What is the POS System?
However, just because you’ve heard of something, doesn’t necessarily mean you know everything there is to know about it – especially if your source is less than reliable or you’re a first-time business owner.
Payment technology has emerged a lot in the last two decades. Today we no longer are chained with those big fat electronic cash registers. The evolution of technology is making work-life simpler for retailers. Well, as with all other types of technology a POS is fulfilling the expectations of small and medium-sized retail businesses by managing every stage of their selling journey.
What is POS Software?
Point of sale software is a cash register, but smarter. It’s the focal point of your checkout, allowing you to ring up sales, the process returns, and tally your daily revenue – just like a cash register. But, that’s where the similarities end. POS software does more, much more.
Similarly, with every single innovation, the POS system developed promptly. Retail business owners today are looking for the latest trends and features of POS that can attract more customers for their products and services.
POS software has changed significantly over the last 10-15 years from something that was only available as an on-premise solution for large enterprises with dedicated IT staff and deep pockets. Nowadays, you have cloud-based solutions that operate on mobile devices like Android tablets and iPad cash registers. You also have a host of POS systems that are pretty much plug-and-play right out of the box or download. For retailers and other small businesses like restaurants, it doesn’t get much better than that.
Here are some general features you’ll want to look for when vetting POS software solutions. We’ll talk about some of the more industry-specific features later, so stay tuned.
Mobile POS (mPOS)
Today, we have everything at our fingertips. So why should payments be restricted to one place? Mobile POS makes it easy for businesses to accept payments where-ever you want and whenever you want. Mobile POS is the next-big-thing in the mobile payment solution market in India. People today want convenience on the go, and so do businesses.
Modern mPOS solutions can take your retail business to the next level. While raising flexibility and mobility it also enhances the customer experience. mPOS signifies easy to set-up and use mobile applications. With the help of mPOS no matter where you are, your business will always be in your pocket.
The mobile terminal of Point of Sale Software goes beyond billing to offer highlights like inventory management, mobile storefront, sending invoices to customers through SMS and analytics, etc. Primarily it takes out the requirement for a costly POS machine and helps in managing your business anyplace, anytime with detailed sales analytics and reports.
One of the fundamental functions of POS software is to manage inventory for retailers. In fact, a lot of POS software started out as merely that – inventory management software.
In today’s fast-paced, world where customers will just as soon buy an item online if they can’t find it in your store, it’s crucial that you have real-time inventory tracking and inventory control. Too little inventory can result in missed sales and revenue. Too much inventory can result in suppressed cash flow.
Billing And Order Processing
Give your customers the freedom with options to pay with cash, credit/debit cards, gift cards, or any other mobile wallet payment options. A POS software includes a credit/debit card module built-in to your computer system instead of a stand-alone terminal, to easily record payments from external credit card terminals.
This makes credit card and debit card payments more secure for your customers. Efficient authorization of transactions at the point of sale is necessary to ensure your business maintains a steady cash flow and a secure network.
Your POS system must have the basic functionalities of billing and order preparation. It should have the option to bill orders by scanning products and capturing different payment modes.
Keeping track of your employees can be a business in itself. Who can only work evenings? Who only works days? What are my labor costs so far this week? Can I put another person on the schedule this weekend? It’s like a game of Who’s On First, retail edition. It’s enough to make your head spin.
Luckily for you, many points of sale systems can help alleviate those headaches. You can create employee profiles to store their contact information and their credentials to access the POS system.
Customer Relationship And Experience
Customer relationship has always been a crucial stage of retail business operations. Here, keeping your customers happy is complicated but an important task to perform. Although POS Retail Software features can be your helping hand.
POS software can help in many ways in retaining a strong relationship with your customers, so you can have them for life. POS systems provide you the tools to track customer information, such as contact details, transaction history, and preferences.
Look out for functionalities like easy checkouts and fast appointment scheduling which will keep your customers captivated to your brand, after all the last thing that a business wants is to keep their customers waiting.
POS collects valuable intelligence about your frequent footfall and their buyer persona, by which you can organize loyalty programs for your loyal customers which drives loyalty and create ambassadors for your business.
Reporting and Analytics
If your POS software can give you a variety of reports, great. If it can provide you with the right reports, even better. Reports and analytics can provide insights and help you track Key Performance Indicators (KPI) about your business, allowing you to make smarter, data-driven decisions. Ensure that your system offers a variety of reports that can help you better understand the three major aspects of your business: sales performance, employee performance, and inventory management.