How Shopify POS Can Simplify Your Business
If you have a physical store and at the same time sell online through a Shopify website, this article is for you.
What Does POS Mean?
POS is an acronym that stands for Point-of-Sale. Shopify POS is a Shopify-developed application that you download from the Apple App Store or Google Play Store to your smartphone or tablet. Make sure, though, that your device of choice runs iOS 12 or higher for Apple or version 5.0 or higher for Android.
Why Shopify POS?
Shopify POS is similar to your in-store cash register of yesteryear. With it, you can record your sales, issue refunds, track your sales taxes, and accept credit/debit card payments.
However, Shopify POS differs from older, stand-alone systems in one crucial aspect: it is fully integrated with your online store, using the same products and customers.
Why is that game-changing?
Because running your business on the same product catalog and customer list not only unifies your inventory but also gives you complete transparency of your customers' buying behavior.
When a customer places an order online or purchases in-store, Shopify records both transactions under their account — as long as they use the same email address for both purchases. This comprehensive customer view is invaluable for personalizing your marketing activities (e.g., exclusive discounts, sneak previews) and rewarding your loyal customers. If you are using discount codes, customers can apply them online at checkout or in person, assuming you use Shopify POS in your store.
If most of your products are sold both online and in-store, holding two separate inventories, one for online sales and one for your physical store, can be very costly, especially for small businesses where every penny counts.
By unifying your inventory, you can quickly determine if you have too much of a specific product while another is out of stock. With this information readily available, you can refine your own purchases, quickly replenishing your fast-sellers while delaying your laggards. You could also place larger orders for your bestsellers to achieve a better price point or save on shipping costs. A fine-tuned purchasing strategy often frees up precious money currently tied up in slow-moving inventory. It can also increase customer satisfaction online because if you are out of an item, "Sold Out" will automatically appear next to the product on your Shopify website.
Running Your Business on a Single Platform is Very Efficient
Shopify POS is a great tool to integrate your physical store(s) with your online business and simplify your back-office operations, such as sales tax reporting, inventory management, and accounting.
Running your entire business on a single platform could also give you new insights into what your customers buy across multiple channels, the value of these purchases, how they respond to your marketing activities, and which market segments you could grow.
