Month: July 2019

by admin admin No Comments

POS tutorials – Learn The Basics of a Retail POS System

With each passing day, new advancements in technology are being made making businesses more productive and cost-effective. Managing your retail business is easier and more efficient now with the introduction of the amazing Point of Sale systems. These systems comprise a combination of software and hardware designed to maintain records of sales and purchases of a store. 

pos tutorial

A large pool of POS systems is available for small and large businesses and online POS tutorials are also available making it possible for businessmen to adapt to these systems and get maximum sales and output. POS systems are also equipped with inventory management properties, sales reports, business analytics and other features significant to track your retail store in an organized and reliable manner.

What is POS?

Point of Sale is the point where all the transactions take place within a retail store in between the salesperson and end user. A POS can normally comprise of a register or a check out counter depending upon the type of system utilized by the retail store.

The software programs which contain the features aiding during the transaction process are also generally termed as POS systems. This software is embedded with a computer display at the store exits so that all the monetary exchange between the customers and store staff are recorded in these Point of Sale systems.

Mandatory Features of a POS System

The POS systems have also evolved with the passage of time and the traditional cash counters have been replaced by the sophisticated Point of sale systems or software rich in amazing features. These features have proven to be extremely helpful for a business to maintain their records in a reliable, organized and efficient method and has helped them grow immensely.

The POS tutorials provided along with the systems contain all the detailed procedures and functionalities carried out by these systems. Before the implementation of your personalized Point of Sale system, the employees must have proper training about the working and flow of these systems. 

The prominent features which are part of the Point of Sale systems include the following:

Sales Reporting

The primary purpose of setting up a POS at your retail store is to record all the sales and purchases carried out throughout the business days. The data is represented in the form of several reports and other necessary details are also mentioned in these reports. 

The Point of sale systems combined with hardware must provide sales professionals with records of sales with respect to various products, product types, sold items costs, the sum of profit generated, margin of sales and profit and other such factors.

The sales performance of the retailers must also be represented in the form of graphics, snapshots, and charts to review all the important information quickly and make improvements accordingly.

Inventory Management

Inventory management is also a major feature of a Point of Sale system as this system is responsible for keeping track of all the products. This system also helps in maintain records for the products available in stock and whether more items are needed in stock or not. The POS system also handles the following functionalities efficiently as well:

  • Keep digital records of all the products available in the inventory
  • Count all the products going in and out of the inventory
  • Manage and organize the POS data with the help of various product variations
  • Mark all the products placed in the stores with the help of unique serial number so that these products can be identified
  • Keep track of the products across all the locations of the store
  • These systems ensure that the end users can reorder best-selling products in an automated and seamless manner without any further delay.
  • Ordering and reordering of all the orders and purchases according to various filters.

Customer Management 

For any business, it’s a top priority to maintain a strong relationship with your customers. As this bond will help in increasing the number of returning customers and improve the overall impression of the retailers as well. The Point of Sale systems will have an embedded Customer Relationship Management System so that the data of valued customers of recorded and organized in an efficient manner.

The customer management module included in a POS helps in carrying out the following functionalities:

  • The sales and transactions are attached to the customers to keep a record of the daily transactions.
  • The purchase history of the valued customers is also maintained so that customers are contacted for promotions and offers.
  • Acquire customer information and enter these details into your management system. These details must include name, age, birthday, phone number and email address details.
  • The email marketing technique is also utilized by this customer management system to stay in touch with the esteemed customers and keep them updated about upcoming events associated with a brand.
  • Built-in loyalty programs supported to aid your regular customers.

Employee Reporting and Management 

Every employee must have a target set for sales and purchases made by the stores under their supervision. This will encourage the staff to carry out their work efficiently and perform activities which result in grooming their sales and marketing skills. The POS also helps you carry out the following activities as well such as:

  • Add new employees to the system.
  • The schedule of employee activities can also be scheduled and modified with the help of the POS system.
  • The schedule for employee tasks can also be emailed to the staff through this system.
  • Keep track of the weekly and monthly hours of all the employees.
  • Analyze the performance of the best performing employees.

POS System Example

Several Point of Sale systems is available for business and retailers to manage and run businesses successfully and keep records of all the sales and purchases. Magestore POS is an example of a Point of Sale system which successfully helps retail stores in running a successful and progressive business. 

pos tutorial

The prominent features of Magestore POS include live tracking of all sales records and purchases, efficient performance, user-friendly interface, and numerous other such functionalities. Other popular Points of Sale systems include Shopify, Square, Shopkeep, etc.

