For a small business, making a sale is everything. Being able to sell yourself to a customer takes time and effort, and when done properly, it results in a successful sale for your business. But how do you keep those customers coming back?
Employing different strategies to increase your conversion rate is important. One way to keep customers happy is by using an intuitive POS system! Keep reading to learn how a POS system can help you retain your customers and increase your conversions.
What Are Conversions?
When you’re talking about conversions in small businesses, it relates to sales. A conversion is when a customer visits your store and it results in a sale. Small businesses want to see high conversion rates when it comes to in-store visits or online sales. It means that they’re doing something right, and as a result, their sales are increasing!
What is Customer Retention?
Customer retention is exactly what it sounds like; it’s a business’s ability to retain customers. One of the best things for any small business is a loyal customer base. When you employ certain strategies and provide excellent customer service, you tend to see repeat customers. Generally, a successful customer retention model can keep small businesses afloat during slow seasons alone.
5 Ways a POS System Can Improve Conversions and Retentions
If you’re looking to improve your small business’s conversion rate and customer retention rate, you may be able to do so using a POS system. POS systems, or a point of sale system, are the way that you take your customer’s payments. When you have a smooth system that provides different options to customers, it can really make a difference. Here are 5 ways that a POS system can help improve your business.
Inventory Management Makes Sales Easier
A good POS system makes inventory management a breeze for both you and your customers. It enables you to easily track your inventory and replenish goods before they are out of stock. Additionally, it enables you to get a better sense of which seasons you may require more or less of certain inventory items, and adjust your orders in advance.
At any given point in time, you can check the levels of inventory in your store. Running low on something? You can update the system to reflect that. This is a great tactic to use when pushing products that you want to sell quickly. In retail businesses and restaurants, upselling can take place when you know something won’t last long. Sales associates or cashiers can create a sense of urgency. Then, when a product runs out, you and your customers will know it. There won’t be any more questioning whether or not you have something on hand.
Create a Customer Loyalty Program
A great way to increase customer retention and conversions is by using a customer loyalty program. Customer loyalty programs encourage your customers to come back and spend more to earn rewards. These rewards may be in the form of points or promotional items. Regardless of how you choose to structure your program, it provides your customers a reason to come back to your store and spend more.
Improve Relationships with Your Customers
When you use a POS system, you collect data on your customers. You can take a look at your customer’s purchases, the frequency of, and learn a little bit about what they’re buying from you. When you do that, you can start forming better relationships with your customers. People like to have personal experiences in the retail space, as well as in restaurants. When you get to know your customers, they want to come back because they feel like they’re being cared for. Regulars make up for a large part of small business sales – a great POS system can help you get to know your regulars better.
Targeted Marketing Campaigns
Along with improving the relationships, you have with your customers, data can give some insight on how to advertise to them! By knowing what they’re buying (or thinking about buying), you can begin marketing to them in a more personalized manner.
For example, a great POS system will track your customer’s purchases, as well as their contact information. When you collect their contact information, such as phone numbers or email addresses, you can market to them directly! Newsletters, special offers, and flash sales can be sent directly to their inbox or cell phone. Taking this a step further, you can create more personal relationships with them, as well. Messages can be given a personal touch to promote the bond you have with them.
Good POS systems allow you to collect this data in person, as well as online. When you encourage your customers to sign up for newsletters or texts in person, you can expect them to come back time and time again.
Improve Customer Support
A POS system can help you improve your business’s customer support. Many POS systems come with full toolboxes and aren’t just for taking payments anymore. When you can see exactly what your customers have been purchasing, and what they may need help with, you can reach out effectively. If a customer calls in after visiting your location, you’ll be able to review their order while you have them on the phone. That kind of care will encourage them to return to your location.
Get in Touch With Finical Today
Finical has everything you need in POS software to boost conversions and customer retention. When you choose to work with Finical, you’re choosing one of the leading credit card processors and POS software providers in North America. With Finical, you will have access to 24/7 customer service, and a toolbox that helps you keep customers coming back. For a free consultation contact Finical today, and learn about how we can boost your small business.