Retail POS Software
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Technology Counter Retail POS Software Buyer's Guide
Retail POS Software
The Point of Sale software can be defined as the section in the retail store where you allow your customers to make the payments for the goods they have purchased. In other words, retail POS software can record all types of monetary transactions in one place.
The retail POS system can be a digital register or an advanced software solution that can process a large volume of data seamlessly. To keep up with the changing trends and the varying customer demands, it’s important for all sizes of businesses to invest in the retail POS software. In this post, we are going to discuss the importance of point of sale system and its functions. Keep reading.
What is Retail POS Software?
The retail point of sale system is the combination of the software and hardware solutions that help retailers receive the payments, record transactions, monitor inventory, and handle other manual operations. The POS solution helps you manage a plethora of hectic management operations in an efficient manner. With an effective retail system in place, you can automate all types of management and marketing activities effortlessly.
It goes without saying that the retail POS billing software for retail shop can save you a considerable amount of time and money by automating the time-consuming manual tasks. In order to ensure that your business runs smoothly, you are going to need an automated POS solution. From tracking inventory to enhancing customer relationships, the retail point of sale software can manage multiple business activities efficiently.
Note that POS isn’t only the place where your customers complete the transaction by paying for the goods they purchase from your store. It is rather an all-featured software solution that comes packed with an extensive range of modules. These automated modules transform your traditional business into a digital retail store where most of the manual activities are performed by the POS software.
Retail POS software Bangalore is better than the combination of the registers, spreadsheets, and other separate software solutions for business operations. It might sound a little daunting to implement new technology in your retail store. However, the retail point of sale system can help you utilize your business’ resources efficiently. You can use the time you save on the administrative tasks on other productive activities, such as planning the marketing strategies.
Common Capabilities of Retail POS systems
All types of POS systems come loaded with a set of modules and features that make the daily administrative operations easier and faster for retailers. Instead of having to handle all these tasks manually or appointing a large workforce for the basic activities, you can buy the all-inclusive retail POS software. It is important to understand the capabilities, hardware & software components, and add-ons of the point of sale software. This will give you a better understanding of the type of software you need for your firm. Let’s take a look at the common features of the point of sale software:
One of the important functions of the POS System Software is to generate accurate sales reports. You must be able to assess your sales performance for the year just by looking at the sales reports. Not only annual reporting, but a premium point of sale system is capable of generating the real-time reports. This means you can generate sales reports for days, weeks, and months. The software can also present the current sale trends, making it easier for you to focus on the products that are generating the maximum revenue for your business.
Your workforce cannot handle inventory as efficiently as the retail POS software. It gives you real-time inventory updates and sends you automated alerts every time you need to re-fill your inventory. The best POS software application can help you evaluate the inventory turnover and sell-through rates. You will get updates when you are running out of a specific product in your inventory.
The advanced software app allows managers to track the inventory movements from one warehouse to another. Additionally, it gives you insights into the top-selling products so you can focus on the items that are generating revenue.
3.Customer Relationship Management
Knowing your customers’ expectations has become important for retailers, more now than ever. You can’t keep your business running in this competitive market without catering to the unique requirements of your target audience. Whether you need to attract a new audience or retain the existing customers, a POS system can help you with all your customer-related requirements.
All you need to turn your retail store into a customer-centric business is a high-quality and all-featured point of sale system. The software features a customer relationship management module that records the customer’s browsing history, preferences, interests, and buying patterns. It gives you an opportunity to offer a personalized shopping experience to all your customers. Most importantly, it makes it easier for the retailer to figure out the customers who would be interested in a particular offer. With this module in place, you will not waste your time marketing the products to the uninterested audience. It rather helps you focus on the audience that is most likely to convert into leads.
For example, marketing western clothes and accessories to ladies who prefer traditional outfits will be a waste of your time. You should rather filter your audience by their preference before promoting your offers. That’s exactly what the customer relationship module in the point of sale software helps you with.
Despite being an important factor, employee management is often neglected when it comes to investing in retail POS software. From employee’s attendance to their sales performance and productivity, the employee management module can record everything. The software enables the manager to track the productivity of each employee. It is easy to record attendance, but monitoring the performance of each employee is difficult.
