You might be feeling the stress of this busy time of year. Switching to a new POS system is probably the last thing on your mind. We get it. You probably don’t have time to research or learn about all of the benefits that you can start reaping immediately. Let us tell you! By switching your POS system today, you will start saving a ton of time and money when you need it most.
Within the first 6 months of switching your POS system, you will be able to automate the fill-in process and generate purchase orders that will take work off your plate and give you more time in your day. All that you have to do is place the order with the supplier. These capabilities can help you cut back the time spent on the replenishment ordering process by 90%. Right away, RICS can create your markdown schedule so all that you have to do is enter when you want to markdown certain merchandise and by how much. This will allow you to move inventory out the door more effectively and see a bigger return.
After 6-12 months of using your new POS system, your data starts to accumulate and you have a season under your belt, you can use the prior data and reports to make future buying decisions. This data will help you make smarter choices about your merchandise, which will put more money back in your pocket. You can analyze the performance of new merchandise and determine if you need to buy more or cancel future orders. You can make adjustments on the fly when you run reports with your POS system.
Once you have used your new POS system for a year, you will have better insight into your customer base and sales performance. You can market better because you can analyze customer lists and separate your customers based on what they bought last year and when they bought it. This allows you to personally market to them, which should increase sales! Your POS system also tells you peak sales times so that you can staff your employees strategically and prevent overstaffing during slow periods.
In the long run, your data will allow you to compare previous years’ performances and inventory to guide your decisions for upcoming years. You can look back at last year and see when the most profitable sales took place and when heavy markdowns occurred. You will have a substantial amount of data for your business to make smarter choices. Better data leads to higher profits!