One of the most beneficial tools for a retail business is a point-of-sale (POS) system with a lot of features. This software can fulfil a variety of requirements, including managing inventory, accepting credit card payments, and offering insightful data about how your business functions. The ability to complete all of these tasks with a single system can help your business operations run more smoothly and cost less.
Which additional elements are essential to retail businesses in addition to integrating multiple business areas into one interface with a good retail POS system? Find out what features to look for before purchasing a POS system for your company.
Top POS features for retail POS systems
There are many different kinds of POS systems, and not all of them are the same. But the good ones ought to have a few characteristics. The following are some of the key characteristics of a retail POS system to look for:
1. Shortcut keys
A good retail POS system will have buttons for the most popular products or categories to shorten checkout lines. This enables the cashier to ring up those items with the touch of a single button. A quick and simple way should be provided for customers to look up products if they want to purchase additional items.
2. Wide choice of payment options
The more purchases and visits a customer makes to your store, the simpler it is for them to pay you. Choose a POS system and payment processor that enables you to accept Apple Pay, Google Pay, and Samsung Pay in addition to all popular credit and debit cards.
Depending on how many young people make up your clientele, you might also want to accept PayPal and Venmo. The ability to create and accept gift cards and store credits may also be something you want.
Most POS systems accept a variety of payment options, but some go a step further by allowing customers to pay with gift cards and divide the purchase between several different payment options. The more options you give your clients, the better.
3. Omnichannel integration and management
Businesses must have both an offline and online presence to increase sales and profits. Customers frequently prefer to order online for in-store pickup and check retailer websites to see if an item is in stock before visiting a location.
In order to boost your online presence and expand your business, your POS system should provide an omnichannel experience and online sales management. These two features complement one another because an omnichannel platform enables you to sell your products wherever your customers are—in your stores, at off-site locations, on desktop computers, on mobile devices, and on social media. Online sales management gives you the option to effectively regulate e-commerce.
4. Customer management tools
You should be able to search for customers using their names or other criteria in your POS system, and you should be able to add their purchase history to their profile. The popularity of personalised marketing is on the rise, and with good reason: customers respond. More than 75% of consumers who participated in the survey said they favour, recommend, or pay more for brands that offer individualised service.
A high level of individualised attention based on past purchases is much simpler to provide when your POS system has effective customer management tools. For instance, if you notice that a customer just purchased a barbecue grill, you could run a special on grill covers or barbecue accessories. Sending a timely reminder that it’s time to repurchase for consumable, outdated, or obsolete items can also easily increase sales.
This level of personalization is made easier by POS systems, which makes it simple to increase customer loyalty.
5. Mobility
Customers are starting to expect mobile POS systems because they are becoming more prevalent in retail. Customers detest standing in line, and a mobile POS eliminates this issue. Customers receive a more individualised experience and can skip the queue at the Apple Store, for instance, where sales associates check out customers anywhere on the sales floor using mobile POS systems.
When the queue gets too long, another option is for stores with conventional countertop checkout stations to integrate a mobile tablet into the system. Mobile POS systems can occasionally be configured to function as self-service registers. Mobile point-of-sale systems are extremely advantageous for companies that sell products at farmers’ markets and trunk shows.
Self-serve kiosks that let customers scan and buy items without assistance are becoming more popular as a result of the COVID-19 pandemic. Thanks to POS software with kiosk and mobile features, which enables businesses to turn tablets and smartphones into self-ordering and self-paying stations, these unattended transactions are made possible.
6. Inventory management
One of the best features of POS systems is POS inventory management, which enables real-time inventory tracking. Business owners can track their supply levels quickly and effectively by combining business orders with online and in-store purchases.
Businesses can save money and prevent ordering errors from suppliers by tracking inventory in real time. Your ability to sell both online and offline will increase the sooner you have your products uploaded to your POS system.
7. Employee management
Some POS systems also have the ability to manage and keep an eye on a company’s finances and inventory.
