On the surface, they all look the same and guarantee a similar set of essential features, the capability to take credit card transactions, inventory tracking, customer loyalty tools, and employee management just to name a few. However, picking a point […]
On the surface, they all look the same and guarantee a similar set of essential features, the capability to take credit card transactions, inventory tracking, customer loyalty tools, and employee management just to name a few. However, picking a point of sale system isn’t a choice that retailers must make lightly.
This effective tool is the lifeline of your daily operations, enabling you to better handle every area of your company, including supply chain management, marketing, accounting, and staffing. So, how can you find out the best POS system for your small business? Not to worry, we did the legwork so you can avoid making a costly, uninformed choice.
Advantages of Using a POS System
Enhanced Sales Transactions and Payments
Today’s point of sale system performs the exact same basic functions as an electronic cash register for example calculating sales and change. But, it was designed to function as an all-purpose solution that offers robust inventory control and management, omnichannel capacities like integrated ecommerce, and access to customer relationship management, marketing, and reporting programs.
Supply Chain and Inventory Management
With most modern POS systems, keeping track of your shop’s inventory is simpler than ever. Today’s point of sale software enables managers and retailers to instantly import their stock data and keep track of when inventory items are low.
Marketing and Client Outreach
Today’s point of sale software allows retail companies to leverage the newest in digital marketing, helping you to coordinate email blasts, promote engagement on social networking channels and encourage discounts.
Data Reporting and Analytics
In today’s world of earnings, data can tell you everything about your organization. It pays to understand what is working, what is not, and what you can do to enhance your outreach. Many small business owners avoid analytics because they feel like they won’t know the reports, but with the current POS user-friendly and software layout, makes reporting easy to view, export and understand. You may even see real-time information in the palm of your hands — using a smartphone app that is incorporated into your POS system.
Naturally, while many contemporary POS systems provide all these capabilities, those that stand out have a specific set of qualities which are rare on the market. What you want to search for in a POS system is the ability support every facet of your organization.
Without further ado, here are some features to consider when selecting the best POS system for your business.
The Important Characteristics of a Quality POS System
In the event that you were to boil down the aim of a retail shop, what would you say is the most important aspect? It’s very likely that you thought of earnings initially, and for a very good reason. A store that’s not able to sell its wares won’t last long in today’s competitive retail marketplace.
The best POS system makes selling as simple and organized as possible. Here are some things that you should expect — or rather, require — from the POS software, to help support your organization.
Short Transaction Times
Whether your aim is to be a high volume seller or to corner a niche market, transactions that take too long will be a drain on your employees and your clients. See, spending an excessive amount of time processing a sale comes at a substantial opportunity cost; clients will grow impatient, your workers will get frustrated and be too busy to take care of other duties throughout the shop. The greatest retail POS systems make it effortless to access product information in the personal computer and ring up sales.
Purchasing a mobile, iPad-based solution like ConnectPOS also enables retailers to procedure a spoonful of orders during peak hours without even slowing down. The iPad’s flexible, mobile design quickly turns a fixed POS station into a mobile enroll making it effortless to reduce wait times by processing transactions mobility.
User-Friendly and Customizable Interface
The ideal POS systems have an intuitive user friendly interface that’s simple for staff and customers to navigate when they’re engaged at the point of purchase. Among the capabilities that tend to separate a mean POS system from the very best retail POS systems on the market is customization. A customizable POS system allows users to do things that you may not think of when shopping for new applications, such as toggling sales tax, handling add-ons to revenue and providing notes to prevent misunderstandings in the fulfillment of a transaction. Not only will a simple, user-friendly system save time you would otherwise spend training your employees, but in addition, it permits you to reduce human error during the checkout procedure.
All these little choices can be critical to building a POS package that suits your retail business, as opposed to molding your company to fit into a static POS software bundle.
Diverse Payment Types
In today’s world, we are all going digital, and this includes paying for products. Merchants that don’t accept all kinds of payment are missing out on potential gains. That having been said, the best POS system for the funding, is one which has a varied payment platform that could handle money, credit, and banking, in addition to newer methods like Apple Pay, and other kinds of NFC or contactless payments.
With progress in payment technology and security, this region is likely to continue progressing. Your small business needs a POS system that can manage these advancements.
Not only would you like a POS system that can keep up with the evolving payment landscape, but you also need one that delivers a seamless payment experience for your client. What exactly does this mean, exactly? It means that clients want their merchandise or services, they want leading customer support, but they do not really want to be bothered with the actual transaction component of the equation.
A excellent example of this is rideshare service, Catch. A client uses the app to hail a ride, hopefully the driver offers quality client service, and when the client arrives at the destination, payment is made with a couple clicks. Or if the client fails to initiate the payment, their card is automatically charged the fare within 24 hours. Therefore, in this case, the actual payment section of the transaction takes a back seat to the support and quality of the experience.