The post POS tutorials – Learn The Basics of a Retail POS System appeared first on Magestore Blog.

by admin admin No Comments

What is POS Transaction? The Basics Explained

The robust progress in the IT industry during recent years has also evolved businesses. With the introduction of advanced software and hardware technologies, the records associated with any business are recorded digitally. The electronic maintenance of records saves resources, is more reliable and can be backed up with a minimum chance of data loss. 

The Point of Sale Systems has been specifically designed to keep track of all the sales, inventory records, POS transactions, employee profile management and all other activities being carried out in a retail store. Popular POS systems aiding business in improving their sales include Shopify, Lightspeed, Shopkeep, Magestore, etc..

What is POS Transaction?

The POS transaction takes place when a payment is made by a customer at a cash counter or online store in exchange for products or services provided to them. In general terms, a point of sale transaction occurs whenever an activity involving the conversion of assets, liabilities or equity occurs.

pos transaction

The exchange of cash and goods can occur in any medium depending upon the nature of business or store from which the purchase is being made. The transactions involve two user roles i-e a buyer and a seller. The systems comprising of software and hardware which keep track of these transactions are termed as POS or Point of sale systems. 

As a result, any monetary exchange taking place through a cash counter integrated with a POS software and hardware is known as a Point of the Sale transaction. The POS system is purchased by the retailers to keep an eye on the number of transactions being made on a daily, monthly or annual basis. 

The POS systems are also responsible for calculating the amount of cash generated each day on sales of different product. Other amazing features include inventory management, POS report generation, employee profile management, stock management, predicting stock requirements, etc.

Utilizing a POS system for recording and monitoring of Point of Sale transactions helps the retailers and sellers in maintain reliable records and measure the progress of their businesses in an effective manner.

These systems also help the sellers in devising strategies to improve sales by looking at the demand and sales of each product and the impact of sales procedures already implemented and generating POS reports in accordance to the input data.

POS Transaction Types 

Each sale or purchase involves the transaction of money but the medium through which this money is being transferred can vary in different cases. The two major categories of POS transactions are mentioned below along with precise descriptions:

Online

The POS transactions which occur while making a purchase from an online retail store belongs to this category. In this case, the store is not physically present, but the buyers can view product details online and order desired products which are delivered to their doorstep in some time. The Point of Sale Transaction occurs when the buyer enters his/her credit card information and the money is transferred to the seller in the online category. In the case of unsatisfying product quality or faulty items, the amount is also refunded to the customers in some cases.

Offline 

When a buyer visits a store, chooses certain items and makes payment at the cash counter on which a POS is installed then this category is termed as an offline Point of Sale transaction. In this case, the money is directly received by the buyer without any delay.

These online and offline transactions are further categorized into three different types:

Sales

When a product or items is sold whether it’s a physical store or online retail shop then this type of transaction takes place. In both cases, the cash or payment is directly received by the seller. The number of products sold, the amount of cash received, the date and time of purchase, the employee handling the sale and the customer information are recorded in the POS system in order to monitor these factors for future predictions.

Purchases

This Point of sale transaction occurs when a buyer purchases a product from any medium and its return makes a payment. All the information associated with the purchase is recorded on the POS system.

Receipts

After the buyer has successfully purchased his desired products a receipt is generated for the esteemed customers which contain details like the amount of cash paid, number of products, name of items purchased, date and time of purchase, etc. This receipt is handed to the customer so that they can also keep track of the purchases they made at a retail store.

What is POS reconciliation?

The term POS reconciliation is becoming extremely important in small and large businesses and it is used when the accounting records of POS data sets are compared with each other. This is done to ensure that the recorded data and accurate.

pos transaction

Point of sale reconciliation is also explained as the calculations made to verify that the amount of cash in the cash counter is equal to the number of sales made on that day/month or year.

How is POS reconciliation related to POS transaction?

The POS reconciliation and POS transactions are closely related to each other as both are used to verify each other’s data. The data extracted with the reports generated in a Point of sales system is cross-checked through Point of sale reconciliation methods. As a result, the inflow and outflow of cash are recorded perfectly.

Benefits of POS reconciliation

Eliminate accounting errors

The POS reconciliation methodology removes any possible human errors in the calculation of finances and helps you analyze data is an accurate manner.

