A point of sale system (POS system) for small business does more than streamline checkout processes. It may help you stay competitive.
Small and medium-sized businesses (SMBs) in the retail and restaurant industries increasingly feel pressure from big box stores or chains moving into their market. SMBs don’t have the resources or budgets that enterprises businesses can invest in technology or marketing. And, they usually can’t compete with larger businesses on price.
Fortunately, the story doesn’t end there.
Your business has advantages that large enterprises don’t. By choosing a POS system designed for small businesses, you can leverage what makes your business special to establish a firm foothold in your market.
You and your team have the edge when it comes to providing personalized service. Enterprise businesses may be able to analyze data on customers to learn about them. But you can get to know customers by providing one-on-one service and developing relationships with people in your community.
Research for the Accenture Making It Personal Pulse Check 2018 report found that a whopping 91 percent of consumers are prone to shop where stores recognize them, remember them, and provide relevant offers.
Your POS system can help you refer to a shopper’s purchase history, make effective upsell or cross-sell offers, and manage a loyalty rewards program tailored to your unique customer base.
Large enterprises typically have complicated organizational structures with multiple levels of management. As a result, it takes time to approve new ideas, develop new processes, and address problems. Your business, on the other hand, is much more agile. You and your partners can meet and implement changes quickly — and revert to previous processes just as quickly if the change isn’t beneficial.
This flexibility allows you to be more innovative and try new ideas, which larger enterprises probably wouldn’t consider. A POS system for small business will give you the data and reports you need to make sure your initiatives are paying off the way you need them to.
Another advantage small businesses have over large enterprises is that consumers prefer them. A survey by UPS and ComScore found that 93 percent of shoppers say they prefer local and small retailers to larger chains. Of the consumers surveyed, 61 percent say they like these businesses because they offer unique products, and 49 percent can find what they want in small shops.
A POS system for small business can help you manage your inventory to ensure you have the right products on hand — and even provide data on the most popular items, which can help you merchandise more effectively.
The investment you make into training your employees is also more likely to pay off if you run an SMB. A study a few years ago found that more than 57 percent of workers in a small business demonstrated the most commitment to their employer versus about 40 percent of people working for a large business.
The study pointed out that working for a small business is associated with a favorable quality of life, contributing to the reasons employees are likely to stay.
Giving your employees technology tools that help them do their jobs better and more efficiently can also help with employee retention.
Choose POS for Small Business that Supports Your Brand Image
When you’re shopping for a POS system, solutions in the “POS for Small Business” category are sometimes low-price, basic-feature products. Price, however, should only be one of the factors in your decision. Find a POS system that gives your business operational efficiency, the ability to provide the experiences your customers want, and that allows you to showcase all the positive aspects of your brand.
Competition will always be out there. Equip yourself with the right tools that will let you show your customers and your competitors that no one does it better than you.