An All-inclusive Guide to Integrating a POS App with an E-Commerce Store (Part 1 of 2)
As a business owner, what you need to have in your pocket is – sales, customers, and more sales. When a ton of investment, marketing, and sales dollars are at stake, you want to make your potential customers’ purchasing experience on your online store as seamless and positive as possible. This includes the checkout experience.
Does this scenario ring any bells? If you are an entrepreneur who has invested your valuable time and money in developing a quality website and purchasing an excellent web hosting service, then it’s time to think about the checkout process. According to BigCommerce’s survey, around 96 percent of Americans shop online and spend an average of 36 percent of their shopping budgets to e-commerce.
How to merge a POS app with an online store?
Nowadays, many business owners use a cloud-based point-of-sale (POS) software for e-commerce mobile credit card processing and conducting payments, irrespective of geographical location. The reason being that POS software automatically syncs inventory and transactions with your physical store, customizes the outlook of your e-commerce site, and keeps track of the stock. In addition to these, it is flexible, secure, and provides users the benefits of advanced reporting & analytics and quick and efficient checkouts.
To get started, download a Point-of-Sale application of a reliable and excellent e-commerce platform, such as Shopify, Square, eHopper, Loyverse, etc., from the App store or Google store. Now you are completely geared up to add products and start selling them.
How POS analytics empower your business?
There’s no denying that analytics tools are the lifeblood of any inventory and point of sale system. Leveraging these tools helps you put your finger on the pulse of your business and allows you to track traffic, revenue, sales, and ranking. Additionally, it lets entrepreneurs identify new and returning customers, see the most frequent and recent visitors, and find out, on average, how much your clientele are spending.
a) Product reports: Analyze and gain valuable insights into your online store’s growth by checking how your customers are interacting with the products. You can keep a tab on which products and services are popular among people and which ones aren’t.
b) Sales reports: Record, track, and compare your product and service sales volume based on time, channel, and other criteria.
c) Discount reports: Keep a keen eye on the performance of your in-store discount codes and promotions.
d) Retail reports: View and analyze sales by profitability, staff members, products, geographical areas, time period, or customers.
e) Transaction reports: Gather data on transactions that customers have processed using various payment gateways, such as mobile credit card, USAePay, PayPal, etc.
POS analytics provide up-to-date and accurate information that helps in:
- Preventing inventory stock-outs and distortion;
- Viewing top-performing and non-performing stores;
- Getting a detailed analysis of customer and retail transaction data;
- Evaluating individual products; and
- Generating sales trend, employee sales, and sales summary reports.
How will customers receive a receipt after paying for the products?
Since childhood, our parents taught us to get a receipt or proof of purchase when buying something, whether it’s a chocolate for $1 or a mobile phone worth $300. As a business owner, you need to hang on to all your purchase receipts in order to:
➢ Monitor the progress of your business;
➢ Keep track of the expenditures and deductible expenses;
➢ Prepare financial statements and tax returns; and
➢ Track your in-and-out cash flow.
Not to mention, you must provide your customers with a receipt on the purchase of any of your products or services. You and your clients, however, must be wondering how it is possible to “give and receive” a receipt, especially if the distance is too long. Well, you can send them a digital receipt via an email or a text with every successful transaction. Any digital receipt you give them must include:
✓ Your business name;
✓ Registered Identification Number (RN);
✓ Date of purchase;
✓ Details of the product or service; and
✓ A serial or product key number.
Is it possible to set-up promotions and discounts online?
Conventional wisdom has it that people are infatuated with discounts and free things; not only is it a logical fact but also it’s a physiological behavior of human mind. It’s pretty normal to give some discounts in the retail store; however, this method can also work with an online store. You might ask how? So, here’s the deal: create a discount code or promotion, such as preset percentage value, and apply it to an individual product or entire sale amount. Here are some ideas to set-up, use, and track discounts:
➢ Provide a limited-time code for frequent buyers or senior citizens.
➢ Offer free shipping service to increase the value of an order as well as conversions.
➢ Give percentage-based discounts like 10% or 15% off to multiple collections.
➢ Offer cart-level discounts when a customer’s shopping bag has met certain criteria.
➢ Create limited time and quantity offers for new visitors.
➢ Provide some extra discount for customers who process mobile credit card payments.
Apart from these above-mentioned ideas, there are hundreds of other ways to generate discounts and offers and persuade more people for saying “YES” to your products and services.
That’s all for now! We hope this comprehensive guidebook will help you get started with POS app and drive the growth of your e-commerce store. In the next blog post, we will shed some light on its other aspects, so stay tuned for that!