For both consumers and retailers, Cyber Five is a big deal. This five-day business boom starts on Thanksgiving and lasts until Cyber Monday, so it includes the ever-popular Black Friday. Considering that this period accounts for an average of 20% of November to December online shopping in the U.S., Cyber Five is a goldmine for small businesses — if done right.
To leverage this holiday, you have to work smart to cope with the influx of sales. Here’s how True POS systems can make help make your Cyber Five easier — and more profitable.
5 Ways True POS Systems Can Make Your Cyber Five Easier
This is one of the busiest and most lucrative times of year for your small business. Here’s how we can help.
1. Diverse Payment Options for Fast and Seamless Purchasing
Credit is king, with data showing that credit cards had a 40% market share as the preferred payment method in 2021. This is followed by debit cards at 30%, while cash and mobile wallets are tied for third place at 11%.
With preferred payment methods split across the board, it’s best to be ready for anything. If you are ill-prepared, you run the risk of turning off customers at the checkout point if they find out you only accept cash but they planned to pay with a card. POS systems from True POS empower your business to accept cash, card, mobile wallet, and even check payments, making for a more efficient and convenient process for your shoppers.
2. Offer and Accept Gift Cards
For many, Cyber Five is a good opportunity to buy holiday gifts at a lower price. Gift cards have time and time again been a proven go-to, particularly for those who err on the side of safety. This demographic typically includes people who aren’t 100% sure what to get a loved one but still want to give something useful or people who want to have a backup in case any unexpected guests join the party.
True POS systems enable you to issue and accept gift cards, which is a total win for your business. After all, whether the gift card is used or not, you still make money because the card’s value is paid upfront (although we hope they are maximized to the last cent!).
3. Closely Monitor Inventory in Real-time
It’s a given that Cyber Five is a humongous sale season, with Cyber Week 2021 raking in $33.9 billion in online sales. You can expect that whether you run a brick-and-mortar store or an online one, there will likely be long lines, and products will fly off the (physical or digital) shelves.
To cope with the surge of sales and ensure you have enough to last the duration of Cyber Five, you must stay on top of your inventory levels. A powerful POS system records each transaction and automatically adjusts your stock levels once a product goes out, so you can monitor your inventory flow in real-time. This will allow you to see which products are running low and therefore must be re-ordered ASAP.
4. Encourage Repeat Purchases with Loyalty Programs
If you don’t have a loyalty program yet or remain unconvinced on why you should have one, perhaps our blog on the importance of loyalty programs will finally convert you! But for those with existing loyalty programs, Cyber Five is a great time to encourage new customers to sign up, as well as incentivize existing members to maximize the program.
Consumers tend to buy more during the Black Friday season, so it’s the perfect time to drive your value through loyalty programs. Offer exclusive benefits to your loyalty program members, such as higher discounts, early bird access to sales, or cumulative points that are convertible to cash discounts in the future.
True POS systems are designed to securely store customer information. This enables you to quickly implement a simple loyalty program to delight your loyal patrons.
5. Maximize Profit Through Sales Insights
True POS systems are primarily designed to record transactions and track inventory levels in real time. As a byproduct of these processes, you can learn a lot about your customers and business by combing through the data and reading between the lines.
For example, you can identify which products are selling well versus those that aren’t, and then based on that information, adjust your strategies to maximize your earnings. Order more of the best-sellers to ensure that you have sufficient stock to meet the demand. On the other hand, you can bundle products that aren’t selling as well and offer them at a discounted rate.
The best POS systems are also equipped with employee management features, so you can track your staff’s performance and roster them for shifts. This will come in handy during Cyber Five when you’ll need all hands on deck. For hybrid online-offline businesses, you’ll want to ensure you are adequately staffed on both fronts to assist all customers. For eCommerce businesses, you’ll need your team to track your site traffic and security, as well as manage any questions or concerns that come in through phone, email, or social media.
Check out our list of industries to see which True POS system will best suit your business this Cyber Five, or contact us today for a free quote.
