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Retail point of sale systems are an absolute necessity these days. However, other kinds of businesses need Point-of-sale software as well. Now let’s go over what POS software actually is and how you can benefit from it? |
Since point-of-sale software advances every day, business owners must keep up with this process if they want to have a successful business. Retail point of sale systems are an absolute necessity these days. However, other kinds of businesses need Point-of-sale software as well. Now let’s go over what POS software actually is and how you can benefit from it?
Point of Sale Software
Every retail business conducts sales on a daily basis, point of sale software is what makes this possible. It’s almost like an advanced cash register combined with a computer. Your staff members can use the retail point of sale systems when they want to input the ordered items, calculate payments, and etc. The good thing about these POS solutions is that they can be integrated with other systems. Therefore if you ever decide to expand your business, you are good to go. This means flexibility and capability, two important factors every business owner is in need of. Point of sale software can also check inventory levels to keep everything perfectly balanced.
Now you might be wondering how to choose the best retail point of sale systems. You have the option to buy a custom-built system to suit your needs. However, most independent retailers prefer cloud-based point-of-sale systems nowadays.
What Is the Role of Point of Sale Software?
The point of sale systems consist of two main components, hardware, and software. The hardware can be a cash register, a tablet, or even a mobile device. Also, there are some add-ons you can buy such as a cash drawer, receipt printer, barcode reader, and etc.
Software on the other hand is in charge of storing and processing information, a database manager if you will. Point of sale software has many kinds of features, it’s up to the business owners to choose the necessary features they need. Managing stock items, cost and profits, multiple reports are some of the common features of point of sale software. You might say that I have a manager who can handle the reports, but can your manager offer accurate reports without any error? Well, point of sale software can. Since you want your business to succeed, accuracy in all aspects is a must.
Point of sale software can check the stock levels automatically and update your inventory in real-time. Therefore you will be notified when some of your popular items are getting low. Keep in mind that managing inventory manually is very inaccurate.
If you want to receive comprehensive financial reports, you can integrate your POS software with accounting systems. With retail point of sale systems, you can manage your staff efficiently. A point of sale system keeps track of their login and log out times. We’ll talk about the other benefits of POS solutions in the next sections.
What Kinds of Point of Sale Software Are Out There?
To put it simply, the point of sale software comes in two main types, on-premise, and cloud-based. The difference between these two is that you can only use on-premise point of sale software on location. The most common type of on-premise POS is terminal. If you fancy flexibility, Cloud-based POS software would be perfect for you. You will be able to use any connected, compatible device to access the data. Every day more and more retailers are turning towards the cloud-based point of sale systems.
If you have an internet connection, you can access your database from anywhere. The good news is that this kind of POS software is compatible with most point of sale hardware. If you make sales both in-person and online, choosing cloud-based POS is a smart move. If you have a tight budget, you’d be happy to know that Cloud-based point of sale systems are typically less expensive and more convenient than an on-premise one.
You might have heard of other POS software, they all fall into the two categories we mentioned. Let’s name a few.
mPOS: Mobile POS is a device that you can take it everywhere with you in or out of the store. However, if your retail business handles transactions on the go, it’s better to use a tablet or smartphone instead. mPOS is better for pop-up shops.
Desktop: This type of Point of sale is typically an on-premise one. You might see this system at the checkout counter. They take a lot of space and are big, however, they are more reliable if you choose good hardware.
Multichannel POS: As its name tell us, this type of Point of sale system can be integrated with various commerce channels. These channels can be your website, your store, event sales, social media and etc.
How Can a Point of Sale System Help Me?
We are passed the time that the only function you could expect from a point of sale system was managing transactions. The modern POS systems are way more practical and can help you progress in many ways:
• Manage Inventory from Anywhere
• Get Multiple Reports
• Manage Customer Information
• Improve Your Sales
Manage Inventory from Anywhere
With retail point of sale systems, you can manage your stock levels easily. You have to admit that keeping track of inventory is a difficult and time-consuming task. As a retailer, knowing the exact amounts of your inventory items is essential and you need a system that can handle this perfectly. If you have several stores, this feature will let you track your stock levels efficiently, therefore handling orders will be quicker too.
Stockouts are really embarrassing. You don’t want to be blind-sided in front of your customers. This is where Point of sale systems can help you avoid these kinds of mishaps.
Also, if you want to move an item from one place to another, knowing the exact information about your stock levels is necessary.
Get Multiple Reports
As a business owner, you have to make important decisions every day. Therefore having an assistant that does not make mistakes can be really beneficial. Point of sale systems offers crucial information that can help you make data-informed decisions about every aspect of your business.
POS systems offer all kinds of reports and they can filter your sales data. Therefore you will know which aspects of your business needs extra attention.
When you want to purchase a point of sale system, make sure it can provide reports on these aspects:
- In-store and online sales
- Sales per employee
- Sales per channel
- Inventory items
- Orders
This way you can be in the loop about everything that is going on in your business.
Manage Customer Information
The most important information you should collect is your customers’ information. This data can help you identify your loyal customers. Keep a lookout for these features before buying a point of sale system.
Customer’s profile. As a business owner, you should keep track of your customers’ shopping patterns. When you have access to their past purchases information, you will be able to suggest appropriate cross-sell and upsell options.
Creating loyalty programmes is essential in your retail business. Make sure the point of sale system you choose, has no limitations in this area.
Customer Relationship
Forming a relationship with your customers will be beneficial in the long run. Point of sale system enables you to stay in touch with customers. The good thing that comes out of this is that you can send emails with a list of your customer’s favourite products.
Also, letting your customers make returns in an easy way will generate a sense of loyalty in them. What would be better than building a good and friendly customer relationship?
Improve Your Sales
The competition between retail stores is increasing daily, therefore you will need a powerful point of sale software in order to stay ahead. Retail point of sale systems can help you keep up with the changes in the industry. One of the best features of the EPOS systems is that you can stay in touch with your customers via email or other methods. You can send them a list of their favourite items that they didn’t buy the last time they were in your store and remind them that they still have time to purchase them.
Another thing you can do to improve your sale rates is to offer your customers various shipping options. Point of sale software has features that will allow you to ship a purchase to any address the customer prefers. This will boost your chances of success in the competing market.
There is something else you might want to try, in-store pickup. Customers will be able to place their orders online and then come to your store to collect them. By offering this method, you will decrease the number of returns, because the customers can check their order carefully. This is what it means to be flexible and people will love it.
Offering home delivery is a brilliant move. When customers buy large products, they often prefer not to drag it home with them. Therefore they would really enjoy this option. In addition, if an item is not available in your store but you have it at your other store, customers will be able to buy the product and have it home-delivered.