Looking for POS system with the key features? But not sure what features to select? Or something else? Read this blog to find your answers about Key Features of POS System related concerns and a lot more.
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.
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.
We are featuring the Top 10 Features of an POS software for retail business. So we can help businesses stand out in the competitive market in 2021.
1. 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.
"The number of choices is increasing and is expected to rise manifold in the next five years. Research reveals that mobile POS devices will increase at a compound rate of 32% per year until 2019”._Comviva by Tech Mahindra".
2. Inventory Management
Retail business needs a one-stop inventory management system with reliable modules to handle daily inventory operations. You will relish the inventory management tools that a POS system offers.
Basic inventory management, so you can add products you sell Including importing your inventory with no added cost, product reports, and a daily email with low or out of stock items listed for more inventory control. Advanced features such as orders tracking, automated stock adjustment, shortfall alerts are the most useful POS system features while operating onsite inventory. POS keeps a track of your products at different levels such as size, season, and color to ensure everything is stocked.
3. 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.
4. Customer Relationship And Experience
Customer relationship has always been a crucial stage of retail business operations. Here, keeping your customers happy is a complicated but 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.
“91% of consumers tend to shop with businesses who are aware, can recall, and give offers and suggestions that are relevant to them”. -Accenture
5. Reporting & Analysis
The point of sale (POS) report is created based on the data collected by a POS system. Collected data and activity is tracked at the point of sale terminal and that data is stored for future analysis via POS reports. This is an ultimate tool for organizing and analyzing your business data.
POS reports can summarize large amounts of information, and represent it in a graphical or cross-tabulated form. So, it is the best tool to create financial, stock, and statistical reports.
This could be a completely new approach for your business in reporting and analysis. You just need to be using your sales reporting and analytics to inform your decisions. This will push your business beyond the limits.
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