Using your Point of Sale System to Boost Profits
Most of us just think of a point of sale (POS) system as a way to process transactions. But your POS system is capable of doing so much more. Day after day, it captures critical information—from which items are selling the most, to the times when the majority of your customers shop. Here are six ways a cutting-edge POS system like Exatouch® can help you increase your profit margin.
1. Providing Valuable Inventory Insights
Exatouch® POS systems make inventory management easy so you can keep tabs on your stock counts. Using built-in reports, you can easily identify which stock items are slow to move, which ones are selling the fastest, and which ones provide the highest profit margins. And because Exatouch® maintains your purchase order history, you can easily view how many items you purchased the last time you re-stocked your shelves, how much you paid for each unit, and how long it took to move those items. Using these key insights, you can adjust your next inventory purchase to maximize your overall profits.
2. Preparing Your Business for its Busiest Sales Periods
Understanding how your business performed during your busy season can help you be better prepared for the next one. For example, using Exatouch’s reporting features, you can identify how many employees worked on certain holidays, and what you brought in for sales. This helps you plan your staffing to ensure your customers get the appropriate level of service, without paying for any unneeded labor costs. This reporting applies to your inventory as well. Knowing what your best-selling items are will help you determine how much inventory to purchase in advance, allowing you to keep up with customer demand and make the most of your sales.
3. Adjusting How You Do Business
By running one of Exatouch’s 70-plus reports, you can gather key insights to help you better refine how you do business. For example, you might think of yourself as a retail clothing store, but your high accessory sales might be telling you to dedicate more shelf space for your purses, belts, hats, and jewelry. When you generate a report to learn when most of your customers make their purchases, you might want to adjust your hours to better accommodate their shopping habits. Opening and/or closing even an hour earlier—especially on particular days—can make a huge improvement in your profit margin!
It’s important to have real time information about how your business is doing. And getting and sharing this information between business owners, partners, managers, etc., can be challenging. Exatouch can be easily programmed to create a daily sales report that is mailed to all key parties. It’s like a snapshot of your overall business. This reporting feature can also be used to deliver whatever information your accountant requires to complete their duties.
5. Preventing Theft and Loss
Unfortunately, any time cash is involved in a business, there is a risk of theft. Using Exatouch’s reporting, you can identify how many discounts, refunds, and voids are processed during each employee shift. Having this kind of information can help you detect and prevent fraud and stealing.
6. Identifying Top Sales Performers
POS reports can help you identify your top sales performers so you can recognize and reward them for their outstanding service. And we all know that happy, appreciated employees create happy, loyal customers!
Exatouch POS System Sales and Support with MJM Associates
A robust POS system like Exatouch provides all the data you need to make strategic decisions on how you run your business, helping you boost sales and your bottom line. Talk to the pros at MJM Associates to learn how to put Exatouch to work for your business.