Northeastern Pennsylvania-based supermarket Gerrity’s employs Ann Motovidlak as a front-end supervisor. There are nine Gerrity’s locations in the area, and according to Motovidlak, managers monitor employee productivity using the RORCv6 POS system.
We enjoy using the feature of the cashier productivity, she said. We keep track of the sales, scans, items per minute, and voids made by our cashiers. Additionally, it helps us prevent loss.
Monitoring productivity can be a useful tool for preserving a safe and financially stable workplace. Managing employees and closely observing sales results in a more dependable and effective workplace for many small businesses.
Additionally, a number of systems include built-in time clocks, employee sales data, and security management that is specifically targeted at employees.
In some systems, business owners can even specify individual, store, or role-based permissions for various employees. Owners can ensure their operations run smoothly and safely while avoiding micromanagement by controlling a worker’s access to various business areas.
8. Reporting tools
Retailers need reporting tools for their POS systems because they need to know which products are their best- and worst-selling items in order to maximise profits. By monitoring hourly transactions and product movement, you can make necessary adjustments to your purchase orders.
You can also see customer buying trends, your top salespeople and clients, and the success of your promotions by using reporting tools. You can optimise staffing levels by determining which days, times, and seasons are busy and slow. You can apply various filters, like a time frame, in many reporting tools to find exactly what you’re looking for.
9. Credit card processing
When selecting a POS system, credit card processing is yet another crucial component to take into account. You can choose between a POS system that works with a processor and one that provides in-house processing services.
The best point-of-sale systems support a variety of credit card processors, or at the very least give you the choice to compare costs and switch processors as necessary. This is particularly crucial if you are experiencing processor issues.
Although some POS providers provide easy in-house processing options, these can be more expensive than POS solutions that support processor compatibility. Since you have to replace both the POS system and the processor if you switch services, this option can also be more difficult.
Both POS system types are more practical and precise than using a separate system for credit card processing, where you ring up customers’ purchases on the POS system and manually enter the total on the credit card terminal. You can accept payments from customers by making sure your retail POS system is compatible with or capable of processing credit cards.
10. Third-party software integrations
Your company can add a customer management component with the help of an integrated POS system rather than having to change your current production procedures to make room for another programme.
You can add new features, such as keeping track of customer information, managing loyalty programmes, and delivering targeted promotions, by integrating with third-party software. Some POS systems offer a number of easily integrated software applications, while others have built-in CRM features.
Ben Adler, the proprietor of Rebicycle in Montreal, claimed that his company builds customised bikes using the Lightspeed POS system and third-party scheduling software Booxi. (For more details, see our review of Lightspeed.) As a result of the seamless integration between Lightspeed and Booxi, Adler can record customer booking data without having to enter it more than once.
According to Adler, when a customer makes an appointment on Booxi and shows up for the appointment, I already have all of their customer information, including their phone number, email address, and the service they are coming in for. It is very simple for us to provide a quote right away because I can automatically create a work order in Lightspeed with that customer’s information already filled out.
Loyalty programmes are a valuable integration as well. Customer loyalty is crucial because returning customers are frequently the most lucrative ones. You need to provide more than just sales and discounts to entice customers to return.
This is where loyalty programmes come into play, such as offering customers cash back each time they make a purchase at your establishment. To enable you to create a rewards programme, the majority of POS systems provide a loyalty-program feature or integrate with a third-party solution.
11. Multiple user accounts and permissions
Multiple user accounts are supported by many POS systems. Unless you operate as a sole proprietor, you ought to pick a POS system that offers this feature. Some POS vendors offer unlimited accounts, depending on the level of service you receive.
When each cashier has a distinct login, you can monitor productivity, identify issues, and recognise top performers. If your business offers commissions and bonuses, you can track sales using this feature as well. This multi-login system also helps in identifying and preventing errors and theft.
