3 Tactics to Increase Margins on Slow Moving Retail Goods

What exactly is a POS? Well, a POS is a Point of Sale, a machine that is used by most retail outlets around the globe to keep track of incoming and outgoing stock. Many retailers use it as a cash register that can also keep track of items. This is not all that a POS can do though. Most stores or companies do not use most of a POS’s features, either out of lack of awareness or because they just don’t want to use them.

It’s usually the smaller stores that don’t know what all is possible with this device and its software. They don’t realize how it can help run their store better and actually save them money. A good POS system has a number of features ranging from inventory management to marketing integrations.

With so much to offer, here are the 3 most overlooked features of your POS system that can help improve your business, especially if your product is not a fast moving good.

1. Online Retail eCommerce Integrations

If you have expensive goods that you sell in your retail store, like jewelry, then the volume sold is key to your success. In today’s world, you can’t just rely on walk-in customers,or those that saw the ad you placed on your Facebook page. The jewelry game is all about exposing as many people to your product because industry standards show that only a few actually buy the product after looking at it.

To increase your odds and introduce yourself to a massive audience, you should start selling online. Take your retail business digital and increase the chances of increasing your revenue significantly. Sometimes you just have to play the odds, the more people that look at your product the higher the chance of you selling something gets.

A POS will allow you to directly post on 3rd party platforms such as Counterpoint POS to WooCommerce. This integration allows your stock availability to impact online visibility and vice versa.

2. Digital Marketing

Another overlooked feature of a POS system is how easy it makes it for you to run some types of marketing campaigns. Usually, when you are dealing in jewelry, you are more likely to ask your customer for a lot of information such as contact information, email, etc. With a database of customers already in your POS, you can easily use this device to send personalized emails to them.

Your device can also send holiday greetings or special offers to your Rolodex of customers in an instant. This allows you to not spend hours developing campaigns and targeting customers individually. You got to remember time is money and with a POS, you will save a lot of time.

3. Accounting integration

Jewelry or other types of similar products have one thing in common, the large sums of money going in and out of your ledger. To remove any form of error from occurring, you can link your POS to third-party digital accounting software such as Quickbooks and Counterpoint POS.

This removes a big chance of any human error occurring as the POS will directly update your books on the third party software as soon as any item is purchased.

If you don’t have a POS, then you should definitely consider purchasing one. And if you do already, then you should be taking advantage of it. Use these features to better streamline your business. An efficient business is always a more successful one.

By POS Highway Staff | August 9th, 2023 | eCommerce, Retail Sales Strategy | 0 Comments

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