Most businesses treat point of sale (POS) systems as tools to determine price and process payment, failing to realize the real power of a modern POS system. Installing a point-of-sale (POS) system saves a business from the time they would otherwise spend on paperwork, employees, accounting, scheduling and inventories among other key functions of the business.
Point-of-Sale (POS) systems collect lots of data and processing this data through the lens of strategy is what separates businesses that ‘get by’ from those that thrive. A point of sale system (POS) can enable a business to be more proactive and precise in their real-time and down the line merchandise and operational needs – including customer support.
Point-of-Sale (POS) terminals are in many ways the ‘brain’ of an overall point-of-sale system and the FEITIAN terminal does far more for your business than just payment processing. STORM (Smart Terminal Operations Remote Manager) is a comprehensive solution that serves as a Transaction Management System (TMS) offering a range of functionalities such as marketing, key management, and system administration. It supports various devices and channels, including web, Android, traditional POS, and mobile POS, providing a versatile solution for businesses. Point-of-sale systems have also proven to be a vital tool in achieving the universal business objective to increase sales, elevating a business to the next level by implementing the following strategies:
- Sales Strategy
- Inventory Management Strategy
- Marketing Strategy
- Employee Retention Strategy
- Customer Relationship Management (CRM) Strategy
- Using a Cloud based POS system
- Integrating a POS with partners
Sales Strategy: Sales strategies are generally time-based objectives and boosting the bottom requires attainable objectives over a defined period of time. Advanced reporting capability produced by FEITIAN point-of-sale system allows you to analyze, measure, and assess relevant data to sharpen business initiatives in real time and adjust sales strategy accordingly. Reporting offered in FEITIAN point-of-sale systems becomes an essential tool in how you can easily compare the data collected during the previous sale term (be it a weekend or 1 month sale) with the current term. Centralizing all your data with the help of a unifying payment processing point-of-sale terminal such as FEITIAN’s STORM saves you time and money.
Also, an efficient sales strategy will generally be supported with cross-selling, customer loyalty cards and other promotions. Cross-selling centers on selling related services or products based on the customer’s purchase or interest in a specific item. It’s an effective way of boosting customer loyalty and strengthening customer relationships which over time improves customer lifetime value and retention. Implementing this capability in your point-of-sale system automatically presents different cross-sell products and services to the customer.
Promotions could be granular based on specific customers, locations, or channels yet managed on a network-wide basis using FEITIAN ‘s STORM point of sale terminal. For example, with the FEITIAN point-of-sale terminal, you can determine if a specific customer is entitled to a 20% discount on their next in-store purchase. Promotions programmed directly in customer files as a loyalty strategy result in effective upselling and more revenues.
Inventory Management Strategies: An effective inventory management strategy is essential to boosting sales. Fortunately, point-of-sale software such as FEITIAN ‘s “Smart Pay”, an Android Merchant / Cashier Application offers several features required for a successful inventory management strategy. Managing inventory optimally calls for real-time merchandize tracking to detect some inventory management tips such as:
- Planning for the minimum and maximum quantity stock per each item’s demand.
- Applying proactive inventory tracking thus future-proofing merchandise stock by forecasting several seasons or in some cases years anticipated sales or demand.
- Optimizing orders and fulfillment in context to both time and costs.
- Boosting sales of low-performing products through discounting and creating low-stock alerts to keep high in-demand merchandise available.
Consolidating inventory management under a single system such as Fietian’s STORM point of sale terminal enables an unified view of your merchandise in stock and its position in your system. FEITIAN’s STORM offers an end-to-end view of orders across all stages, from sales to accounting to fulfillment.
Marketing Strategy: A marketing strategy will enable your business to aim at accelerating your turnover by optimizing and aligning your pricing according to market demand. For example, a FEITIAN POS will enable you to implement cross-selling as an ‘impulse-buy’ marketing strategy driving spontaneous sales.
Always remember when customers have made a purchasing decision, this welcomes the chance to cross-sell and upsell additional merchandise supplementary or complementary to their main purchase. For example, the purchaser of a cell phone may also buy a protective case or memory card for extra storage or extended warranty coverage, etc. In fact, within FEITIAN’s STORM terminal, the contact management feature allows for personalized customer profiles for better targeting and loyalty program offers – even after the preliminary purchase.
Employee Retention Strategy: Often overlooked, employee retention is a strategy as high turnover rates are problematic for businesses. FEITIAN point-of-sale software, Smart Pay coupled with FEITIAN terminal STORM enables you to monitor in real-time sales performance reporting per employee. Employee performance data is helpful in rewarding those that overachieve and identifying those that highlight those who need additional advice or training.
Customer Relationship Management Strategy: Collecting and assessing the data around your target audience is the key to an effective customer relationship management strategy. Such a strategy allows you to establish a dialogue with your customers and to start building customer loyalty. One of the assets of FEITIAN point-of-sale software, Smart Pay, coupled with FEITIAN terminal STORM is the accessibility to advanced reports about shopping behavior and purchasing habits of customers – centralized across all commerce channels. Targeted and personalized marketing initiatives build communications that stand out and forge lasting relationships.
Using a Cloud-Based POS: A cloud-based POS system such as the FEITIAN point-of-sale software, Smart Pay coupled with FEITIAN terminal STORM is the simplest way to keep up with quickly changing pace of payments technologies. For example the FEITIAN smart pay app is a “Omnichannel” payment tool in One APP and beyond accepting all credit and debit cards it can accept digital payments with Paypal, Apple Pay, Google Pay, Zelle and others. If and when the next popular payment system is adopted by the public, it too will be adopted and accepted by FEITIAN point-of-sale software, Smart Pay coupled with FEITIAN terminal STORM.
Integrating a POS with partners: Cloud-based POS systems like FEITIAN point-of-sale software, Smart Pay coupled with FEITIAN terminal STORM can be expanded by leveraging integrations. Accounting software systems, payment processors and ecommerce platforms can all be connected so that critical data is seamlessly shared from one system to the other. For example, integrating a POS system with accounting software can streamline and bring efficiency to tax management. Integration with suppliers can mean better visibility and control over orders, faster deliveries, better collaboration and communication with suppliers. Contact us to learn about the full integration features of the FEITIAN point-of-sale software, Smart Pay coupled with FEITIAN terminal STORM and how you can not only process payments but also manage numerous suppliers, revenue channels and stores from this one intuitive system.
