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6 Reasons Why You Should Use a POS System for a Thrift Store

Published Feb 25, 2022
6 Reasons Why You Should Use a POS System for a Thrift Store
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Thrift stores have been around for quite some time, and with good reason. They offer many items at a reasonable price to make sure they get the most bang for their buck, but many thrift stores are still using paper receipts to track sales. This is problematic as they're unable to track previously sold merchandise easily.

With all the new technology available and released, it is becoming more challenging to know the best technology for your business. If you are in the business of running a thrift store, then you know that doing business on the cheap isn't always possible. A best POS system for thrift stores is one way to make your life easier when managing inventory systems and sales figures. In this article, we will be discussing 6 reasons how a POS system can help you run your thrift store.

Benefits of POS System for thrift store 

1. Inventory Management

Thrift store inventory is mainly donated, unlike the retail stores. Therefore, tracking the items and their costs isn't easy as each comes with different pricing. The cost of goods sold is calculated using the average cost method. This method is based on a set period, which may not represent the actual number of items sold. It also requires some manual calculations and paperwork. You can easily avoid them by using a POS system for a thrift store. Using a POS system to maintain your thrift store inventory system allows you to maintain an accurate inventory count at all times. It also provides the ability to find items for sale and check their condition quickly.

Moreover, a POS system lets you know precisely how many items are available for sale and which ones are not selling well. This allows you to decide what to stock and what not to stock in the future. 

2. Smart Pricing

Most thrift store clients want to save bucks; they tend to shop at thrift stores with discounted prices. With a POS system, you can easily change the price of an item or put it on sale when you want to do so. This will encourage more people to come and shop at your store, as they can get good deals and feel like they are getting great value for their money.

This can be a game-changer for your business. When you use a POS system, your prices adjust depending on the season or sale events. This is also good for products that will expire soon and need to be sold at a discounted price before they go bad. 

3. Loyalty Programs

Customers like loyalty programs, and they are a great way to encourage repeat business. By offering discounts or special deals to loyal customers, you can build a base of regular shoppers who will help grow your sales. Loyalty programs are also a great way to get new customers through the door by encouraging them to sign up when they make their first purchase.

4. Mobility

If you are the owner of a brick-and-mortar thrift store, you know that one of the most significant issues with having a physical location is being tied to it. A best POS system for thrift stores allows you to move your business from place to place. 

Your staff can work from anywhere in the world! No matter where they are, they can process transactions for your store as long as they have an internet connection. If you have a small business that travels to trade shows or conventions, your staff can still process transactions for your store from their phones! You do not have to do more lugging around a heavy POS system to make sales at one location. 

5. Streamline Operations

Using a POS system will allow you to streamline your operations. It will help you better manage inventory, track customer purchases and easily print receipts. It will also allow you to control cash flow and cut down on employee theft.

6. Increase in Revenue

Every time a customer swipes their card, you get an instant deposit of that sale into your bank account and no more waiting for checks to clear or cash to be counted and deposited. You can even offer your customers a discount if they pay with a credit or debit card. This is a great way to entice them to use the card reader instead of cash.

Related Blog: Top 10 Creative Marketing and Promotion Ideas for Retail Business

Features to Look for in a Thrift Store POS System

• User-Friendly Software

The software should be easy to use and have a clear-cut interface. A user manual will also come in handy if you need to make changes in the program. You need to easily and quickly access your inventory, enter new sales, and make pricing changes. Your POS system should be simple enough for you to use without assistance from IT or a computer expert.

• Cost-Effective

For a thrift store, you require a POS system that is easy on the budget. However, you have to make sure that you find a POS system with all of the essential features to your business.

• Mange High Business Volume

POS systems are required to process high volumes of business transactions. So, you must check the capacity of the system. The higher the capacity, the better will be its performance and speed.

• Thrift-Store Specific

Best POS System for thrift stores is explicitly designed for thrift stores needs like price schemes that are different from retail stores. You don't want to buy a standard  retail POS system and then try to make it work in your thrift store.

Related Blog: 5 Reasons Why You Need a POS System for Your Small Business

Conclusion

If you have run a thrift store for any time, you know that using cash registers to keep track of sales and inventory is not the most efficient way to run your business. While it's possible to use a cash register manually, this can take up much valuable time when you could be helping customers find great bargains and keeping the store stocked and organized. A point of sale system offers many benefits, both in efficiency and customer satisfaction, which we have listed in this article!