What Is a Point-Of-Sale (POS) Transaction?: 15 Tips & Types -theBrandBoy

Increasing Point-of-Sale transactions is all about selling your products at your store in the best way possible.

You need to optimize the scenarios to generate more sales per customer at your retail store.

tips increasing point of sales transactions

Contents

Pro tips on increasing point-of-sale transactions for retail stores:

Utilizing Crucial Stock Data From Point-Of-Sale System

Customers visit your store depending on what you have in your stock.

It is about managing the inventory, updating the products, offering variants, and keeping the availability of the products all the time.

POS systems allow you to know when and how much stock you need. Which specific products are you low at?

The software notifies you with low-stock alerts on any specific product to avoid a lack of availability in case customers ask for that product.

It also reflects the majority of the products that sell the best, so you can focus on those.

You have to make sure that your best-selling product never goes out from the shelves at your store.

Managing the stock and keeping the availability will help you generate more sales.

Boosts The Speed of Transactions Using POS System

Customers get annoyed when they have to wait at your store to buy the products. The longer queues really do not help in improving the sales of any retail store.

So, with a faster POS system, it regulates your transactional process, minimizing the time required at the cashier to make payments.

Since payment processing or transactions go fast and smooth, customers are more likely to buy from your store.

Everyone wants to save time and hassle.

Further, POS systems also reduce any possibility of human error that can damage your business.

To speed up the transactions, even more, you can use the barcode scanning feature of POS for quick payments.

Customers prefer to visit the stores where it takes the least time to put in.

Rewarding Your Loyal Customers

You need to bring the customer loyalty program into your Point-of-sales strategy. It is certainly the best way to retain loyal customers for your business.

Point-of-Sale system software allows you to manage loyalty customer programs where you award your customers for buying at your store.

It can be a form of reward points or a loyalty program, which further be redeemed to save money on the next transaction.

With a POS system-powered customer loyalty program in place, customers are more likely to buy repeatedly from your store.

They will keep coming back for the reward points to save some bucks on the next transaction.

This will boost your POS sales dramatically over a long period of time. Also, it gives a lot of fuel to the brand awareness of your retail store.

Developing Strategies For Low-sale Products

You must be aware of the fact that some products at your store make great sales and maybe a large portion of your overall sales at the store.

On the other hand, there are products with very low or no sales.

The chances are that the number of these products might be significant enough to affect your overall sales.

The products with zero sales give you an opportunity to improve and scale your overall sales performance of the business.

Because with such products, you clearly know what to do. Now you just have to figure out why there are no or low sales on particular products.

There can be many reasons, including the wrong marketing strategy, or lack of marketing, misinformation, pricing issue, and many more.

It also can be the quality of the product or value depending upon its price. So now, focus on developing strategies to boost sales for your products.

And you will clearly see a spike in the overall POS transactions, hence sales.

Analyzing the Performance Metrics & Data Collected From POS

A lot of small businesses make the mistake of not tracking and analyzing their performance metrics or inventory data.

This leads them to keep hitting the dead end and not getting the desired results. It is essential to utilize performance metrics to track your progress.

POS system gives you detailed analytical data on the sales you are making depending upon various time frames.

You also need to bring inventory data into the account and how it impacts your sales.

The insight will tell you which aspect of your business needs more work to do. Also, you can track profitability and what exact factors are making it fluctuate.

Here are a few aspects on which performance metrics and data can help you grow :

Profitability graph over time
Inventory counts
Best-selling product(s)
Lowest-selling product(s)
Returns
Product & customer insights
Sales graph over time
Sales graph per product
Transfer stock
Stock level errors
Availability issues

And there are so many more

You will get KPIs such as profit margin, sales performance, or gross profit will clear the picture of how much sales and profit you are making.

Further, you can use this data to manage your inventory, maintain the product availability on your best-selling items and focus on where you can generate more revenue.

You can even track at what time of the day you make the most of your sales. This will allow you to focus more on that time of the day and get even more sales.

Getting Customer Feedback To Strategize

The business that serves the right of its customers goes long away, provided you know what they expect.

That’s where customer feedback came into play. It is the key to growing your business.

Customers get back to their retailer, service provider, or seller to give some feedback on their buying experience with them.

They tell you whether or how much they are satisfied with your product or services.

Now small businesses can use this insight to get things right with their approach or product.

The only issue is to get customer feedback and manage it to get the best out of it. Well, POS systems are fully-equipped to retrieve feedback from customers.

It effectively creates a system in the place where customers give their feedback, rate the business.

More importantly, POS systems develop various methods to gather feedback from customers, such as customer reviews, surveys, social media, and more.

Successful brands consistently hear what customers have to say. That’s the only long-term way to grow and increase POS transactions.

The idea is to gain feedback from customers and re-strategize accordingly.

Depending upon the predominant feedback you gain, you work on that aspect of your business to make things better.

