6 Features Retailers Need in their POS Software
The search for a retail point of sale (POS) system can be quite daunting. Not only are there dozens of systems to choose from, but each system also offers its own set of features that your business may or may not benefit from. Choosing POS software for your company isn’t a decision to make lightly.
As a retailer, there are some must-have
features that you want out of the POS system you select so that your retail
business can grow and succeed now and long into the future.
Continue reading to learn about 6 features
that retailers will want to have in their POS software so that they can reap
the most benefits.
1. Customer Management
Retailers that collect data from their
customers are most likely to succeed. As a retailer, there’s a host of
information that you’ll want to know about each customer, most importantly
purchase history. By tracking a customer’s purchase history, you can identify
what each shopper purchases the most often.
With a customer management feature, you’re
able to create deeper and more emotional relationships with your most valuable
customers. In turn, you can drive loyalty and pinpoint brand ambassadors that
can help to grow your company even more.
You can also use customer management data
to create a customer loyalty program. This way you can develop programs that
work best for your customers as the program will be tailored to meet specific
customer needs.
2. Inventory Management
Have you ever run out of a top-selling product at your store? Do you spend hours each week conducting manual inventory checks? When you use dynamic POS software, you can keep track of your entire catalog of products.
Proper management of on-site inventory is a
critical part of being a successful retailer. Using a POS system, you’ll have a
real-time window into your store’s inventory, allowing you to order products
that are low before they’re completely gone.
With inventory management you’re able to
completely eliminate efficiencies to include:
Having to “look for items
in the back” when they’re no longer available on shelvesManual inventory countingPaper-based checklistsHuman error and miscalculations
As a retailer, you’ll greatly benefit from
automated inventory management. You’ll have more time to dedicate to other
business operations.
3. Sales Reporting
All retailers need to have a clear
understanding of their store’s sales data. With a POS system, you can have a
real-time snapshot of how well each store is performing by simply looking at
the reports and metrics.
By having the right data at hand, you can
eliminate the need for guesswork and making business decisions in the dark.
Informed business decisions are more likely to be smart ones. This allows you
to set up your business to increase profitability and sales.
With full visibility into your business,
you can see which products are selling the most and how much revenue you’re
making. In turn, you can better manage your store’s inventory. This means
you’ll never run out of the items that are selling the fastest, ensuring your
customers always leave your store satisfied.
4. Support for Various Payment
Methods
Consumers still use cash to pay for retail
purchases, but plastic and mobile payments continue to grow in popularity. A
competitive retailer is one that accepts EMV chip cards and mobile payments.
Aside from a POS system that accepts a
variety of payment methods, you’ll also want to look for one that allows
customers to split their payments. Sometimes a shopper may have a large
purchase and will want to split the cost between two different payment methods.
This feature is convenient for customers and will improve overall satisfaction.
5. Mobile Registers
We live in a digital era where customers
are looking for instant satisfaction. One feature you don’t want to be without
as a retailer is mobile registers. With mobile registers, customers can check
out no matter where they’re located in the store.
Mobile registers allow the POS software to
run on iPads, tablets, and other mobile devices. This feature offers plenty of
convenience and flexibility.
Mobile registers can also be used for
pop-up shop, at tradeshows, or on the road.
6. Quick Keys & Product
Lookup
If you’re a large retailer that sells
hundreds, possibly thousands of different items, it can be impossible for
cashiers to efficiently use the existing point of sale process. But, with the
right POS system, sales associates can tap a single button to ring up an item.
Most retailers use quick keys to notate commonly sold items.
It’s also just as important to have a POS
system that makes the rest of your product inventory just as accessible. Find
POS software that offers quick product search and lookup. The ideal POS system
will have the search function available on the home screen, making the lookup
process quick and easy.
Conclusion
Retailers need to research and be well aware of the features that come with the POS system they choose. To remain competitive and to keep your customers happy, ensure that the system you purchase has these features available.
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