Secure business deposits

The cross-checking carried out during this procedure also helps you to be sure about the cash amount reserved in your account so that the future investments or purchases can be predicted in an accurate manner.

Stability 

The Point of sale reconciliation process also accelerates stability in the management of your business-related finances. The exact estimation of available cash helps you plan ahead of time and carry out your tasks smoothly.

Identify unauthorized transactions

The double check of all the sales and purchase related finances also helps you identify the transactions which are not authorized and minimize the risk of unnecessary cash outflow.

The post What is POS Transaction? The Basics Explained appeared first on Magestore Blog.

by admin admin No Comments

The rise of Omnichannel Loyalty Programs

Loyalty is an emotional word.

More store owners are starting to recognize the influence of customer’s feeling on how they interact with a brand. Accordingly, an efficient Loyalty Program should now go beyond transactional rewards. It has to create extraordinary experiences that touch all points to keep long-lasting loyalty.

This notion challenges the Traditional Loyalty Program boundaries and gives rise to a new term: Omnichannel Loyalty Programs.  

The Game of Loyalty Programs is changing

Traditional Loyalty Programs provided customers with tangible benefits, such as a free item with purchase or a reward for returning visits. But these offerings were limited in access, only targeting customers already coming through the door.

In other words, traditional loyalty programs only rewarded customers when a transaction takes place, which limits the opportunities to deliver a high emotional experience.

It should include every action, such as when customers promote the product on social media, write reviews about their favorite items, take a product-related quiz, or refer a friend. Also, you can engage customers in everyday activities, such as going for a run in their new shoes or wearing clothing items with smart tags in them.

Source: Loyalty Report – Hubspot 2018

At the earlier time of Loyalty Program History, information and products available to the public were more limited and advanced technology was less widespread. People based their decisions mainly on how much value they got for their money.

With that old mindset, loyalty programs just helped to reduce the cost of discounting and essentially functioned as a cheap currency. Once customers had their wallets full of different loyalty cards, they wouldn’t want to go all the way to shop at a particular store just to earn points.

Customers who receive a discount either come to expect a discount everytime or wait until a discount exists to make another purchase. Instead, Omnichannel Loyalty Programs encourage customers to come back to your site.

In modern retail, loyal customers can’t be determined only by spending behavior and their loyalty can’t be measured based on sales volume. A brand should actively build profitable and emotional relationships throughout Customer Life-time Value, not a single transaction or touchpoint.

Loyalty no longer stands alone but integrates with Customer Experience. As today’s consumer is more discerning and a value seeker, it is a challenge, but also an opportunity to reimagine Loyalty Strategy and rethink about Brand’s Boundaries.

What are Omnichannel Loyalty Programs?

Omnichannel Loyalty Programs focus on the best shopping experience across all channels. This means delivering meaningful engagement through each and every touchpoint, from in-store Point of Sale to social media. Customers engage with your brand on a variety of platforms, devices, and channels, and they expect each one of them to work together seamlessly.

You can read more about concept of Omnichannel and download the ebook FOR FREE here: Magestore’s Omnichannel Retail Guide

Consistency is a key component of Omnichannel Loyalty Programs. However, in the digital age, it’s no longer enough to send one promotional message across all sales channels.

Omnichannel Loyalty Programs might even include personalized recommendations and offers, streamlined purchasing process, and instant access on different devices. Retailers should be ready to adapt and innovate their programs on a regular basis. 

Why Omnichannel Loyalty Programs?

Omnichannel Loyalty Programs are essential to build a profitable Sales and Retention Strategy. They not only improve customers’ opinions about a business, but also bring real sales benefits. 

According to IRi’s 2018 consumer survey, 74% of customers choose a brand based on its strong loyalty or discount program. Additionally, 71% of brands that use Omnichannel Loyalty Programs said transaction volume spurred by these programs increased by more than 50 percent over the previous years.

Customer Loyalty Trend – Source: Adobe Report 2018

Omnichannel Loyalty Programs facilitate businesses to meet customers wherever they are, and reward customers using their currency of choice, whether that’s frequent-flier miles, hotel points, or cash back. This flexibility attracts a diverse base of repeat visitors who come back more often and spend more during each visit.

What’s in Omnichannel Loyalty Programs for Businesses?

