You need more than a cash register to increase sales and accept payments for your small business. You need a point of sale (POS) system that can record sales data, manage inventory, generate reports, and store customer contact information.
When it comes to finding a new point of sale (POS) system, you can be pretty overwhelmed these days. There are hundreds of options available online, each offering a wide range of features. It can be difficult to decide what is right for you.
Point of sale systems aren’t just used for processing sales. With their features, you can analyze sales data, track inventory, connect with customers, and manage employees.
The software includes or has integrations for email marketing, loyalty programs, and other features that streamline processes and save you time. Customer support is available around the clock from the best point of sale providers, so even if your business has irregular hours or you’re working late, you can still get help.
Benefits of retail point of sale software
Retail point-of-sale systems offer retailers many benefits beyond just processing transactions. Some of these benefits include:
- Sales analysis and reporting: Giving retailers insight into their sales, enabling them to make informed decisions that strengthen their business.
- Inventory management : Automate inventory control and help retailers determine optimal quantities of top-selling products and when to order them again.
- Client management capabilities: Automatically collect and track valuable customer information, so retailers can build stronger relationships and encourage customer loyalty.
- Grow your business: Point of sale solutions can provide retailers with key information about their business. Based on this information, the scale can identify the best-selling products and the most valuable customers.
- Improve efficiency: Point of sale systems allow store owners, operators and managers to spend more time training their employees and interacting with customers due to their operational efficiency and automation.
11 of the most popular point of sale features
Apple and Android apps are available for most point of sale systems that allow mobile payment through smartphones and tablets. As a result, retail employees can call customers from anywhere in the store, and waiters can accept orders and payments at the table.
Some POS systems are only available for Apple or Android, while most are dual-platform. When selecting a system, keep your preferences in mind.
The type of inventory management your business needs will determine the type of POS system you should invest in, whether you are in the restaurant or retail industry and need to keep track of quantities of products.
While most point of sale systems include inventory management functionality, some are more comprehensive than others, while others are industry specific. Make sure your point of sale system has an advanced inventory management option or integrates with your choice of inventory software if your business requires it.
Do you need to collect a lot of customer data for your marketing efforts? In addition to collecting email addresses, phone numbers, and street addresses, point-of-sale systems track sales data such as purchase history and buying trends. This way, you can create specific and targeted offers to encourage your customers to buy from you over and over again.
Data from advanced point-of-sale systems can be used to generate just-in-time marketing tailored to the individual customer at checkout. Based on a customer’s recent purchase, the system may generate instant coupons.
Point of sale systems typically do not include loyalty programs as part of their core functionality. Many systems offer them as an optional add-on, and others integrate with third-party loyalty programs.
Gift cards are frequently added to point of sale systems by businesses. A gift card, in person or online, can be a great way to increase sales and build customer loyalty.
Permissions and user accounts
Point of sale systems are useful for businesses with multiple employees. System administrators manage employee access to various POS functionalities. Various tasks, such as issuing refunds or canceling transactions, can be assigned to specific employees or positions.
Employee management features are available in most point of sale systems, such as tracking work activity, sales, and performance. Your best employees can be easily identified, and those who need further training can also be identified. These tools can also be used for competitions that reward your best performers.
Point of sale systems can book appointments, although this is not as common as it used to be. A website or mobile app can be used to make an appointment. After making an appointment, you can manage sales and appointments in one place. It is especially useful for those working in professional service industries (such as nail salons, wellness spas, repair shops).
You will need a point of sale system with the right analytics for your business, as the depth of reporting varies. Are you looking for basic metrics like sales per hour or inventory management?
Select a system that offers customizable reports with the ability to filter data by date range and other factors. In addition to allowing you to customize the presentation of the data, you may also want to have the option of scheduling automatic reports to be sent by email.
Sales reports, accounting reports, employee management reports, inventory reports, store comparison reports, and general reports are some of the types of reports that are often produced.
Retail operations management relies heavily on point-of-sale systems, but modern cloud-based point-of-sale systems are data-driven, allowing you to leverage data from retail stores across the board. retail for digital marketing. Marketing tools built into point of sale systems will streamline your marketing efforts so you can sell more.
As your retail business grows, look for point of sale software that can grow with you. Point of sale systems are expected to offer the following functionalities: the ability to handle high transaction and inventory volumes, international tax settings, support for multiple currencies, unlimited stores, sales zones and allocations of stock.
Your point of sale software will allow you to evolve and grow. Point of sale software may have a limit of users and stores, which means you may need to upgrade or move to a different point of sale if you exceed your current point of sale.
Following the characteristics above will help you determine the right solutions for your store. List your top picks and see if software vendors can provide additional information based on your knowledge.
All of these features are part of a great retail management system, so you can focus on growing your business rather than worrying about things you can’t control. Don’t settle for anything less.