Retail store owners are facing a lot of challenges from online stores and marketplaces today. The need to transform their stores and modernize them is more now than ever before. Customers have become more tech savvy now and want to go to a store that uses the latest technology. This is where a retail software solution like POS management system can help a retailer.
The adaptation of POS-system has risen significantly in the past few years. The global data of the POS market suggests it will keep on increasing at an annual rate of 12% from the year 2017 to 2023. This means you need to act quickly in order to lead the trend.
Making your store POS-ready will require you to have well-designed retail POS management software to manage all your machines, in addition to the POS machines itself. Each business is unique and has a different set of requirements; this is the reason why you sometimes need to integration a custom retail point of sale software.
6 Things you should expect from the best retail POS management software:
Robust eCommerce integration
Your point of sale software has to integrate with your other retail management software. If you wish to streamline your retail management, you must look for POS management software that integrates easily with eCommerce platforms. It is important that the software doesn’t only integrate with one eCommerce platform but is easy to integrate with other platforms as well. This is important because, if in case you wish to shift to some other e-commerce platform in future, you must not need to develop a point of sale software or need to get POS integration done.
If you wish to enhance your services, you must add omnichannel experience and give your customers a comfort and flexibility which they haven’t experienced before. These include services like ‘buy online and pick-up in store’ and ‘buy in one store and return in another’ and similar options so that the customer gets more flexibility and doesn’t face any inconvenience.
To establish such a system, it is important that your POS solution is capable of handling all data from your stores, warehouses, and eCommerce website, and marketplaces in real-time without any error or downtime.
Customer relationship management: CRM
Managing customer data is really important to ensure that your customers know about on-going promotional offers. Also, no one wants to carry the receipt or the bill in hard-copy. Your POS system should email this to your customers so that it would be safe with them. This will be convenient for you and your customer both and will give you another opportunity to tell them about any upcoming promotions.
Loyalty programs and customer rewards have become very popular among the customers. You must offer special discount and freebies to the customers who have been visiting your store for long. For this, your retail management system must be able to collect and use this data too.
For any retail store, a better inventory management is the key to increasing profits. This will help you in making more informed decisions about your purchasing and consumption.
You should expect a good POS solution to come up with retail inventory management software features like low stock alerts, records of damaged or faulty products, product tracking, and product-based automatic promotions.
Information like this will help you know what products aren’t good for your retail store and will help you maximize profits. Apart from these, automated product requirement list should be made and categorized according to the vendor it should be sent. Emails should be sent to the particular vendor automatically when the product quantity hits the minimum stock mark.
Excel Sheets and punch cards can be a tedious and error-prone way of tracking employee working hours. You can now record all these details, employee attendance and track each and every employee easily with the help of your retail POS software only.
Employee payroll can also be calculated and an automated command for transfer of funds can be set. This will reduce the number of staff you need just to calculate the hours. With well-designed POS software, employee’s salary and performance reports can be automatically generated. This can be of a great help to any retail store owner.
Accounts and tax management
The best POS management software will instantly update Accounts Receivable, Accounts Payable, Inventory, and Customer Deposits, Tax payable and related figures. This will help you know the amount of capital you have on hand which can benefit you to make an instant purchase if you get a good deal.
A retail store has to deal with many different taxes, the rate of which may change depending on the slab you fall on. You must check if your system is capable of handling all these tasks.
The above features have become common in the best point of sale retail systems available today. These kind of software are not just for large retail stores, even small business retail pos management solution is available.
Today, consumers expect no less than the best customer experience. They cannot tolerate any inconvenience and if they experience one, they won’t think twice to change their retail store. It has thus become very important to make sure your pos software covers every aspect of retail management and you are one step ahead of other retail stores.