In this blog, you will read :
- Traditional POS System
- Mobile POS System
- Benefits of having a POS system
- Features of a good POS system
- Global Pricing Models for POS Systems
- What to pay?
- Custom POS system development for businesses
“If you are running a retail business, you might as well be aware of the need for a good Retail Point of Sale system (POS).”
As per the reports and consumption figures of market segmentation, the global retail POS software market is likely to reach a value of $40 million by the end of the year 2024.
The POS System is the backbone of every transaction for a business. A good POS system not only processes the customer purchases but also handles the payments and records the sales.
A good POS system also allows you to utilize the available technologies. These include empowering staff, tracking sales, managing inventory or making the pricing fair.
To get a fair POS management system, you need to get your hands on the right kind of POS system development who has an adept reputation of working in this field.
As you are looking for the right kind of POS software for retail businesses, make sure you choose the best point of sale solutions for your business. It doesn’t matter if you are choosing a new POS system or upgrading the one you already have been using, there are a few factors which you have to consider before settling for one – a traditional POS system and Mobile POS system.
Traditional POS System
A traditional POS system runs on a closed network where the data is stored on local servers.
These usually comprise a touch-screen computer that has a cash drawer and a credit card reader. It also includes printers and scanners (depending on the type of the model).
Mobile POS system
An mPOS system could be typically seen in a small business as it is easier to implement.
It is a tablet configuration that could be used in stationary as well as mobile apps which could be used in the stationary point-of-sale systems. An mPOS system could be used to register the payment transactions just like a cash register. It is ideal for businesses who are known to take payments often.
An mPOS device could range from an iPad to a smartphone and is seen in mobile businesses. It could be used by a single staff member to manage the entire journey of a customer.
Benefits of having a POS system
Since your business operations revolve around computing, it is going to trade a lot of data that could be retrieved with a conventional cash register.
These feature a customer purchase history, stock status reports, item sales detail and sales over a specific period.
The significance of having a proper POS system is –
- Your time of salesforce is saved
- The inventory overhead costs are reduced
- Time spent on inventory functions is reduced
- It speeds up the checkout lines
- It increases the traffic in your store
- Easy accounting tasks.
- Better relations with vendors
- More customer satisfaction
Features of a good POS system
“A good point of sale (POS) system can handle multiple payment methods, easy-to-use software, customization, and inventory modification capabilities, and live support, among other aspects.”
A great POS software development solution will not only increase your retails business, but it will also boost the overall customer experience.
Here are 6 common features to look into while developing a POS software for any small, medium or large retail business
Proper Inventory Management:
For your store to be a successful one, you need the proper management of the on-site inventory. These capabilities offer you an on-demand window into your stock which also eliminates any kind of inconsistencies or inefficiency. About 80% of the POS buyers request for the same.
For your business to perform well, you need to have such a configuration in your POS system that integrates with a variety of modules. These include accounting, inventory management, gift cards and a lot more.
The sales reporting function allows the capturing of the sales data for your store. Not only does it keep a track of what is being sold from your store, but it also reflects the amount of revenue that you are making over the sale of each of these products. Altogether, you are able to focus on driving sales to the most lucrative items in your store.
You should be able to access your POS system through different devices for being connected to your business from any location.
Customer management allows you to increase the number of consumers you are getting on a regular basis. It collects the data from the customers’ purchasing history and identifies your most valuable and returning customers. As per research, 37% of the POS buyers request for customer management capabilities, which makes the identification of regular customers important.
Customer Relation Management:
This kind of system maintains the profiles of your regular customers which serves the individual needs of your customers and promotes loyalty in the long term.
Global Pricing Models for POS Systems
There are a few pricing models for POS systems.
Pay Per Month Option:
One of the most preferred pricing models is the PPM option. However, some of the users might find it a bit expensive as compared to the rest of the plans. The base pricing of this model is decided as per the register, usually $35 monthly.
If you own a small retail store, the price might fall somewhere around $35-$40 where you get one store and some CRM functions. For a large business store, the plans start at $50.
Pay All at once option:
This model isn’t that popular as compared to the PPM method and apparently, even companies also refrain from following it. It comprises huge costs upfront but in the long run, it is more profitable as compared to the charges involved in the pay-per-month model.
In the making of a POS system, you are also bound to find a few hidden costs which aren’t usually included in the initial cost estimation statements. These include
- Hardware costs
- Customer Service Charges
- Credit card charges
- Cost of additional features.
What to pay?
For your initial purchase, you need to spend about 2-3% of the annual revenue for yearly maintenance and upgrades as well. If you happen to be a small store retailer, you might be fine with the free options altogether. For medium-sized businesses and retailers, there are a few benefits of one or two open-source options.
With the gigantic growth in technology, the need for a POS system installed in your store is getting crucial. Therefore, you need to invest your revenue on the same system as soon as you have finally figured out the cost of a good POS system.
The estimation of a single POS system, in a nutshell, needs a detailed study before you even finalize it, without even considering the size of the business.
Custom POS system development for businesses
Since the implementation of a POS system is really important for businesses, why not start it right away? You can start the same by getting a team of efficient POS software developers who can help you out on venturing new business possibilities.
i-Verve is a leading custom POS software development company, that can integrate pos system with laravel website these functionalities into your business and enhance your revenue streams. Right from Grocery POS systems to retail and restaurant POS system and much more, i-Verve has you covered all over.
Reasons to choose i-Verve for custom POS system integration –
- It is a full-time solution for all of your eCommerce needs
- Has a dynamically updated inventory
- Improves operations on all levels of the business.
- Allocates customer-specific pricing with item catalogs
- Fully integrated B2B and B2C eCommerce websites with POS systems.
The best POS systems provide business owners more than simply a way to accept payments. They help you collect valuable customer information, analyze sales and customer data, provide easy-to-use inventory control, and include features like loyalty programs and omnichannel sales support.
POS systems have a crucial use with the advancement of technology and modern devices. Since there is a lot more to it, it is always in your best interest if you hire a development solution provider to help you out with the same in case you aren’t ready to do it on your own.
As your business is in need of a custom pos management software, i-Verve comes out to your rescue by being a leading design and development solution provider of custom POS application software. It offers a high-quality, cost-effective order management system. Feel free to send in your query to find out how your business can be more profitable.
Contact us to get your e-commerce needs met by our expert Laravel developers on +1 404-643-6023 or on email@example.com.