8 Must-Have POS Features for Retail Management System
Let’s go back a decade ago when Point of Sale (POS) was merely a cash register where customers would make the payment for goods and services availed from a store. Now, it’s 2020 and businesses are leaving no stone unturned to evolve with modern technology to accomplish their daily tasks. With advancements in technology, POS has emerged as a sophisticated and feature-rich system that has become a hub for business operations and offers a wide range of solutions to improve the retail management system in various aspects. In this competitive era, it is important for businesses to offer a customer-oriented and seamless buying experience which is closely connected with the scale of revenue. Hence, companies have to come up with all the features and components essential for a positive user experience.
For those who are still living under the rock - POS is a center for all business transactions that comprises software and hardware. It also includes peripherals, such as scanners, printers, and credit card machines. You must have seen a cashier who is in charge of operating the POS system at the checkout. It secures all the data in the cloud, thereby keeping it from theft or infringement along with allowing access from anywhere, anytime. It has become more than just a means of payment for buying any product as it is capable of helping users to make informed decisions while providing business owners with all the significant information required for expansion.
Looking for a reliable POS solution? Well, you can find a plethora of options online each claiming to offer a different and exclusive set of features. No wonder that so many options may leave you wondering what you really need and what will work best for you. Leave your worries at bay and allow us to be of assistance. We will take you through all the sought-after features that you must look in your POS system:
Whether you own a restaurant or any retail store, inventory is an integral part of your business if you have to carry more than a few products on a regular basis. It is vital that you maintain an optimal level and if your POS system cannot provide you with an optimum solution, then it is not worth your time. You must invest wisely in a reliable and authentic inventory software development that can address your problems of overstock, understock, and poor inventory management with proper management. It must consist of basic systems, including integrated accounts, stock visibility, product variants, auto-ordering, etc.
If you own a larger outlet with multiple stores, then features, such as barcode scanning, stock transfer, printing are a must. A robust inventory management system will take care of automate ordering, vendor relations, stock notifications, and more so that you don’t need to spend hours preparing spreadsheets, entering data manually. It tracks your products via a central database and puts your inventory capabilities in line with your business needs.
Do you have a hard time dealing with billing and handling customers during sales? If yes, then the POS system with a quick keys feature is the perfect solution for you. When you find buyers piling up products on the checkout counter, waiting to get done with the whole payment process, and move on, this software will help you prepare bills in the quickest way possible. It identifies the commonly sold items with a single click on the machine and you can fasten the checkout process. It doesn’t mean that other goods of the catalog are not easily accessible because they are via a search query. Therefore, while seeking a development solution for your business, make sure to get your hands on the system that lets you search the products during peak sales.
Your store may be open 27*7 or even 12 hours a day, you need to run it smoothly without any interruptions because even a small obstacle can cost you more than you can expect. Suppose, you have a long queue on the checkout counter, people waiting for their turn and getting restless. If you face internet issues in such a crucial time, then customers may leave without buying anything. You can expect that your network may go down from time to time and must be prepared for it so that your business doesn’t stop at all. Hence, you need a POS software that can process payments and generate bills without the internet as well. For offering continuous services to your users, an offline mode in POS is necessary with an auto-sync option. It will avoid any inconvenience to your customers and also build a strong reputation for your store.
User Accounts and Permissions
Most probably, you will have multiple people working on the checkout counter to manage the crowd and make the process faster. Therefore, you need a system where you can create a user account for each person to track the sales made by them and also check their working hours. You can also set sales goals to track their productivity and also see if there is anyone who is dishonest. POS with a user registration account is a vital part of retail and e-commerce solutions as it is password protected, assuring the safety, and security.
Also, you can choose if you want them to log in to the account for each new sale. For example, in big stores like Target, employees need to log in once as they work for lengthy shifts at the register counter while in malls, they are supposed to move out from behind the desk after a sale. So, if you want to keep a tab on your workforce, opt for this feature to understand the number of sales in the given period.
Multiple Payment Modes
Thanks to technology, payment is no longer restricted to cash. The world is moving toward paperless payment modes and you need to be prepared for the change. The modern POS systems allow clients to make payments using cards, e-wallet apps and split payments. Even service providers and online stores have started using Bitcoins and cryptocurrencies. The chip and PIN method has become crucial for retailers and it’s time that you accept the EMV system and integrate it into your POS which is a contactless machine to provide protection against chargebacks. You can also get POS systems that offer payment processing and can be integrated with third-party processors. Remember that by not keeping pace with the change you are putting your business at risk by losing customers who prefer paperless payments.
Do you remember the last time you got a paper receipt from a retail store? We don’t think so because most business owners have started using digital ones. Paper bills not only affect our environment for all the bad reasons but also do not add anything valuable to shopping experience. They are of no utility to the seller or buyer as more often than not you can find them crumpled up and thrown away or just tossed up in the shopping bag.
Digital receipts have set a new trend where sellers can send a digital copy of the transaction to the buyer via email or text message. What’s more? They are less likely to get misplaced and with your brand name popping up on customers’ phones, again and again, it gives you their extra time. You can opt for software development to add this feature as it also works well with CRM tools to save names, contact details of the buyers.
Customer is a king - This is one of the oldest sayings that businesses follow and they put in their best effort to stay true to it. Thus, a reliable management system must have a CRM or customer manager to keep track of buyers. It helps you to capture customer data effortlessly with every sale and retailers can use the information to analyze sales patterns, strategize marketing campaigns, plan future production, etc. If you are already using CRM software or ERP software, then a POS solution can easily integrate with CRM tools. Hence, you can manage the data better and store it for future purpose. Make sure that you add some of the essential features to the system, such as customer history, searchable database, loyalty programs, etc.
Maintaining compliance with tax laws and regulations is of utmost importance to ensure smooth business operations and avoid any penalty. Keeping finances clean also protects your business integrity and prospect. If you have store locations in multiple states, then tax management is even more important and beneficial as it makes auditing efficient and easier. With an efficient POS solution, you can manage tax regulations of different states, including sales and other taxes that are levied on different products. Also, automated tax management software also avoids any legal issues in the long run.
With advanced technology come improved services and even higher expectations. Hence, to sustain in the retail industry you need to meet customers’ demands. To deliver nothing but the best experience to your buyers, you need to invest in a reliable POS system that gives you maximum ROI and proves to be beneficial in the long run. We hope that you will keep the above-mentioned features in mind while acquiring a POS solution for your retail business. A POS software that can align with your business requirement and solve your problems can do wonders for your business.
If you are planning to step into the e-commerce business, then connect with A3logics for an authentic and seamless e-commerce development solution. Let us know your specific needs and we promise to deliver you nothing but the best.