What is the Point of Point of Sale?
A truly good retail POS system can not only measure and drive sales, but can also work in tandem with sales forecasting and planning to drive long term profitability in your retail business. Measuring data from your point of sale system is the secret sauce in a long-term sustainable retail business recipe.
Our retail Point of Sale systems have come a long way since James Ritty invented the first Ritty Model cash register just following the American Civil war in 1897. Ritty built his machine to stop employees pilfering his profit, a basic and fundamental requirement that despite incredible advances in inventory control remains for many businesses one of the only real benefits that their Point of Sale system provides. Now, nothing hurts a data junky like me more than seeing a Point of Sale system used as a Ritty Model Cash register.
So here is your challenge as a retailer in 2014. Be honest with yourself!
- Am I using a POS system for inventory control?
- Am I using my POS as MORE than a cash register?
- Am I able to analyze the performance of my Departments, Classes, Vendors and SKU’s with my retail POS system?
- Do I use my POS system to create, submit and receive purchase orders?
- Do I use my POS system as a Customer Relationship Management tool?
If you answered yes to all of these questions than congratulations you are staying in the game and covering the bare essentials. If you answered no it really is time to take a look at your business. Now that you have been honest with yourself, be brave and take action!
Canadian Retail Solutions can help you get more information out of Point of Sale system, and our inventory consultants can help you learn how to use that information to make your business more successful.
Scott Smith is a certified Winning@Retail™ consultant at CRS. Scott has worked with retailers for over 20 years on the sales floor, through all levels of retail management, operations, and marketing.