Winter 2007

Show Me the Money! Saying Yes to POS By Jeff Haefner

Get More Out of Your POS

If you already have a POS system, there are several things that you can do to make sure that you’re optimizing your investment.

The most important, and maybe the most elementary thing that you can do is to utilize all of the software training available. Training sessions, whether on-site, on-line, or at a seminar, can prove invaluable by teaching you tips, tricks, and best practices in the gift shop industry.

Gift shops that take advantage of their inventory control features can also save a lot of time and money. Use your POS software inventory features to track sales history, track special orders, suggest purchase orders, send orders electronically, and forecast future needs.

Take advantage of the Customer Relationship Management features in your POS software. Most systems offer powerful CRM features that allow you to identity market segments and send targeted messages to those customers.

For example, you can send a coupon to customers that spent over $100 last month—or bring lost customers back in by sending a 20 percent off coupon to customers who haven’t bought from you in six months.

Finally, pay attention to your financials and key performance indicators and review them on a daily basis. For example, review key sales reports that show your profit margins for each department and category. If you notice that a profit margin is low, examine why it’s low. Maybe there is a big pricing mistake or employee theft is the cause.

It pays to examine all aspects of your POS system to make sure that you are getting the maximum benefit.

Take the time to review your software guide, and if possible speak with other gift shop owners who are utilizing the same software.

Jeff Haefner

Haefner has been working with computers, retailers and POS software since 1993. He is the author of The Point of Sale Software Buyers Guide, The POS Software Comparison Chart and Retail Technology Newsletter, and runs a retail technology consulting and software-selection service.POSSoftwareGuide.com