Organizations like the National Retail Federation and the Retail Industry Leaders Association have provided statistics on consumer shopping behaviors, major holiday shopping season predictions and the total revenues retailers generated over certain periods of time. For example, the National Retail Federation has predicted that, “Retailers would see a 3.9 percent increase in sales, and hire an additional 720,000 to 780,000 employees this holiday season.”
These statistics are made possible because retailers use cash management systems like complete pos system retail tools. Complete pos system retail tools operate with traditional, digital and elaborate tracking tools. For example, retailers use traditional cash registers and point of sale systems to record the date and time customers purchase items from them.
Complete pos system retail and traditional cash registers also record and track how many quantities of each item was purchased. WalMart may have one of the most elaborate point of sale systems in the retail industry. The retailer has one of the best systems because it spent millions on the system, linking each of its stores and regional warehouses, so managers would know when (and how many) of each product to order.
This kept WalMart from overstocking products. Smaller businesses may not have enough expendable income to build or install as elaborate or as complete pos system retail network throughout their stores and warehouses. However, there are cash management systems they could use to record and track customer purchasing behaviors.
For example, NCR Counterpoint offers a complete pos retail system that can be used to manage customer loyalty programs, automate purchasing and make it possible for cashiers to check out customer purchases using a touch screen. Reporting capabilities the systems are built with include detailing which store locations experience sales increases and when and which products perform best during summer sales.
Retailers rely on complete pos system retail tools to password protect ticket entries, secure gift card solution programs, manage customer sales and track special orders. They also use the systems to manage layaway programs and transfer products from overly stocked warehouses to warehouses near stores that are low on stock or that have completely run out of stock.
However, as with other forms of technology like websites, social media networks and call center services, depending on point of sale systems too much could produce negative results. For example, retailers who rely on point of sale systems too much could start to reduce their marketing and advertising efforts.
A similar practice happened a few years ago with businesses that relied too heavily on the fact that they had built a robust website. These companies assumed that by having a website they would attract new customers and keep the attention of current customers.
By the time some of these businesses realized the error of their ways, they’d already lost 10% or more of their customers. The bottom line is that even the best technological tools, including elaborate point of sale systems, don’t eliminate the need for retailers to contact current and prospective customers, alerting them to sales, discounts, mergers, acquisitions and other business changes.