Every store has to make sales. That’s the bottom line. Time is, in fact, money in a retail environment. There is rarely a day that it’s convenient to read an article expatiating on the 54 products your college store has to have to grow. It’s even less realistic to implement many of those ideas.
That’s why most of us choose to upgrade only when it becomes clear that the problems with our older system are eating away at our time and profits.
POS systems aren’t new. They have been around for a long time, but there have been advancements in the technology that makes evaluating the strengths and weaknesses of your current model worth it. An independent retailer can cut costs by nearly 10% using an integrated POS system.
When making your decision about which product to go with, consider the capabilities of the system, the potential it has to grow with your business and the level of service offered to ease the transition.
4 things to look for in your new college store POS
- System training and service
When upgrading your POS system, it is best to choose a product that offers significant training opportunities and a team of experts to help streamline implementation as much as possible. Working with a company of scale can ensure your store gets the tailored system and implementation plan it needs to successfully launch a new POS.
- Capabilities and the ability to grow
The future is right around the corner. A great system should offer the ability to grow not only with technology but also with the size of your business. Right now, you might be looking for a product that would help manage your inventory and make checkout lines faster, but what if a year from now you want it to also take a variety of payment options (such as chip credit cards, one cards, student financial aid and gift cards)? What if you want it to send out alerts when it is time to reorder a product or to give you activity reports or send students buyback reminders? Or, perhaps you want a system that can tell you your best customers and their purchase history so you can initiate a loyalty rewards program and send them alerts when their rental books are due back. Create a list of features you would most like to have and use that when evaluating your POS options.
- Responsive to the changing industry
A system provider that is responsive to industry changes can help your college store stay ahead of the curve. Whether that means helping you streamline publisher consignment rentals or simplify marketplace sourcing, your store will benefit from a company that develops for the future of education. Also, as Gen Z changes traditional retail expectations, the mobile capabilities of your system are increasingly important. Student expect fast and convenient service from any location. Can you can offer the same level of service outside of a football game as you can in the store? Switching your system isn’t something that will happen frequently. Make sure you are considering the future and not just making plans based on your current needs.
Everyone knows at least one person who has had their information stolen. In fact, 46% of global credit card fraud occurs via point-of-sale systems. To better protect your customer, make sure your system has point-to-point encryption in place so your customer’s information is instantaneously converted to an indecipherable code that prevents fraud from occurring.
Making the decision to implement a big change like this can be daunting. Research and assess your store's needs now and in the future. When you are ready, set up a meeting or demo with an MBS Store Technology Solutions Representative to see how we can help.