Things to Know Before Buying POS Software Solution for Your Retail Business
In today’s fast forwarding retail environment, you need tools that are as multifaceted as your business. Point of sale has a long history in the retail industry. This concept existed since 1879 and was initially used for registering transactions and to secure money. For decades, the role of the register didn’t transform much. However, it was only in the last 25 years that with the advent of internet PoS has become capable of doing much more than its previous role.
Now PoS has become a tool placed at the heart of retailing which connects to the different system. Before we dive deep into PoS for modern-day e-retail, let’s brush up the basics.
What is PoS solution?
PoS software program is utilized at one’s office or business where goods and services are sold to clients or customers. When your business uses a PoS solution, all your customer sales and transactions are recorded using the software. The program tracks everything like total costs, tax and also display balance amount the counter executive needs to pay back to the customers.
However, today’s PoS solution offers beyond transactions. From inventory management to payroll, a PoS software might include complete functionality for your organization’s management.
How useful PoS solution is
- As PoS software records all transactions and sales, it eliminates no-brainer manual tasks and accurate history. The overall sales history makes it easy to understand the on-demand products and slack things which are lagging in sales.
- Keeping track of your inventory manually is time-consuming and expensive too. PoS solution helps you to overcome this challenge by automatically updating your inventory list when a customer purchases from you.
- Real-time data access to the sales report helps you to make an optimal decision in a timely manner. Also, the cloud-based PoS solution lets you access the business data from anywhere.
- It helps in checking the additional sales by each employee. The overall monitoring of each transaction increases accountability and prevents mishandling of the cash flow.
- It helps in data management by integrating with other entrepreneurial systems. You can connect your systems for unifying data. This makes your business data manageable from a central location. Additionally, the PoS software automatically synchronizes data, saving time, eliminating human errors.
- Calculating tax, simplifying accounting and bookkeeping become easier with PoS solutions. Linking POS with accounting software, data is updated between systems in real-time.
Retail and hospitality are the two main industries that integrate PoS systems. The scope of mobile PoS helps in conducting financial transactions in a more versatile manner without having to be tied to a single location.
Emerging retail PoS solution and its benefits
- Speeding the payment process
Mobile PoS is on-the-front-foot offering optimal usability to the retail industry. With mobile PoS solution no more taking the products or goods to the counter for billing. The PoS enabled smart devices are taking the checkout counter to your customer. A well-developed PoS software lets your staff approach the customer anywhere in the store. Additionally, if the solution is integrated with accounting software, your staff can handle the credit card payments and email the receipt immediately to the buyers.
- Managing inventories
According to Emmelhainz et al., “retailers lose up to 14% of customers due to product out-of-stock whereas a brand manufacturer may lose more than 50%”. PoS solution gathers the reports on best-selling brands and creates reminders when you are low on stock. Furthermore, the automated importing from vendor listing keeps your shelves well-stocked with products.
- Coordinate both in-store & e-store
A survey by Retail Systems Research (Sep 2013), revealed that most retailers accept that customers who shop both online and B&M store, brought more revenues for them than those who shop via a single channel. The PoS solution merged all the sales report of both physical and online store offering you a strong opportunity for strategizing your marketing plan.
- Loyalty management systems
Rewarding loyal customers and encouraging new customers to visit your store often has become more exciting with PoS technology. A good PoS software helps you to track customer interactions on social media and mobile devices for offering appropriate rewards. Additionally, it tracks buyers’ past purchase, preferred brands, sizes, etc. to create a customized shopping experience that further improves your retail image.
- Digital wallet solution
With the multi-payment options, the modern-day PoS solution offers digital wallet as well. This wallet comes with an individual profile, where the customer can securely store their bank account credentials. Customers can keep track of their payments and loyalty rewards in a more efficient way.
How to choose the right PoS system?
Here is a checklist to select the modern-day PoS solution.
A good PoS software solution must:
- Streamline inventories closing more sales
- Provide analytics for making better decisions
- Use mobile devices to engage customers and empower staff
- Helps you to create targeted marketing campaigns
- Ensures you are always backed with solid information and training materials
When it comes to buying PoS software for your store, think about the long-term expenses. Besides supporting your employee work efficiently, it helps you to tailor the communications according to the customers’ preferences. The future comes with a brighter picture showing more cloud-centric and connected opportunity. You will experience more flexibility and security choices for your overall transaction and customer interaction.