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By Avantika Kaushik | January 17, 2020
Are you looking to increase profits from your retail store in 2020?
These are the three key objectives that invariably come up in our conversations with the over 150,000 merchant partners we have as a part of the Pine Labs network. So, whether you are a kirana store owner competing with a big-box retailer, or a big retailer grappling with the challenge posed by e-commerce in India, business growth will come to you when you are adapting fast to the trends.
The increasing penetration of POS machines has helped tap this growing consumer base of digital payment users in the country. From 1.5 million digital payment acceptance locations in 2016-17, the number of merchants accepting digital payments modes has increased to over 10 million, in a span of two to three years, as per 'Fintech in India - Powering mobile payments' report.
If you are still contemplating digitizing your POS, here are the top benefits of POS machine integration that will help you expedite the decision:
#1. Track sales in real-time - POS machine transactions can be tracked in real-time and can be of help for merchants across various sizes of business and industries. Pine Labs' myPlutus app on Android and iOS is one good example of an app that helps merchants keep a close watch on their sales, with anytime, anywhere access of store(s) transaction data.
#2. Ease of use - Another amazing benefit of using a POS machine is the fact that these machines are easy to use. There is a short learning curve and your store clerk or manager can watch a few relevant videos or undergo basic training to quickly start using it to accept digital payments. The new age Android POS is even simpler, as the interface is very similar to an Android phone.
#3. Accept multiple modes of digital payments -Are you wondering how many POS machines do I need to install at the checkout counter? The answer is just one! Today's all-in-one smart POS machines like Plutus Smart can handle multiple modes of digital payments with ease. Be it credit/debit cards, mobile wallets, QR codes, loyalty points, etc., Plutus Smart allows the customers to make payments via their preferred payment modes.
#4. Better inventory management - Efficient handling of SKUs in retail is one of the biggest challenges faced by retailers. POS machine integration with the point of sale helps understand inventory needs far more accurately, thanks to electronic capture of data and its availability for real-time analysis.
#5. Greater accuracy + Simplified accounting - One of the biggest disadvantages of reliance on cash registers is the fact that you will not be able to prevent in-store pilferage or do away with human errors during the time of billing. In addition, accounting of manually stored records is a lengthy process. Both these challenges can be addressed by POS machines.
#6. Track 'Customer Loyalty' for growth - Are you even capturing customer feedback at the point of sale? Your customers can leave invaluable feedback during checkout that can help you revamp your store and the processes to elevate the customer experience. With Pine Labs Plutus Smart, you can capture customer feedback at the end of every successful transaction.
#7. Analytics for better insights on customers - Access to real-time customer data can help you create better offers for your customers, know what sells better and make more profits on high-selling items.
#8. Barcode and IMEI scanner- The smart Android POS by Pine Labs has an in-built barcode and IMEI scanner that allows the cashier to efficiently manage billing as well as payments, using one single machine.
#9. Offer EMI to customers- Pine Labs Plutus Smart machines enable the merchants to offer EMI on a range of debit and credit card customers of renowned banks. EMI can be offered on the POS machine itself.
The above benefits of POS machine integration make it quite clear that today's all-in-one POS machines are just what you need to increase your sales volumes. This integration will help you tap more customers, grow your sales volume, improve profitability and help scale your business.
So, why wait? Contact us and get started.
By Vinisha Kataria | on February 25, 2021
By Sunil Param | on November 27, 2020