POS Software - Revolutionize Your Business

POS software, or point of sale software, has gained an incredible amount of popularity with businesses in recent years. It is what enables cashiers to scan items and process credit cards. POS software has many advantages for the retailer.

First of all, POS software can increase the quality of customer service that your business gives by providing services specifically tailored to each customer. For instance, POS software allows you to automatically calculate certain discounts that the customer is entitled to, etc. POS software also allows you to be aware of each particular customer’s buying history and preferences. With the capabilities of POS software, this extremely valuable information about former purchases is stored and readily available. In turn, this enables more sales opportunities on a regular basis, as the POS software allows you to specifically tailor sales offers to individuals.

If your business also tends to charge any kind of specific fees from month to month, POS software makes charging those monthly fees easy and consistent. POS software eliminates much of the need for organizing, keeping records, etc. when it comes to recurring monthly billing.

POS software also creates very easy management of inventory, due to the fact that it can record and adjust inventory lists as soon as an item is purchased. The fact that this can be done without any significant delay makes inventory management much less complicated, and it also tends to save money on inventory costs.

Also, because POS software has the capabilities of electronically scanning bar codes from items that are being purchased, this removes the margin of error that comes with hand-entering codes.

Overall, POS software tends to make businesses more efficient, across the board. There are many different types of POS software, most of which can function in conjunction with other types of beneficial software, so it is a wise idea to research which POS software system would work best for your particular goals.

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Checkout the Benefits of Retail Management/POS Software

What is Retail Management/POS?

POS software originally referred to software applications designed to speed up sales till/checkout processes. Since its origins, however, POS software has evolved to include so many more features that it is now more commonly referred to as Retail Management Systems (RMS).

These days, a good RMS can be expected to offer the following functions:

- POS
- Inventory control
- Automatic purchase order creation
- Automatic price updates
- Barcode scanning
- Accounts receivable + payable
- General ledger
- Payroll
- Customer tracking & follow-up
- E-commerce + website shopping cart integration
- Shop management
- EDI (electronic ordering)
 

To help you understand what a good RMS can do for your business, here’s TRG’s guide to the main benefits.

1. Increased profits

Obviously, there’s little point investing in dedicated retail software if you’re not going to see a return on your investment, and good RMS software has numerous profit-boosting capabilities.

• Fewer pricing errors
Leaving your staff to price items can lead to pricing errors which cost you money. RMS allows you to set and control the price of every item in your store, minimising such errors. It will also calculate the REAL cost of any discounts you choose to make, e.g. how many more items you need to sell if you reduce the price by 5%.

• Control price points
Every item has a “magic” price point which maximises profits, but finding out what that price point is can take hours of research. RMS can analyse your sales records and tell you the ideal price for each item, i.e. the highest you can go while still selling as much as you can. Why sell at $2.49 when you can sell just as many at $2.99?

• Reduce dead inventory and maximise turnover
Do you really know what sells and what doesn’t? You might have a vague idea but RMS can tell you exactly which items are flying off the shelves and which are piling up in your stockroom, enabling you to phase out unpopular lines and focus on those which sell quickly, thus improving your cashflow.

• Reduce employee theft
Individual log-ons combined with daily profit margin, inventory control and voided/cancelled/deleted sales reports mean any thefts canbe spotted immediately. And by letting your employees know about the full capabilities of your POS software, they’ll be less likely to try and steal from you.

• Critical information
If a line suddenly stops selling (or suddenly starts!) it might take you a while to notice. But your RMS software will tell you immediately so you can adjust pricing to maximise profit or minimise loss.

• Electronic cheque verification
Bad cheques are still a big problem for retailers. But linking your POS system to an online electronic cheque verification service can help you minimise the damage done by bad cheques. Cheque verification services have been shown to enable retailers increase their collection rate on bad cheques to as much as 80%!

• Better rates from suppliers
By tracking any disparity between sales volume and profit margin, RMS can help identify which supplier deals you should be renegotiating! Showing a supplier how much of his product you’re selling is an essential tool in helping you get better deals.

2. Improve your marketing

It is cheaper to get business from existing customers than to go out and look for new ones, but are you doing all you can to get your customers to come back to your store again and again? Good RMS software can help you with this.

