-staffed when the need arises. It creates time charts based on real-time requirements of the supermarket.
- Maintaining stock is not the only crucial aspect of supermarkets. It is essential to stock products on shelves that sell rather than those that don’t. A retail software can be efficiently employed to find out which product category should be shelved and what items within that category to put on shelf spaces. The management system “allows decisions about shelf space allocation and individual product facings to be made in keeping with which SKUs are selling faster than others.”
Let’s take the example of soup. Come winter; the POS software tells you that more of tomato soup is being sold than chicken soup. Furthermore, it shows that brand X soup is getting purchased more and more. This means that brand X tomato soup should be shelved more if you want the profit margin of the store to increase.
One last application of retail billing software that also has immense value to managers is controlling loss through theft and shrinkage. Using the data on the system and CCTV footage, one can find out which employee is not correctly ringing up items, which one is giving products for free and which one is pocketing the cash. This review of information can help you pinpoint where loss and shrinking are occurring.