One of the greatest trends in sales today is the use of POS hardware kits. They’re growing more popular every day across multiple industries. Everyone from small-business owners to CEOs has taken a liking to them. Because they’re appreciated by consumers as well, it’s hard to find a downside. Many studies indicate that POS Hardware kits are the wave of the future, and because they’re economically-priced, even the tiniest sole-proprietorship can get in on the trend today. The reasons to switch over are innumerable, but here are five of the most compelling.
1. Consistent Pricing
Pricing is one of the most difficult things to manage, unless the company utilizes a centralized unit. In a single location, it’s not too difficult; however, this is becoming increasingly rare. As author, analyst, and VP Ted Schadler pointed out in the Forrester Mobile Adoption Trends report, “Today, we characterize 29% of the global workforce as anytime, anywhere information workers—those who use three or more devices, work from multiple locations, and use many apps.” This means that a vast number of people are managing or going between multiple locations, and their figures don’t even include everyone who is dividing their time between an online store and a brick-and-mortar one. Using a POS hardware kit with apps allows business owners to set a single price and have it carry over to any virtual or land-based store at the touch of a button.
2. Inventory Tracking
Rocky Mountain Chocolate Factory decided to upgrade due to inventory management issues. Because each of their locations had its own inventory system, which then sent reports to a corporate office, data was outdated by the time it was analyzed. Sometimes store shelves would be bare, and their bottom-line was looking dismal. By investing in POS hardware kits, they were able to access real-time reports that gave them greater control over inventory. Companies that use POS to manage inventory can benefit because they always know what’s in stock, across every branch they have and online. This allows them to move products between locations to balance them or to order more when running low. It can also be a useful tool in figuring out what happened to missing inventory and when it disappeared.
3. Employee Efficiency
The cost of labor is often the biggest expense any business has to endure. Some suggest anywhere from 10 to 30 percent of a company’s income should be set aside to pay wages. Those in the restaurant industry or other service-oriented businesses can pay up to 40 percent. For this reason, businesses of all types need to ensure that employee time is managed very well. POS hardware kits are known to increase efficiency. They save employee and management time, because less cash needs to be counted, as the devices regularly increase the use of credit card payments. Because the systems can be integrated with tablets and smart phones, employees can also take the POS out to the sales floor to speed up purchases. Owners and managers also benefit from reporting features and inventory management apps. The restaurant industry has begun using them to take orders at a table and electronically submit them to the kitchen, which results in fewer errors and quicker service. Servers are also able to accept and process payments right at the table.
4. Remote Management
POS hardware kits are also able to connect to the internet. This means that business owners and managers can log on from anywhere and see what’s happening in their land-based locations and virtual stores. The ability to keep watch allows them to identify immediately if there are problems with inventory, employee efficiency, and more.
5. Higher Profits
The biggest draw of all to POS hardware kits, though, is their ability to increase profits. Inventory tracking and employee efficiency play a huge role in this. However, the sets can also be used to improve consumer relationships, develop loyalty programs, reduce theft as well as fraud, and more. The retail industry is expected to bring in 4.2-trillion dollars using these devices, but each industry will receive different benefits that will help generate greater profits.
POS hardware kits generally come with everything a merchant needs to get started accepting payments. The Shopify variety comes with a cash drawer, receipt printer, retail card reader, and an iPad stand. It’s designed specially to work with most versions of iPads, has apps that can be downloaded for easy business management, and it integrates with an online storefront. Because implementation is so easy, incorporation seamless, and start-up costs so low, the sets are gaining popularity. As time passes, this will likely become standard or expected across all industries, because software can be easily customized, and additional hardware can be added to suit business needs.
Five Compelling Reasons to Upgrade with a POS Hardware Kit
October 28, 2014 by · Leave a Comment