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In a marketplace where 81 percent of shoppers will look up a product online prior to making an in-person buy, ecommerce is more crucial to a retailer’s success than ever.
The greatest retail POS systems permit you to incorporate your brick and mortar company with an internet webstore where shoppers can browse products and do their preliminary research prior to seeing your physical store location.
Integration with tried-and-true eCommerce websites like BigCommerce streamline inventory management by syncing items across both online and offline channels, which means that your inventory is automatically updated whenever you make a purchase. Not only will local clients be able to navigate your shop digitally, but so will the rest of the world — significantly broadening your customer reach and visibility.
Learn How to Increase Your Business with BigCommerce and Vend
Reliable Hardware and Support
Since contemporary POS software focuses on lots of the operational aspects of running a small company, we tend to forget about the actual hardware. Whether you’re establishing a simple cash register to track a strong iPad POS system to control all facets of your company, you’re likely to need dependable hardware to get the job done.
While POS systems are often judged based on the functionality and software, let’s not overlook the business that offers the software, and finally customer support. Will client care be available to you once you will need to troubleshoot errors that could have an influence on your company? Irrespective of how reliable a product is, it’s important to partner with a point of sale provider that’s equipped to provide dedicated support on many different channels. This may include email support, an FAQ page, tutorial articles, chat, and telephone support.
Intelligent Retail Store Management
By now, you understand that the best POS system for retailers is one that simplifies the process of conducting a retail business. Including daily functions such as processing transactions, managing inventory across online and offline channels, and pricing adjustments. But this is only some of what a modern POS system can provide your small company.
Store management has always been important, but before the advent of easy-to-use POS applications, inventory and supply chain responsibilities have always been managed in the conventional, hand on paper procedure. The problem? Paper can not calculate totals, or manage short-term sales projections. The greatest retail POS software is software that enables small business owners with this information so they can make smarter business decisions effortlessly.
Inventory Management in Minutes Not Hours
Imagine the ability to export and manage large stocks with tens of tens of thousands of SKUs in minutes, or setup order causes so that you never run out of things or miss a sale. Or a platform that offers you the ability to identify best vendors, putting more cash in your pocket and hours back on your workweek. An excellent point of sale system makes this all possible.
Among the most overlooked wastes of time, money, and human capital is the lack of an efficient way of inventory tracking, yet countless retail shops unknowingly becoming victims of the pitfall. Your POS software should provide you the tools to produce real-time inventory management easy, fast, and reliable.
Whether you address a diverse assortment of technical merchandise or you move tremendous amounts of product on your retail industry, a POS system should be able to take care of the inventory management tasks that permit you to monitor costs and profit margins per item, differentiate between items with an assortment of arrangements, and identify items which are running low.
With quality retail POS applications, you will never have to be concerned about having adequate stock items. How’s that for peace of mind? Having a comprehensive sales tracker incorporated with your stock graphs, you can set up stock alarms, automated reordering based on the schedule for re-stocking and filling your shelves.
We can not stress it enough: The top retail POS systems are customizable to your unique business needs so you don’t have to sacrifice the efficiency of your retail operations.
Marketing Integrations that Boost Your Business
Another enormous store management task is the curation of customer lists and marketing campaigns. Smaller retail stores do not often have the margins in the first going to have a fully functional marketing department, so it is very likely that the marketing duties will rest squarely on your shoulders .
Happily, modern POS features can support your marketing campaigns till you’ve got the capability to make smart marketing and advertising campaigns by yourself. Client lists to use in compiling email newsletters will make certain that your clients build brand loyalty, and a system that integrates with electronic marketing applications cultivates the ability to increase sales and grow your business’ reputation.
The greatest retail POS systems will permit you to interact with your clients, be receptive to testimonials and strengthen your brand, directly from one easy source.
Simplified Staff Management, Payroll, and Training
Gone are the days of building employee training regimens, handling time clocks and creating schedules on paper. A excellent POS system lets you do all this from one easy source.
It is possible to control worker permissions, build up-to-the-minute programs, control training, upgrade employee databases, and manage the time clock; even when you aren’t physically on your shop. For a retail business owner, this is absolutely crucial. The best part is that all this management and oversight permits you to break down team performance and only out top performers as well as the workers that need more training.
Additionally, a great retail POS program can make other aspects of staff management much easier. Don’t have enough money for in-house accounting? No problem! Modern POS applications can integrate with accounting applications like QuickBooks to make certain that your employee payroll is well handled, and you don’t need to exceed your projected labour budget — which is worth its weight in gold.