12. Bulk-product imports
Entering product information is the step in setting up a POS system that takes the longest. Bulk product imports are a feature of some POS systems that let you import all of your product information at once.
If you sell a wide variety of products or your selection changes frequently, bulk product imports are especially crucial. By doing this, you can avoid manually uploading products, which is a time-consuming process if you sell a large number of items.
13. Granular product specifications and bundles
Your POS system should be able to distinguish between different versions of a product if you have them, such as different options, colours, or sizes. Because you’ll be aware of the specifics of what’s selling, you’ll have better data when it comes to reordering.
The ability to group frequently purchased items together expedites checkout, boosts sales, and enables you to give customers discounts for larger purchases.
14. Promotions and discounts
Promotions can be a great sales tool if a product isn’t selling well, you’re switching to other seasonal merchandise, or you want to increase foot traffic. You’ll have more freedom to attempt to gauge marketing ideas if your POS system can accept discounts and promotions with ease.
15. Scalability
You might not initially require all the extra widgets and features if you’re starting a small retail business. However, having a POS system that can scale with you is crucial as your retail business grows. This can mean the difference between upgrading your POS system without difficulty to meet your new requirements and having to transfer your data to a completely new platform.
With numerous corporate stores and franchise locations, according to Jean Iennaco, director of operations for Over the Top Cake Supplies in San Antonio. Although she didn’t initially require a POS system that supported multiple locations, that function became essential as her business expanded. Iennaco claimed that her Revel POS system had been very helpful in managing the growth.
We switched to Revel because our previous POS system wasn’t compatible with using it across multiple locations, Iennaco said. “There are four of us. If there are problems, I can help them from anywhere. For instance, I can look up locations in reporting and give suggestions on how to boost sales for the month. It is simple to use and practical for having multiple locations.
Iennaco would not have needed to switch systems if she had started out with scalable software like Revel. This is merely one illustration of a system’s scalability.
Benefits of POS systems for retail
There are many advantages to using a POS system to manage your retail business, regardless of whether you run an online store from the comfort of your living room or have multiple physical stores. Here are the top benefits of retail POS software, from quicker checkout to inventory control.
Usefulness: A contemporary, cloud-based POS system is incredibly user-friendly. Hardware is typically plug-and-play, and the software is stored in the cloud. Using the devices is also simple, even after setup. The learning process is made simple for staff members by touchscreens and user-friendly interfaces.
Fast checkout is essential whether you are selling in-person or online. Customers who wait in long lines become frustrated, and shopping cart abandonment happens as a result of difficult online checkouts. Because POS terminals process payments more quickly than cash registers and can accept a variety of payment methods, they can help avoid those situations. If your company uses a mobile POS system, staff members can quickly check inventory and place orders for customers while also ringing up customers on the spot.
Easy order management and inventory monitoring: A retailer’s cash flow is everything. It establishes the quantity of inventory you may order and the number of promotions you may run. Most inventory management procedures across multiple stores are automated by a POS system. It can notify you automatically if your inventory is running low. You can order for yourself and identify sales trends with more sophisticated tools. A POS system tracks what sells and what doesn’t, helping to reduce excess inventory as well.
Expanded payment acceptance: You should accept your customers’ preferred payment options to maximise sales. Credit cards are one option; debit cards are another. Additionally, a lot of consumers now favour digital wallets and contactless payments. Pick a POS system that accepts the most of these payment options.
Improved sales insights: POS systems gather a tonne of vital information for you. They can let you know which products are in high demand, which ones aren’t, and what hours of the day or week are the busiest. POS systems give you real-time data so you can act quickly. They can help you forecast, reorder inventory, and spot trends.
Enhanced data security: You are responsible for safeguarding the payment information of your clients. A single breach could easily be the end of your company. You don’t need to worry about your server’s security when using a cloud-based POS system because your data is stored safely there. You only need to use two-factor authentication when it’s available and create strong passwords.
