10 Industries That Could Benefit From POS Terminals
The point of sale (POS) is arguably the most important part of any business.
While technology is rapidly evolving and new equipment is constantly being introduced, it is vital to choose the right type of POS system for your business.
Choosing the right POS system for your business can boost the overall service quality, leaving the last interaction the customers have with you, a positive one.
Discover the top ten industries that could benefit from a POS machine.
What is POS Software?
Before diving into the different industries that could benefit from a POS machine, it is important to know what it actually is and how it works.
A point-of-sale system is an electrical tool used to make a transaction. It is designed to simplify and speed up the selling and purchasing process.
It can complete a number of tasks including:
- Providing real-time data and reports
- Automate manual tasks
- Help to manage your employees, inventory and customers
What Are the Benefits of Using a POS Terminal?
POS systems can offer a number of general benefits for a range of industries.
- Higher accuracy – using a POS system can offer a more straightforward checkout process paired with real-time inventory management
- Time-saving – POS systems are designed to speed up the transaction process because they automatically calculate the price for you. This can improve work efficiency and contribute to driving more sales for your business
- Improved company image – implementing slick, efficient modern systems into your business can leave the customer feeling impressed. This can contribute to your company image and create a reputation that your company is professional and credible
- Improved security – with a POS system, your data is more secure from unknown intrusion. Most systems require double user authentication which reduces the risk of intrusion of malicious users into your system
- Sales reports – a POS system provides you with a good overview of your business and keeps a record of its cash flow automatically. Data about a product range can be found easily
Who Would Benefit From POS Terminals?
POS systems are used daily in a range of industries.
However, some industries are still yet to implement a POS system in their workplace. Failing to use a POS system can tarnish the whole customer experience, leading to impatient customers who may even refuse to make the transaction.
This is why it’s a good idea to keep up with the latest trends and implement them into your business.
Here are some of the top industries that would benefit most from a POS terminal system:
As a thriving customer-facing industry, the hospitality sector is one that can benefit immensely from implementing efficient POS systems.
Businesses in the hospitality sector deal with lots of customers each day, so prioritising customer service is key to a successful business. Effective use of a POS system allows businesses to deliver quick and convenient service to customers, allowing them to pay for goods and services efficiently, using a variety of methods.
Examples of businesses within the hospitality industry that could benefit from a POS system include:
- Restaurants – with a POS system, you can see if one menu item isn’t as popular with customers, so you can put it on a specials menu or discontinue it
- Bars – bars can identify which drinks are selling more
- Coffee shops and bakeries – identify which products are more successful
- Travel agencies – travel agencies can use POS systems to record sales and manage items effectively
- Hotel – hotels can use a POS system to link a hotel property management system with the restaurant or spa, so all transactions and data are in a centralised location
2. Retail POS System
Another industry that deals with customers on a regular basis is the retail industry. Making the transaction process as smooth and effortless as possible is key to success in the retail industry.
A POS system can help you collect, track and manage customer information.
It can also offer a number of other benefits including:
- Running loyalty programmes – loyalty programmes are a guaranteed way to attract new customers and increase repeat purchases. Integrating programmes such as memberships or gift vouchers into your POS system means customers are rewarded for every purchase without extra work for your staff
- Efficiency – those who have worked in the retail industry before know how fast-paced it can be. A POS system can speed up the transaction process, allowing you to serve more customers at a faster rate
- Offer discounts – with the information obtained from using a POS system, you can calculate and run marketing campaigns to encourage your customers to visit your shop. Some POS systems allow you to set up flexible promotions, saving you the time and effort to calculate everything manually
Examples of retail businesses that could benefit from a POS system include:
- Travel agents
- Trade shows/car boot sales
Using a POS system in the warehouse/distribution industry allows you to pick, pack and stock take for fast and efficient order fulfilment. It can also improve stock visibility and connect with your sales channels.
One of the most crucial aspects of the healthcare industry is speed and efficiency.
Countless people rely on daily medication from the pharmacy and slow service can have detrimental impacts on a person’s health.
This is why the healthcare industry relies on efficient POS machines to ensure that they can deliver medications to their patients in a timely and efficient manner.
Not only this, but high-quality POS machines allow hospital staff to effectively deliver meals to their patients each day. Patients can order via an online tablet provided by one of the staff members. This is also an important method for monitoring the food that patients are eating.
The point of sale for the manufacturing and distribution industry is a bit different to other industries.
Manufacturers and distributors have specific needs that aren’t always addressed by many point-of-sale solutions. Manufacturers need to be assured that the sales they make over the counter will be instantly reflected in related records, like inventory counts by location.
Point-of-sale machines designed specifically for manufacturing and distribution are an effective solution that ensures your cash and carry sales are seamlessly integrated into your inventory and ERP.
6. Public Transport
Manual transaction systems have become extremely rare and outdated in the transportation industry in recent years.
Nowadays, buses and trains will use a POS system which allows customers to execute the payment for tickets. This caters perfectly to the busy passengers who are running late for work and need to arrive at their destination as quickly as possible.
POS systems are slowly making their way into the trade industry, with many builders and plumbers turning to advanced solutions to help organise their data.
Banks use POS systems to allow you to check your balance, transfer money and put money safely into your account.
If the banking industry relies on POS systems to safely and securely manage money, then this is a clear sign that POS systems are reliable and here to stay,
A taxation system would be a great solution to allow businesses and governments to efficiently manage control in areas of sales, bookkeeping and stock controls.
The implementation of government POS systems would tackle challenges such as tax evasion and traders not ensuing tax invoices.
It also means that if people have several payments to make – like water bills and a parking ticket – they can use a simple shopping trolley functionality to satisfy all of their obligations in a single checkout experience
10. Multi-Service Businesses
Multi-service businesses refer to establishments that offer a variety of services under a given brand or a selected location. Examples include hospitals, theatres and event arenas.
In this industry, there are several points of transactions to monitor so a POS system would be beneficial to help centralise these transaction points and allow managers to keep tabs on different things on a single platform.
iO Resource – POS Software Company
Are you looking for a simple but effective way of improving your business?
At iO Resource, we provide a range of POS machines to suit your specific industry requirements. Whether you are looking for a self-service kiosk or a mobile POS system, we have it all!
With years of experience as Ireland’s leading POS software company, we are more than qualified to provide you with the latest technology and solutions to improve your business.
We have an expert team of professionals who can offer valuable advice and excellent customer service to ensure that your needs are met.
If you are interested in the range of services we provide, please don’t hesitate to get in touch with a member of our friendly team here today.