Millions of retail and hospitality businesses are using Point of Sale software. A right POS software will give the business a new level of control over operations. It will increase efficiency, boost profits and will help to fine-tune its business model. The wrong system, however, can be a waste of money, time and a source of frustration.
The mistake often made by retailers is to buy software that is not intended for their industry and this confusion mainly arises from the wide range of features available in thousands of software in the market. For example, a gift shop has different needs than a car dealer and a POS for restaurants will not be the same software as a clothing store. So the same POS software will not be compatible to all of them. The differences in features and intended uses of a POS can have a huge impact on your business.
Organizations need to narrow their search to the specific industry and it will be well on its way to money spent and a Point Of Sale software that makes your life easier and business more profitable.
Here are 10 common features to look into while buying a POS for any Small, Medium or Large Retail Business:
- Fast checkout
A retail POS software should be able to simplify the checkout process. This means that it should not take the sales team’s much manual effort to complete a transaction. If there is still a manual process that the team has to go through, then the POS software needs a replacement.
- Inventory tracking
A POS should also serve as a good inventory management software and make the process effortless. One should be able to monitor all the critical information about the store from individual transactions to purchases. This will make the ordering easy from vendors & the inventory manager would not waste time calculating the re-order level.
- Customer Data
A good POS can help convert the data on customer’s profile into information. It should abolish the need for a CRM software for your organization. As a use case, it will let the purchase team know what products the customers buy more frequently and thus the team can place orders accordingly. The data can also help the customer relation team build an effective loyalty program, which can increase sales in the long term.
- Automated Purchasing Program
A good POS allows the business to have a streamlined process of connecting with suppliers. For example, if the retail outlet is running low on a critical product, with the help of an automated Purchasing Program, the POS can easily get connected with the suppliers in no time and place the order for the required quantity. It as an e-procurement system for your organization.
- Capabilities for multiple location / Mobility
A good POS should also offer online access which helps you stay connected with the business from anywhere remotely. It is a convenient feature for franchises and business having more than one location.
- Payment Card Industry (PCI) Agreement
It is one of the most important features which can help the business build trust with its customers as it will protects customers’ credit card details. An organization may face legal issues if the POS does not have this feature.
- Reporting tools
Every retail POS should have a reporting feature which is user friendly. It should store information such as product styles or models, weekly sales, monthly sales, annual sales and hourly transactions.
- Real time X-report
With Point of Sale Software, You can view registers total with breakdown of payment type with real-time data! Real-time updating means anywhere at any time the administrators can view the current numbers.
- Digital Signage
This feature helps to generate additional revenue by selling advertisements to vendors or suppliers. It also promotes feature sales, impulse merchandise, cross sell products. Deliver messages enterprise-wide or target specific audiences in key locations. Display advertisements on LCD pole displays, full-size LCD displays and pin pads.
- Shipping Integration
The Point of sale helps to ship products to customers with different services. Shipping module communicates directly with shipping carriers to get real-time shipping quotes. It applies shipping methods, and print out shipping labels right at your register. Customers receipt prints out with tracking details.
These 10 features are essential for any POS software and ensuring the above features will increase effectiveness and efficiency of any Retail or Super-Market. You can also check different ways that helps you in selecting the best POS.