Retail is the most dynamic industry in today’s business world. At present the Retailers are facing following major challenges:
- Increasing purchasing power & customer expectations,
- Availability of variety of options for customers due to entry of large business houses in Retail,
- Decreasing profit margins,
- Growing real estate (Retail spaces) prices &
- Availability of Human Resources
Retailers can make use of the Information Technology & overcome some of these challenges easily.
The customer’s expectations can be summarised as follows:
The products & services should be available when he needs them. If they are not available he will try to get it from the available sources i.e. “the competitors”. Hence the retailer has to ensure that he maintains optimum stock levels & there are no stock-outs. Traditionally this is done on the basis of the wisdom the retailer has acquired by experience or just Judgement or Guesswork. Whether the result is “Understocking or Overstocking”, god only knows.
The customers hate “Long Checkout lines”.
These expectations of the customers can be fulfilled with the help of technology as it is possible to maintain optimum inventory levels by setting reorder levels in the system as well as there will not be any overstocking as the retailer can set the quantity to be ordered based on the historical data. The long checkout lines can be avoided as the billing will be very fast and accurate & there will not be any errors of “omission & commission”.
The large format stores make use of Information Technology (Point of Sale Systems) & run their businesses though the owner is not present at the Retail stores. It is argued that these stores lack the personal touch the family managed or small/medium retail stores use to offer. But on the contrary with the help of technology they are in constant touch as they use emails & SMS’s to remain in contact with their customers. Promotional offers, seasonal products promotions & wishing on special occasions such as Birthdays, Anniversaries, New year & Diwali is regular affair.
Due to fierce competition the profit margins are decreasing, hence it is necessary to increase the turnover so as to keep the business earning optimum profit. Detailed sales reports can help you focus on the high margin items. If you are not able to find the product physically the system can show whether the product is available or not & the customer will not go back empty hand. Shrinkage, theft can be avoided with the help of POS. The turnover can be increased
It is possible to know & get rid of slow moving or old products by selling them with some discounted offer & replacing the same with fast moving products.
Increasing Real Estate (Retail Space) prices is another major problem faced by the Retailers. Whether the Retail property is owned or leased out the cost of the property hampers the profitability of the business. To get the better Sales per Sq. ft., Gross Margin per sq. ft. etc it is necessary to get accurate information about the Customer preferences, maintain adequate inventory levels & move dead / slow moving stock. We have already seen that it is impossible if proper systems are not in place.
Getting trained, honest & courteous sales staff for Retail outlet is becoming difficult day by day. The POS system can play a major role in managing the retail business with less manpower & it is also possible to monitor their performance. The sales staff can also be kept motivated by paying them based on their sales performance.
In addition to this there are many more advantages of using a good POS system in your retail store.
Hence POS is an ultimate too for the modern day or traditional Retailers.
- Windows based
- Barcode Enabled, Compatible with a wide range of barcode printers
- Multi User
- Multi Location (within the same premises)
- Multi Branch
- Multiple Lines of Business (e.g. Apparel, Grocery, medico etc)
- Multi Firm
- Supports multiple peripherals like customer displays, Magnetic card readers
- Biometric Logon (using fingerprint readers)
- RFID enabled
- Userwise Security Privileges assignable
- Output VAT inclusive or separately charged
- Attributewise or Productwise classification of VAT %
- Attributewise Incentive Assignment
- Bonus incentive Possible
- Salesmanwise Setting in Reporting on Qty and Value
- Sales and Sales Return adjusted for incentive
- Extremely User Friendly Keyboard-less Sales Possible
- Cash, Coupon, Credit Card & Split Payments
- Customizable Bill Printing On 40/80 Column , Thermal, DMP, Inkjet, Laser
- Audible Alerts Provided
- Quotation Generation
- Delivery Challan Generation
- Old Product Buy Back
- Quick Product Search
- Gift Voucher Issues & Consumption Facility
- Sales Against Multiple Challan / Slips
- Automatic/Manual Generation of PO
- Purchase order Below reorder level alert
- Past purchase history available while making PO
- Pending order history Vendorwise/ Productwise
- Branch wise PO tool available
- Attributewise budget allocation
- Attributewise Area Allocation
- Counterwise Cash and Sales
- Attributewise/ Suppierwise graphical sales/Purchase tree report
- Offer Registers
- Promotionwise sales report
- Attributewise GP reports
- Time based (Hourly) Billwise, Amountwise
- Userwise transaction activity report
- Sessionwise shortage/ Excess report
- Productwise Monthly sales/Purchase comparison
- Below reorder level products report
- Locationwise stock report
- Customerwise sales report
- Branchwise Sales/Stock Analysis Report
- Credit Customer details/Summary reports
- Productwise Purchase history
- Most reports exportable to MS Excel
- ABC Analysis report
- Productwise margin
- PO to Purchase analysis report
- Provision for Allowing/Blocking sale rate change at POS
- Provision for Allowing/Blocking item cancellation at POS
- Provision for Allowing/Blocking Salesman itemwise, Billwise
- LOB specific Sales Allowing/Blocking facility
- Location specific Sales Allowing/Blocking facility
- Bill printing configuration after saving
- Payment type Allowing/Blocking facility
- Provision for different Printers Billwise
- Reports facility can be blocked