A POS inventory system comes with a payment processor. This simple technological development help business owners manage their businesses and stay in control.
Admittedly, it provides a solution to the inventory challenges that businesses, including liquor stores, face.
Liquor store owners, like other retailers, can process payment and stay abreast of all transactions. Nevertheless, liquor stores have some challenges that are not popular among other retail divisions. A thoroughly vetted inventory of one of those, and it is often the root cause of other ensuing encounters.
Running sales sometimes may translate into promotion, running almost around the same time. Of course, you want to stay within the confines of the law.
A POS can address a good number of issues that will be discussed below as challenges associated with inventory head-on. This tool has proven over time to be useful and accurate.
Inventory is Asset
This asset is singular to any liquor business, any business at all. It is just the most difficult to maintain. Except you stick to consistency and accuracy, you will surely lose some money. The essence of a proper inventory system cannot be over-stressed.
Typically, businesses reconcile with their records from time to time, as it is a sure way to attaining success. A liquor store inventory will include the whole list of liquor and other related products.
Why is inventory significant?
Too much stock consumes a lot of space and money. Too little stock may make you lose out on sales and even dwindle your reputation. Inventory is simply the best way to find a balance and keep it all together.
physical and regular counting of stock products weekly, monthly, or whatever time frame you prefer. The physical counting is the original method of liquor stores employed. It has neither eradicated the event of discrepancies nor stop theft.
This method, as you would imagine, is time stressful, tiring, and subject to errors. As a result of the several complexities involved, it became necessary to employ a second method
Automated inventory is an innovative and more efficient way to manage your stock. The computer will do a reasonable amount of the job, thus keeping you up to date. Purchases, bookkeeping, and pricing are accurate.
Also, a properly designed inventory system includes features peculiar to sellers and buyers. Thus keeping the customers happy and coming back for more.
Different products & varieties
When it comes down to keeping tracks of different kinds of products, it is exhausting and stressful.
Bottle upon a bottle, size after size, flavor varieties, assortment, and the list could go on. Not many retail businesses encounter such product assortment and hence a hard time at keeping track.
Liquor store theft
Employee theft is a general concern among retailers, and liquor stores are not left out. It is often due to a lack of unreliable inventory. Undoubtedly, owners and even managers may never know, especially when the inventory system is inadequate.
If you don’t know what you should have, you don’t see what you don’t have.
Although this challenge can not be attributed to either the manufacturers or retailers, it exists. Production errors are often due to a miscalculated effort during production. This time, on liquor bottles, cans, and the likes.
This error may come in the form of wrong capping, twisted bottleneck, fragmentation, amongst others. As minute as it seems, it is a cause for concern on the part of producers and liquor store owners.
What the POS does for you
In-Built Inventory control
Liquor stores receive numerous amounts of bottles, cans, and casks per delivery. In a multitude of different brands, POS inventory control is a necessity. A POS inventory system is a valuable tool when a customer is in search of a particular product.
Now, how does that work? Inventory is taken as real-time data and is received as information on a mobile device. Furthermore, a Retail POS system with the ability to generate barcodes helps maintains the profit margin. For example, a product with barcode labels can be scanned for price.
So, profit margins between two cashiers can be monitored and verified. You rest assured that pricing errors are minimal. Generating barcodes for products with no pre-printed labels is also a tremendous benefit.
Age verification is without h doubt a moral compass for liquor consumption. A reasonable one at that. However, age verification should not deter you from doing your business. Also, don’t risk your reputation or pay unsolicited fines/ penalties.
The age verification functionality on your POS prompts the cashier to verify the shopper’s ID card. This verification is automated and is done by using the barcode scanners. It protects the business, reduces transaction time, and ensures compliance.
Generate purchase orders
Staying out of stock on any product is not healthy for business. Therefore, when you’re picking out a POS for your store, go for more. Some POS systems will help you track what was ordered, current stock, and when delivery schedules are up.
You are sure to stay on top of the game, managing vendors and distributors alike. Also, it helps the image of your liquor store; one customer can always count on.
Liquor store POS makes business management more accessible and faster. The age verification feature helps both owners and customers to stay in compliance with the law.
Benefits of POS
- Better purchase decisions – quick and swift access to your inventory, highlight product performance. You then make better purchases and make more profit.
- Real-time data – you have the option of seeing a volume of your stock at a glance.
- Allows for other system integration- the POS allows for further software integrations that make you accountable. You can manage overall activities in a day using a single tool.
The bottom line, your POS helps your business in many ways that spreadsheets won’t. Therefore, remember to go to a reputable POS company. Technology provides an interface between you, your stock, and the customers, stay connected.