Technology for seamless customer engagement

Omnichannel Loyalty Programs offer various ways to engage customers, allowing them to swipe and scan their apps to rewards – all while increasing brand loyalty and boosting sales.

Technologies like chip-based smart cards, RFID, real-time point of sale, third generation of loyalty ‘Rule Engines’-biometrics (include facial and voice recognition biometrics), wireless E-tags, PSAs (personal shopping assistants)… have evolved and supported such strategies. 

Biometric Solution Supports Personalized Loyalty Program – Source: Innovative Retail Technologies
  • For example, a card-linked loyalty program offers desired convenience for customers. Instead of carrying around an additional card or pulling out an app, customers can simply pay with a registered card and automatically receive rewards each time they swipe. 
  • Other trials and innovations in this space include voice biometrics used by ANZ Bank, fingerprint by Delta Airlines and facial recognition within KFC in Hangzhou, China set up by Alibaba.

Value focus: greater opportunity to tap customer lifestyle, the clearer your brand identity in the customer’s mind

Aligning the Omnichannel Loyalty Program’s structure with your brand identity helps to enhance your core message, by connecting your customers’ preferences, passions and beliefs.

For example, you can build advocacy by rewarding customers who donate used clothes at your store, which can make a positive effect on your brand. The health & lifestyle community has reacted positively to Strava and customer rewards. This has great potentials for retailers specializing in athletic sportswear.

You can acknowledge people for going out for a run, and ensure that they are rewarded in your stores afterward, which strengthens their emotional bond with your brand .

Before we thought of Omnichannel Loyalty Programs as just the seamless combination on in-store + online and mobile, but we’ve since added another element: daily life – all those moments when customers are just being people.

Instagram campaign is just one example. This also drives engagement on social media

Data-driven insights to make smarter decisions

Beyond increasing customer affinity for your brand, Omnichannel Loyalty Programs carry another huge benefit: data-driven insights. Despite various gates to reach customers, you can store all the information about your customers in a centralized system. With all these statistics, businesses can learn about the latest trends in consumer behavior. 

For example, a restaurant may learn from Omnichannel Loyalty Programs data that most of their returning customers come in during a certain time, or from a particular suburb. It also identifies what these valuable customers prefer to eat.

The restaurant can target locals during certain times of the day or bring in additional customers from a specific local area. This leads to incremental visits from regular guests and new customers with similar demographic profiles.

Consistency is the key to Omnichannel Loyalty Programs.

Access to customer transaction history allows store owners to have a better understanding of their loyal customers, and learn what differentiates them from other guests. Studying the resulting data and trend really helps businesses make smarter decisions.

What is in Omnichannel Loyalty Programs for Customers?

Customized Offerings

There’s a common misconception that some customers are not comfortable with companies analyzing their transactions.

However, recent research from Nielsen showed that customers are more than willing to share data with brands in exchange of customized offerings. 91% of customers said they are more likely to shop with brands that can provide relevant offers and recommendations — and 83% are open to sharing data to make this work.

This attitude is intergenerational, with 46% Gen Z customers and 55% millennials willing to share their data for a better-personalized experience.

Exclusive experiences that money can’t buy

Customers always want to feel like they are being offered something personalized and original. A VIP experience designed for a selected audience, the privileged few can be exquisitely special.

It’s the perfect mix to convey the wow feelings in Omnichannel Loyalty Strategy and hit the customer’s sweet spot. Data-driven insights, once again, play an important role here to understand which rewards appeal most to your high-valued customers.

For example, the most desired offers for millennials are free travel, SPA days, wellness treatments, event tickets, and exclusive shopping nights/weekends (according to a survey by The Drum).

Or in the fashion industry, rewards for top customers can be Exclusive or Early Birds (early access to new collections, shop the runway) or Quality advice (Face-to-face or virtual meetings with stylists, or store staff).

Let’s make difference to your Loyalty Program

We all know that it costs a lot less to sell to existing customers than acquire new ones, that’s why brands invest in Loyalty Programs.

Although they can be so effective, Loyalty Programs are nothing new. Therefore, more store owners are looking to shake things up and find innovative new ways to build their Loyalty Programs and inspire customers for coming back.

Omnichannel Loyalty Programs can quickly pay off for businesses that implement them. The accompanying data collection capabilities will allow you to track and analyze your way to success.

So, how will you reward your loyal customers?

The post The rise of Omnichannel Loyalty Programs appeared first on Magestore Blog.

Top