Point-of-sale (POS) terminals are on the rise, and there’s no sign of slowing. Each year, the volume of transactions processed through POS terminals increases.
POS sales aren’t just important for consumers, either. 72% of retailers report POS data being beneficial for sales planning and forecasting.
Retailers also report POS being an important source for:
- Dashboards and retail scorecards (68%)
- Automated data collection (67%)
- Self-service access for business users (43%)
- Mobile applications (39%)
- Data integration (38%)
- Ship-to-consumption analytics (32%)
- Push notifications for key metrics (31%)
If you want to take full advantage of your POS, you need to ensure your point-of-sale system is up to date. Here are some signs you may need a POS upgrade.
1. Its Hardware Malfunctions
Minor hardware malfunctions are often a sure sign you need a POS upgrade. Flickering monitors are one sign of a malfunctioning POS, as is a monitor that won’t turn and malfunctioning receipt printers.
Many older POS systems are no longer supported by vendors. This makes finding replacement parts difficult. Even when you can source replacement parts, the cost of repairs can eclipse the price of a new POS outright.
If your POS is starting to malfunction, you may want to save yourself some headaches and upgrade your system.
2. It Has Slow Or Buggy Software
Slow or malfunctioning software isn’t just a bad look for your company. It can even lead to software malfunctions which can result in payments not going through or even your customers being charged multiple times.
Buggy software can result in needing to frequently restart your POS terminal. This leads to downtime, which means missing out on money. The lost revenue can quickly cost you more than a brand new point of sales system in Toronto.
3. It Has Limited Payment Options
If your POS doesn’t include a chip reader yet, you need to fix that. Beyond chip readers, an increasing amount of consumers are moving beyond cards altogether and using Near Field Communications (NFC) payment systems like Apple Pay and Android Pay. If your POS system doesn’t support NFC payments, you’re going to miss out on business.
A modern POS offers the opportunity to integrate with your credit card reader. External card readers can be slow and unwieldy, which can frustrate your customers. External card readers can cost extra, as well. Most POS vendors automatically integrate with merchant service providers, so you’ll automatically get the best possible rates.
4. It Doesn’t Share Data Easily
Trying to upgrade your business without data is like shooting blind in the dark. Not only is it a waste of time, money, energy, and resources, you can end up doing more harm than good.
A modern POS system is the best way to generate real data from your brick-and-mortar business. It allows for data segmentation, so you can compare your physical sales with your online business to get even more in-depth insights into your customers’ needs.
5. It Doesn’t Play Well With Others
Proprietary software and file formats can make any attempt at business analysis an absolute nightmare. Mwerely converting your sales reports into a .CSV or QuickBooks format can become like an advanced exercise in computer science.
Having a state-of-the-art POS makes exporting most common file formats instantaneous. If your new POS’ native system doesn’t handle a file format directly, there are any number of apps it can integrate with to export files easily.
The Benefits of Upgrading
Upgrading your POS isn’t just about avoiding adverse outcomes; having a modern integrated POS can positively impact your business on many levels. Here are three of the ways that a new POS can make your business stronger and more agile in the modern marketplace.
1. Improved Customer Experience
Customer experience has never been more important than it is in today’s word-of-mouth economy, and a positive customer experience is one of the most important aspects in reviews and recommendations.
It’s also essential for retaining existing customers. It’s five times as expensive to acquire a new customer than to attract a new one. This means that it’s your best interest to make your customer’s interactions as smooth, efficient, and pleasant as possible. Once upon a time, it was enough for a company to offer customers a convenient way to pay for purchases. Today’s customers have come to expect a personalized experience, from recommendations tailored to their particular needs to loyalty and reward programs.
Canadian companies are excelling in this regard. 23% of companies improved their customer experience, according to the Forrester’s CX Index Methodology report. That means the bar’s been raised for customer expectations.
2. Be Better Than Online
Customers expect information on a product to be available instantaneously in your store just like it would be online. They may also expect inventory updates, like whether or not an item’s in stock, if it can be found at another location, or if it is in the warehouse. They may even expect to be able to arrange shipping at the POS if the item is not in that retail location.
A state-of-the-art POS system easily integrates with a comprehensive multi-channel marketing setup, working with your website, online catalogue, and linking your store locations to provide your customers with all the benefits of your online experience and the individual attention of your live sales staff.
3. Take Advantage Of Cloud-Based Versatility
A recent study by Emergent Systems reports that up to 80% of businesses will be using cloud-based systems by 2020. This makes the data generated by your POS instantly available to everybody across your enterprise. This will empower staff to provide high-end support to customers, letting customers know when products can be expected to arrive, and letting you know when there is a need on the sales floor that is not being met.
Many POS vendors offer hybrid systems, as well, if you are wary about moving entirely onto the cloud. This way, you can dip your toe in the water and see how it can help your business grow stronger.
Are You Looking For A POS Upgrade In Toronto?
If you’ve been thinking about it, the odds are good that it’s time. A modern POS system pretty much pays for itself in less-than-no-time, while eliminating headaches in the process. At Point Of Sale Remarketing Group, we take great pride in helping the Greater Toronto Area find the best deals on POS systems.
Whether you’re looking for a POS upgrade or POS repair, we’ve got everything you need to have the best possible POS for your business.