You need to know which employee is generating the maximum revenue by selling a large number of products to your audience. These insights will help you develop a strong employee retention program. Based on these reports, you can generate loyalty and reward programs for the best-performing employees. Not only does it boost their engagement, but the employee performance management module motivates your employees to work harder.
One simple way to turn your prospects into loyal customers is by providing them with an effective loyalty program. Most customers choose vendors that offer loyalty programs over their competitors. In order to offer a loyalty program, you need to get a list of the customers who shop from your store frequently. In other words, you need to look for your loyal customers.
Fortunately, you don’t have to rely on those punch cards to track your loyal customers. The POS system comes packed with the loyalty program module, which is designed to help retailers identify their regular customers. Research suggests that customers are most likely to shop from a store that offers premium loyalty and reward programs.
Retailers don’t only need sales reports, but they also require regular reports and analytics to assess their company’s overall performance. Most retail POS software applications feature a reporting module that enables the retailer to generate an accurate report periodically. You must look for a solution that automatically forwards the weekly performance report to your staff. Some POS solutions feature a module that sends regular alerts every time some important event takes place. For instance, you will get a notification when your employee achieves the sales target for the month.
7. Accounting and Invoices
Retailers spend thousands of bucks on accounting and invoicing every month. They hire a team of accountants who can manage the company’s accounts and record financial data seamlessly. Not only is manual accounting expensive, but it can result in manual errors. One mistake in the invoice can cost your business thousands of dollars.
The retail POS system features the accounting and invoice module for streamlining the firm’s accounting procedures. The software can prepare financial statements, record daily business transactions, create purchase and sales orders, generate automatic invoices, and record other financial details in a single centralized system.
Who Uses the Retail POS Solution for Business?
All businesses, regardless of the size and type, need to implement a high-quality and premium retail cloud POS software for retail stores to streamline the basic management operations. The software is mainly used by restaurants, spa & salon companies, gyms, grocery store owners, and other such retailers.
The software comes loaded with a set of unique features that are customized for the client. You can explain your requirements and business processes to the vendor and implement a customized point of sale software application in your brick and mortar store. As mentioned above, open-source retail POS software for windows is mandatory in today’s competitive business environment. You can’t use those manual registers and spreadsheets to record the day-to-day business transactions. Neither are they efficient nor will they help you expand your operations. POS software, on the other hand, saves you a considerable amount of time by automating a plethora of management and marketing tasks.
Whether you own a restaurant or a grocery store, you are going to need a quality Restaurant POS Systems application to streamline the basic management activities. This will allow you to save some money on the workforce.
Why do You Need the Best Retail Point of Sale System?
· Faster and Smoother Transaction
The latest technology is known for speeding up manual management tasks. One such activity that can be automated and streamlined with the help of the retail management POS software is a transaction. People no longer need to form a line and wait for hours to complete their checkout process. The POS software is integrated with the barcode scanner and printer. It speeds up the transaction procedure and allows customers to complete the checkout quickly.
· Offer the Best Shopping Experience
As a retail store owner, the customer is your priority. In order to provide your customers with a seamless shopping experience, you need to invest money in a software application that can merge all the management and marketing tasks into a single centralized system.
Now, the customer shopping experience isn’t only about offering them personalized service. You also need to pay attention to their in-store experience. The best retail POS system for small business can track the status of a particular product in the inventory and collect real-time updates. This enables them to inform customers if the product they are looking for is available or not.
Similarly, the POS software creates a loyalty program. It automatically deducts the gift card or loyalty points from the customer’s next transaction.
· Improved Efficiency
Your staff no longer needs to memorize the product’s features, classification, and price. You don’t have to worry about the employees mentioning the inaccurate price of the product. With the retail point of sale system implemented in your business, you can allow your customers to check the price of the product in one click. Effective and cheap POS ssystem for retail enables your audience and employees to experience a seamless experience.
· Improve the Checkout process
Checkout seems to be the most inconvenient and exhausting task for customers. Thanks to the refurbished POS system for retail that can be integrated with the barcode scanner. Your staff doesn’t have to list all the products the customer has purchased in a register. Most importantly, they don’t have to prepare the invoice. All the products the customer has added to the cart will be scanned by the barcode scanner. They will be added to the invoice along with their prices automatically. If you run a loyalty program, then you can add these points to the customers’ account based on the total items they purchased from your store.