Reporting with Return on Investment in Mind
You may believe you’ve heard everything that POS software can do to encourage a smooth-running retail company, but think about this: almost every portion of the retail process can be fine and enhanced using analytics and data.
Do you wish to judge the effectiveness of your email marketing campaigns? Or see which of your brand’s products are promoting the greatest relative to their market choices? Perhaps you only want to make certain you’re addressing your clients concerns and having positive customer interactions. All this information that was formerly based on an inexact science can be obtained thanks to analytics.
Sales data can finally give you a comprehensive look at how your different product lines are doing, in addition to each individual staff member. Subsequently, this information can help you make informed decisions regarding employees and whether you should opt to have a low performing product off the market, or improve it based on comments like customer testimonials.
The greatest retail POS software can compile revenue data with time and show you the trajectory of your shop’s sales developments. The success of new products or new team members become more clearly visible than ever before through direction of a top notch retail POS system.
Here are a number of ways the finest retail POS systems available to small business owners are able to improve sales.
Understand Your Client and Fine-Tune Your Advertising
1 thing information can absolutely provide to your retail business is a good, complete comprehension of your consumer. With analytics made accessible by a top quality retail POS system, it is possible to draw customer personas and tease out the qualities your store must need to entice your audience.
This goes hand-in-hand with your shop’s marketing efforts. This data can let you judge your campaigns, see who views your advertisements the most, and get a complete view of your advertising ROI. What could be more useful than if this capability was made available for you in the palm of your hand, within a POS system bundle?
End of the Day Reporting That Brings Peace of Mind
At the end of every day, compare client traffic with total earnings and gauge the effectiveness of storewide sales, promotions, and coupons. The greatest retail POS systems will offer a register outline for the whole day, so you are able to confirm payment amounts and check for postings every day.
Making Business Decisions On-The-Go
The greatest retail POS applications will package all of your information and analytics reporting in an easy, portable package, if you decide on an iPad POS or wish to handle your company from your phone. In the current market, POS software has to include a mobile app for a continuously available, up-to-date snapshot of how your company is performing at all times.
No longer do you have to be reluctant to leave your shop for at least a couple of hours. With the amount of remote control and access enabled to you by means of a great retail POS system, you can roam freely while not losing grip on your company.
Sales Forecasting for a Winning Sales Floor
A vital facet of running a successful retail business is understanding inventory and earnings trends. This permits you to accurately predict future sales and decrease the risk of overstocking slow moving stock. Viewing sales and inventory reports make it effortless to comprehend historical performance that enables the owner to make smarter buying decisions in the long run.
So What’s the Best Retail Point of Sale System?
So, you’ve discovered a POS system which checks these boxes. What’s next?
The greatest retail POS system provides you, the small business owner, together with the tools and information which reduces the stress of running a retail business. Up to now, we have gone , what you should expect from a modern POS system and how they could support every facet of running a retail business.
But now we are going to give you the broad attributes your POS system should finally provide for you, your company and your budget, irrespective of your special needs. The greatest retail POS system is…
Your service provider should give you the ability to personalize and include as many or as few of the service features we discussed as your business needs. While it’s good to know that your POS system may have positive impacts on all ends of the retail spectrum, your unique retail shop may not require in-depth functions.
Thus, the finest retail POS system is going to be the one which you can personalize to use however you want it, without sacrificing performance and dependable use.
User-Friendly and Simple to Operate
No matter what your POS system can do for you things if you can not use it and teach others to use it in a brief time period. What is the point in using a complex iPad POS platform that is changeable and mobile if you don’t understand how to use it? A excellent POS system is simple to use and a excellent POS service provider will make it possible for you to try out your software package prior to making the final purchase. Reach out to suppliers that appear to offer the very best retail POS system on the market. Occasionally hands-on experience is the only way to discover if a specific POS system is the one for you and your company.
When dealing with small margins, supply chain management, and up-to-the-minute information coverage, you can not afford not to trust your information. The best POS providers build software that provides you with reliable, accurate and thorough information, on profits, sales, client information, marketing ROI and much, much more.
When peace of mind on your POS system choice may be the difference between failure and success in retail, you deserve the best retail POS system on the market.
Going along with your ability to personalize your retail POS, your system needs to be affordable at every level of attribute simplicity. Let’s say you will need the entire variety of support services mentioned previously, to be able to track inventory, sales and organize staffing, marketing, and all around shop administration.
The best POS system on the market for your requirements will have the ability to offer these services in a cost that is suitable for your unique budget and business requirements.
Sophisticated and Evergreen You do not need a POS system that becomes obsolete next time a new payment system comes out or an innovation in retail inventory management becomes regular.
The greatest retail POS system is one which can be updated to remain current as the retail environment changes continuously.
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.