• Sales letters to customers
Following up a sale with a thank-you letter, information about related products or special offers/personal discounts is a great way to get repeat businesses. Detailed purchase records combined with professional, stylish letter generation can help you keep in touch with your customers and have them coming back for more.

• Automated mailings
Regular mailings (by post or e-mail) enable you to conduct drip/nurture marketing, a proven technique in retail. Using customer segmentation you can make sure you target the right customers with the right products and offers.

• Reports
Monitoring different types of marketing campaign and resulting sales can tell you what’s working and what isn’t, enabling you to establish what types of campaign work for which products.

• CRM compatibility
If you already have a CRM (Customer Relationship Management) system, your RMS software can interface with it and enable you to store detailed sales information for every customer. CRM + POS = essential market information more effective marketing.

3. Manage your inventory

Quick stock turnover = better cashflow, and RMS software can help you identify what’s moving, and what isn’t.

• Top sellers + dead inventory
Knowing what’s selling is essential to any retail business, and RMS can tell you what your top sellers are. Not only does this help you stay on top of pricing, but it also ensures you never run out of popular lines by automatically sending purchase orders to your suppliers when stocks start running low.

Equally, having lots of dead stock can tie up your cash and take up valuable stockroom space. RMS identifies slow or non-selling lines, helping you to take remedial action.

• Seasonal sellers
Some products sell especially well at particular times of year. RMS can provide you with detailed monthly or weekly sales breakdowns, identifying patterns and enabling you to time product orders and promotions.

4. Reduce accounting work

Bookkeeping is a time-consuming process and takes up valuable time you could be devoting to selling. RMS software cuts down the amount of accounting work you have to do by automating most of your processes.

• Process automation
RMS can automate tasks such as calculating monthly sales tax, printing monthly statements, entering sales transactions into Accounts receivable, posting receipts to journals, and posting transactions into general ledger software.

• Track debtors and creditors
By keeping close tabs on who owes you money and who you owe money to (and when it’s due), RMS helps you improve your cash flow management and ensures that your customers pay you on time, and that you keep your suppliers happy by meeting their deadlines.

• Maintain a clear audit trail
Everyone dreads end of year accounting and reconciliation, but RMS can take away this particular headache by keeping a clear audit trail throughout the financial year.

5. Make your customers happy

Happy customers mean more sales, and RMS software can help create a POS experience that will make your customer service special and memorable.

• Speed up the checkout process
A good RMS system will offer bar code checking, touch screens and instant credit card authorisation, meaning your customers have minimal waiting time at your checkouts and you get to sell more goods.

• Individual credit/discounts
With full customer data available at the touch of a button, personal discounts or credit can be applied immediately, meaning fewer misunderstandings or problems at the checkout.

• Fast order delivery
Some larger items need to be delivered to the customer’s home. Electronic POS can send details of the order to your warehouse before the customer has even left the store, enabling rapid delivery and a happy customer!

• Paper-free refunds
Mishandling a complaint or request for a refund is the easiest way to lose a customer, but how many refunds do you refuse simply because the customer has lost their receipt? As your RMS software stores a record of all purchases, you can call up electronic receipts and make sure that anyone who is entitled to a refund gets one, receipt or no receipt.

• Professional paperwork
RMS software produces crisp, clean, readable receipts, invoices and delivery notices that make you look professional and avoid any misunderstandings with your customers.

TRG International is proud to offer RetailPro, the global leader in Retail Management Systems. Used by over 55,000 retailers in more than 70 countries, it offers full retail/POS functionality, and combined with our experienced installation and technical support teams, it’s the perfect choice for Vietnamese retailers.

Tim Russell is Marketing Director at TRG International, one of Vietnam's leading providers of IT business solutions and services. Originally from the UK, he has been in Vietnam since 2003. Prior to coming to Vietnam he spent over a decade in the tourism industry in both operations and marketing, before moving into IT where he helped set up a company providing reservations software for tour operators and travel agents. He lives in Ho Chi Minh City with wife Nhung and daughter Emilie.