· Prevent Manual Errors
Manual errors are not uncommon. Your accountants and staff are highly likely to make mistakes when preparing the financial statements or issuing invoices. You can’t avoid manual errors unless you automate the accounting and invoicing processes. The point of sale software for retail store automates accounting and invoicing. You don’t have to spend time preparing invoices manually. Let the POS solution calculate the invoices and automate financial accounting. Not only does it prevent manual errors, but it can save your business thousands of bucks in the long run.
· Keep up with the Trends
Technology and trends keep changing from time to time. Retailers need to adapt to these changes to survive the competitive market. Now, keeping up with these trends is not easy. You will need to research the trends and modify your business structure. The point of sale software for retail store, on the other hand, helps streamline the process by identifying the current trends around the retail industry.
It also helps you set up marketing strategies to keep up with the trend and grow your business. Make sure you choose a customizable software application so that it can be adjusted to the latest trends and growing business structure.
· Retail Customers and Employees
Contrary to popular beliefs, the POS system isn’t limited to management operations and transactions. It can also be used to manage customers and employees. By adapting to the best POS system for small retail store, you can reduce the employee’s workload. They don’t have to prepare invoices, handle accounting, remember prices and specifications of different products, and send messages to each customer. point of sale software handles a wide range of marketing operations seamlessly.
The software offers a personalized experience to your customers. It tracks their browsing history, buying pattern, and interests. Based on these insights, it offers them a personalized recommendation. It suggests the products that they are interested in.
Market Trends for Retail POS System
You must have seen the sales team using smartphones and tablets when it comes to preparing invoices and making payments. Every year, we see new trends and technology emerging in the POS software industry. Retailers that manage to keep up with the trends are the ones that experience business growth and customer satisfaction.
It is extremely important for retailers to stay up-to-date with the trends around the point of sale software industry and adapt to the changes. To help you choose the best and up-to-date POS software, we have mentioned a few important trends you need to understand before shopping for the point of sale software.
· Capturing Customer Data
A quality retail point of sale system enables users to gather customer information and store it in an efficient manner. You can’t get your customers to become loyal clients without capturing their personal data and providing them with a personalized shopping experience.
The modern retail POS software features a customer relationship management module that finds and stores the customer data efficiently. This includes the customer’s gender, contact number, ZIP code, and age. You can ask your customers to submit their email addresses when shopping from your store. If the software supports integration, then you can transfer this information to other software applications in one click.
· Mobile-Compatible POS Solution
As more and more people are embracing the mobile-first approach, retailers have started to opt for the point of sale software that’s compatible with smartphones. While mobile-compatible POS software makes the management and transaction-related operations super convenient, some apps can’t be synced with the office backend systems. So, when you are shopping for the POS solution, make sure you check the integration and flexibility of the system. There is no point in investing in a software application that is compatible with smartphones but can’t be integrated with other apps.
With mobile-friendly POS software, your customers can complete the POS transaction conveniently. You can also request your audience to process digital signatures to verify and complete the checkout. From transferring payments for the purchased goods to getting a refund, the mobile-compatible POS software can handle it all.
· Offline Access
Gone are the days when the POS software solution needed a strong connection. It is obvious that the point of sale software needs an internet connection to fetch the necessary details for you. Whether you are searching for the price of the particular product or authorizing a transaction, you are going to need a good internet connection to be able to run the solution seamlessly. The poor connection issues are quite common in the retail store, especially when you own a large-scale business. The lack of proper internet connection affects the sales as you will have to record all the transactions in the register manually. It also consumes a lot of time. When the connection is back, you enter the transaction details in the software.
Offline POS software solutions eliminate offers you hassle-free operation. Should you face the poor connectivity issue, you don’t have to turn the software off. Even though it might not allow you to access certain information that needs an internet connection, you will be able to complete the transactions. In other words, the offline point of sale software is designed to streamline the transaction and checkout process even when you have no connection. The data is automatically synced.
· Support Common Payment Methods
Convenience matter to your customers as much as personalized services. They prefer a retail shop that allows them to make the payment using a convenient payment method. Now, each customer uses different payment options. Some find credit and debit cards convenient, while others use the traditional cash payment.
Nowadays, more and more customers are using e-wallets for secure and fast payments. They find it safer to make the payment without having to reveal their financial and personal details. If research is to be believed, then 46% of customers in the United States do not use traditional payment methods. They don’t even carry the fiat currency. So, if you accept only cash payments and use those outdated cash registers, then it is a high time you considered a change. You are losing a large number of your potential customers to your competitors.