Personalizing Your Offers & Discounts To Loyal Customers

POS system allows you to see what a particular customer mostly searches for, which products they are interested in, their buying history, search history, cart abandonment, and much more.

Now on the basis of this, the system helps you find the best products for your customers specifically, and yet through automation.

You can generate custom offers for a certain selection of your customers, preferably loyal customers.

POS systems help you personalize these custom offers to make customers feel special.

Not just you get more and better sales conversions, but you also retain a certain loyal group of customers for the long term.

Focus On Providing An Unforgettable Purchasing Experience

To increase point-of-sale transactions at your retail store or small business, you need to bring customers back to your store.

And customers only come back if they had a great buying experience the first time.

So, your focus should be on providing an extraordinary buying experience for your customers. More than that, it should be memorable for all the good reasons.

Here are some tips on how you can provide memorable buying experiences to customers :

Engage personally with your customers
Assist them in finding the best products that they need or want
Try to make small talk with customers
Make sure you don’t push your customer toward sales or any particular product.
Personalize your offers and discounts
Be quick at the cashier
Try to not make customers wait long
Tell them to visit again

Installing Capture Devices & Display Marketing

Install various capture devices that go with your POS system, where it will be much easier to update customers about the latest promotions.

It is one of the impactful forms of visual marketing at retail stores to attract customers.

In-store marketing can boost your POS transactions in the best way possible.

Capture devices are great for transactions, product details, any new promotional updates, and advertisements as well.

It drives attention to even customers outside the store and also gives you an edge over other generic stores out there in your competition.

There are other display marketing devices you can place at different spots of your store, including outside as well.

Display marketing messages showing all exciting new offers and discounts you are providing, and it helps to bring some foot traffic to the store.

Payment Flexibility

One of the essential factors for increasing POS transactions at your retail store is providing enough flexibility with the payments.

A lot of customers expect their preferred mode of payment at the retail store. And it can be really daunting if you do not have the ability to accept those modes.

You need to have flexibility over payment methods. This is where the POS system gives you accessibility for different payment modes such as MasterCard, Visa, Wallets, and much more.

Payment processing is an integral part of a customer’s buying experience.

So It is better to have a state-of-art payment system at your store to maximize payment flexibility.

A lot of people often choose retail stores or eCommerce stores depending on the payment modes available.

Make sure you also have cash-on-delivery or just a cash payment mode also.

Marketing Through Checkout Counter POS Display

You must have noticed how products are strategically placed at the cash counter for buyers to purchase more items.

The checkout counter is the one place where every buyer ends up, so this particular location guarantees potential buyers’ attention while they are at the store.

This triggers the impulse buying nature of people where they tend to get more of those items into their carts.

You can use the POS display to sell additional items, which shouldn’t be too costly or overwhelming to decide.

Retailers often utilize this space to present the best offers, such as “Buy One Get One,” “50% off,” and so on.

You can use signage boards or other graphical displays to draw attention to the offer at the counter.

Tips for marketing through POS display :

Make sure you place the products that are practical to stack, store, hang or shelf at the counter.
Think new and do experiments with different products placed at the counter to see how customers react to them.
Make sure to use big enough signage or branded graphic advertisements to draw customer attention at the register.
Opt for products that can be placed easily, restocked, and get purchased by impulse buying. Not all items are good for POS display.
You need to ensure the place looks tidy, clean and well-organized. It shouldn’t be too crowded or loaded.
Create eye-catching patterns and designs with product stacking and placements to entice customers.

Effective Types of POS Display To Sell More Products

POS Display is amongst the most inexpensive ways to sell more products to the customers at your retail store. It plays a crucial role in boosting POS transactions at your store.

As there are different types of POS displays, you can attract different sets of customers for all kinds of products.

Counter Displays

Counter displays are the most common form of POS displays you see in retail stores, and that’s for all good reasons.

You already know now how checkout counters are the prime focus spots of a retail store, and hence the best potential selling points as well.

For the same reasons, counter space displays attached to the countertop section of the store are the best spots for upselling/cross-selling more items to customers.

Dump Bins

Again, amongst the most common ones that are usually spotted in large areas or bigger retail stores.

The dump bin storage is placed center of the floors to get the most visual attraction.

Usually, it stores small-packaged items with really affordable prices or great discounts.

Sample Stations

Now, this one is not very common, but a great blend of sample marketing and POS display strategy to sell more products at your store.

You can place these sales floor sample stations where people can actually try your products before they can buy them.

This develops immense trust in the product and increases the sales of that product in your store.

Even these stations are great for marketing and advertising new products in your store.

You can set up these booths outside of your store as well and then redirect them once they enjoy the sample.

Free-Standing Displays

These display units are dedicated to showcasing products of a particular brand. It does a great job of drawing attention from customers.

Free-standing displays are often used to introduce a new set of products from a brand or dedicate a product line-up from a certain brand.