Retail POS Software

There are a number of channels of distribution available to the producer that may be employed by persons or companies to bring products to the market. Consumer goods may be distributed through channels. The channels used are producer-consumer, and there is no middleman involved. Sales are made from house to house or by direct mail. Point of sale software provides the best benefits that programming technology and client/server databases have to offer to retailers. It is designed with a high degree of proficiency that allows the user to access data and ask questions about the database.

Secondly, producer-retailer-consumer are when goods are purchased directly from manufacturers or retail stores opened by manufacturers. Thirdly, producer-wholesaler-retailer-consumer is the traditional and most economically used channel. There is also producer-agent-retailer-consumer channel, whereby producers use manufactures agents and brokers to reach the retail market. Finally, the producer-agent-wholesaler-retailer-consumer channel uses the services of agents by smaller retailers who purchase from wholesalers and sell to small stores.

A large number of channels of distribution are available to the manufacturer to bring products to the consumer. Efficient distribution at the least cost and at the desired volume of sale can be secured only after experience, study and analysis.

A retailer does retailing by selling to consumers. In the distributional hierarchy, retailers are below the level of distributors or wholesalers. Sometimes, retailers are termed dealers or authorized representatives. The retailer often operates in a smaller territory or at a specific location and earns less commission compared to higher levels in the channel.

POS Software provides detailed information on POS Software, Free POS Software, Retail POS Software, POS Restaurant Software and more. POS Software is affiliated with Bar Code Printing Software

POS Software

The healthy growth and long-term survival of the business in the dynamic economic environment today depends upon the development of new software programs. Organizations must be always on the lookout for the newest opportunities to create new software and services. New product development holds the key for the survival of an organization.

With so many new companies entering the market, it's no surprise that there is a huge demand for point of sale software. But sadly, most folks that go into this venture don't realize the importance of choosing good point of sale software.

New software is developed as the result of the ingenuity of creative people in the organization. As such, it is obvious that point of sale software is the function of organizational creativity. In other words, it depends upon how creative an organization is in respect to new ideas.

Point of sale software will help keep solid tracking of what products are moving and how much is being spent on them. You can track what path your business should take based on the information and tracking that point of sale software provides.

When talking about point of sale software, creativity is the buzzword. It may be viewed as new insights that points to better ways of dealing with reality. It involves a departure from conventional thinking to non- conventional thinking. It entails establishment of a relationship between the hitherto unrelated things, ideas or concepts. For a concept to be a success, one must know the target audience and objectives of the organization.

POS Software provides detailed information on POS Software, Free POS Software, Retail POS Software, POS Restaurant Software and more. POS Software is affiliated with Bar Code Printing Software

Free POS Software

 

An organized enterprise does not exist in a vacuum. Rather, it is dependent on its external environment and is a part of larger systems such as the industry it belongs too, the economic system and society. Thus, the enterprise receives input, transforms it, and exports the outputs to the environment.

However, this simple model needs to be expanded and developed into a model of operational management that indicates how the various inputs are transformed through the managerial functions of planning, organizing, staffing, leading and controlling. Clearly, an open system model that includes interactions between the enterprise and its external environment must describe point of sale systems.

The input from the external environment may include people, capital and managerial skills, as well as technical knowledge and skills. In addition, various groups of people will make demands on the enterprise like employees wanting higher pay, more benefits and job security. On the other hand, consumers demand safe and reliable products at reasonable prices.

It is the task of managers to transform the inputs, in an effective and efficient manner, into outputs. Of course, the transformation process can be viewed from different perspectives. Thus, one can focus on such diverse enterprise functions as finance, production, personnel and marketing.

Communication plays a pivotal role in point of sale systems. First, it integrates the managerial functions. For example, the objectives set in planning are communicated, so that an appropriate organization structure can be devised. Communication is essential in the selection, appraisal and training of managers to fill the roles in this structure.

One should never forget that the customer is the reason for virtually all businesses. It is through point of sale systems that the needs of customers are identified, enabling a firm to provide products and services at a profit.

POS Software provides detailed information on POS Software, Free POS Software, Retail POS Software, POS Restaurant Software and more. POS Software is affiliated with Bar Code Printing Software