· Suggestion Box
The modern-day POS software comes packed with a suggestion feature that requests your customers to leave feedback after shopping from your store. This feedback is based on the quality of the products they purchased from your store as well as the services you offered. Not only does it help you know what your customers feel about your products and services, but it gives you an opportunity to improve your business.
· Cloud-Based Software
Another leading technology trend in the POS software industry is the cloud-based software solution. According to the research, more than 50% of the businesses will adapt to the cloud-based point of sale software by the end of 2021. The sooner you embrace this change, the better the shopping experience you can offer to your customers. Unlike on-premises POS solutions, cloud-based software features only a single app that contains a large volume of your business and customers’ data.
You can easily learn the ins and outs of the cloud-based software. Besides that, training your employees get a whole lot easier and faster when you have a single centralized app that features all the modules and a simple user interface. The best part is that you can use the software anytime and on any device. You don’t have to visit your store to complete a transaction or gather information. You can even set up the cloud-based POS software on your smartphones and use it at your convenience. Not only for merchants, but cloud-based software makes the management process convenient for employees and customers too.
Types of Buyers and Which Retail POS System is Best Fit for their Needs
Different businesses have different requirements when it comes to retail POS software. For example, a restaurant owner needs an automated solution that could help them take orders digitally, offer a digital menu to the customers, and cater to all their requirements efficiently. A gym company, on the other hand, might need cloud-based POS system for retail that could streamline the subscription and membership plan, manage customer details, request fee, and handle new members.
Basically, retail POS software is available for SMEs and large-scale organizations. The most suitable software for your business is the one that features the basic modules and add-ons that you need to run the management activities. You have an option to customize the software later, but it is best to list all the features or modules you need in the software and buy an effective solution.
If you run a small-scale company, you will need a basic system with the main modules, such as inventory management, customer relationship management, employee management, sales and analytics, and so on. For large-scale company owners, the latest point of a sale software solution that comes packed with a broad range of modules as well as add-ons is a must. You need to take your business requirements into consideration when making a purchase.
Choosing the Best Retail POS System
The cloud-based POS systems offer a broad range of functions that automate multiple manual tasks for businesses. Earlier, the point of sale system was nothing but a digital cash register that would allow your customers to complete their checkout. As customers’ demands have increased, the POS system has evolved into a full-featured and sophisticated solution that can handle a wide array of manual tasks efficiently.
Now, this automated solution is no longer limited to payments and transactions. It’s more about providing your customers with a perfect shopping experience. It is, therefore, important for retailers to select the point of sale system carefully. Let’s take a look at the features you need to consider when choosing the retail POS system.
1. Fast Checkout
Customers do not like to wait in the long line to complete the checkout. They rather want to shop from a store that offers a quick checkout process. You must choose a simple-to-use POS system that allows the receptionist to generate a quick invoice for all the products the customer has purchased. A quality POS solution enables retailers to receive the payments and complete the checkout process quickly so that the rest of the customers do not have to form a line.
2. Support Multiple Payment Options
The sophisticated POS software supports a broad range of payment options. It allows your customers to make the payment via cash, credit or debit cards, and e-wallets. It must also be flexible enough to allow your customers to use gift cards on their purchase. Customers no longer carry the cash around. They like to make the payment via e-wallets and cards. So, make sure you purchase the software that is compatible with different modes of payments.
In fact, the modern-day point of sale software application supports cryptocurrency payments. You should invest in a solution that can keep up with the latest technology trends and support the common payment options.
3. Quality Customer Support Service
Before you purchase the POS system, remember that this automated solution features hardware and software features that can produce errors. Production faults are quite common in the POS systems. You might also experience technical issues. These problems need professional and trained IT staff. You are going to need to contact the vendor to get the issues fixed. You don’t purchase the point of sale system to turn your customers down (due to technical faults) when they want to complete their POS transactions.
So, the vendor you choose when buying the POS software is as important as the software itself. You need to pay special attention to the customer support service the vendor offers. Try to purchase the solution from a company that offers 24/7 assistance. They must also be willing to offer you quality support whenever needed.
4. Returns and Refunds
The POS system must support a return and refund module. It’s important to note that only a few point of sale solutions come loaded with the refund system that refunds your customers. Catering to your customers’ requirements and prioritizing their satisfaction can help grow your business. If they want to return the defected or wrong product, then the POS module must allow the retailer to refund the customer.
5. Mobile Compatible
No matter how small your retail store is, you need a mobile-friendly POS system that runs seamlessly on all devices. Not only does it help your employees handle the administrative tasks from the comfort of their home, but the mobile compatible point of sale software allows your customers to complete the checkout process through their smartphones. It makes it super convenient for your audience to complete the POS transaction without having to wait in the line. Mobile compatible POS software applications feature an intuitive design and a simple interface that works well on small screens.
· Offline and Online Use
Nowadays, developers design the retail POS software that can be accessed both online and offline. Internet services keep getting interrupted from time to time. However, the connectivity issues must not stop your POS system. Try to look for a solution that can be operated in the offline mode. Besides that, it must sync all the offline data to your system so that the transactions are saved and recorded in the software when the connection is back.
Another important factor you must consider when buying the POS software is the modules included in the package. A premium point of sale system comes with a set of basic modules as well as add-ons. You don’t have to purchase the most expensive or popular software out on the market.
You should rather make a list of the features you need from the POS software and make a decision based on what you need. There is a good chance you will want to expand your operations in the future. So, make sure you purchase the retail software that can be customized.
The software that supports seamless integration allows the retailer to connect the software with multiple modules and third-party applications. This means you can sync multiple applications and save a considerable amount of time on recording the data separately in each module. Once the software is integrated with other apps, the data between the two systems will be synced. Every time you make an update in the POS software, the same will be reflected in the integrated application.
For example, you can integrate the POS system with email marketing software. That way, you can request your customers to submit their emails while completing the POS transaction and have this data transferred to the email marketing software automatically. You don’t have to change your email list or add new email addresses separately. This also reduces the chances of manual errors while adding new emails to the list.
· Easy to Use
The latest point of sale systems comes with a simple user-interface and an intuitive design. These software apps are easy to understand and operate. It takes only a few minutes for your employees to get familiar with each module included in the software. Managing the day-to-day management operations using the point of sale software must feel like a cakewalk. A reliable software application is the one that doesn’t need prior knowledge and training. It has simple-to-use features and smart modules.
Frequently Asked Questions [ FAQs ]
The main purpose of the POS software is to streamline the checkout and management process. It digitalizes the small brick and mortar store and helps you conduct sales efficiently. The retail point of sale software replaces the traditional cash registers. The software makes it easier for managers and customers to complete the checkout at the store. Your customers no longer need to stand in the line and wait for hours to get their invoices cleared.
It depends on the type of software you are planning to implement in your retail store. The modern POS software applications do not require prerequisite knowledge and training. However, if you choose the on-premises software, then you will need an IT team to explain to you all the modules integrated into the system and the working of the software. Some software applications come packed with the training videos, tutorials, articles, and guides that teach you everything you need to know about the software. If you still face any issue, you can contact the vendor and ask for assistance.
The standard time required for the POS software implementation is around 6-12 months. However, it can go up to 2 years if you want comprehensive software with multiple add-ons. If you choose the cloud-based retail POS software, then it will take no longer than 2-3 months for implementation. This is because cloud-based software solutions come with a single centralized app that is easy to use and manage. It is best to discuss the implementation plan with the vendor.
The integrations you need in the POS software depend largely on the size of your business. If you own a small retail store, you are probably going to need the basic modules, such as inventory management, customer relationship management, checkout, multiple payment options, sales and analytics, and reporting. You can also integrate add-ons and AI-based modules.
The POS software solution can be customized. However, only an IT professional or your merchant can customize the system. The level of customization the software supports depends on the vendor you choose. Some models support edits and upgrades. You can add new modules to improve management operations. Likewise, you can remove the module you don’t use.
While many businesses have embraced the point of sale software, some still find it odd to transform their small retail outlet into a digital business. The major challenge that retailers face with the POS software is inadequate training. Other technical issues can also occur from time to time.
The POS software for retailers is designed to streamline a wide array of manual tasks. It offers seamless management functions that help you automate mundane operations. You could save a considerable amount of time and focus on productive activities rather than executing basic marketing and administrative tasks. Consider the above-mentioned tips and buy the most suitable retail POS software.