Guide to Choosing the Best Retail POS System for Your Business
Now that you know about the best retail POS systems, it’s time to find out what makes them so great for businesses. So how do you choose the perfect one for your needs? Read on to find out how to choose your POS provider..
The features and functionalities you get with retail POS software are the most important factors to consider when making a purchase. You need something that is equipped with all the essential tools you require for your business operations.
You should also keep in mind the type of devices you have & which operating system they run on so that you can choose one that will work seamlessly on them. Here are some pertinent considerations when choosing a POS system:
Ease of Use & Interface
How easy is it to use? What kind of user interface does the system have? These are some questions you need to answer before choosing the right retail POS software for your business. An intuitive design with an appealing interface can attract customers & enhance their buying experience.
Your employees also need to know how to operate the system without hassle so that human errors can be prevented.
Customer Experience & Sales
POS software that helps you connect with your customers, build their trust and enhance the overall buying experience is ideal to consider. For instance, EPOS Now offers “Click-and-collect” functionality where your customers can order products online & go pick them up from your store. You can also configure it to send automatic order updates, alerts & SMS to your customers.
Loyalty and Discounts
How well does the software handle a loyalty program and integrated discounts? Loyalty & reward programs can help you retain existing customers, increase their spending and enhance brand image.
Many POS systems that can let your customers sign up for a rewards program and use various features like price drop alerts, automatic discounts on reorders, etc., will prove to be extremely useful.
Flexibility in Operations & Customization
Your retail POS system should allow you to make changes according to your business dynamics. For instance, if you are planning to expand to multiple outlets or start an online store, the software should offer seamless integration for multi-store operations. It shouldn’t take much time or effort for your employees to learn the system’s functionality either.
Your retail POS software should also feature customizable reports that can provide you with real-time insights into your business operations. You need to know exactly how your sales are trending so that you can make effective business decisions.
Multi-channel Operations (M-commerce)
If you sell products on multiple channels like eCommerce stores, marketplaces & brick-and-mortar outlets then having a solution that can integrate all of them is crucial. It should also allow you to sync inventory across multiple sales channels to avoid any discrepancies.
A great example would be EPOS Now’s software which lets you manage your online store or website alongside an offline retail outlet seamlessly. Product availability, pricing and order management can be synchronized across all of your sales channels.
Customer Relationship Management (CRM)
Enabling customer relationship management is another important attribute that you should look for when choosing a retail POS software. It will let you gain valuable insights into your customers’ buying habits & preferences, which can prove to be extremely useful.
With this information, you can offer them relevant discounts & loyalty programs to boost sales. It will also let your customers track their previous purchases, exchange & return policies and even request quotes for products that are not available in-store.
POS systems are great tools for streamlining the retail workforce. They can keep track of your employees’ working hours, attendance & performance reports.
Having real-time data on hiring, payrolls and even firing are very crucial in an industry that is known to have a high employee turnover rate. A good POS system should allow you to manage your workforce seamlessly.
Security & Compliance
A modern POS system should offer features like 2-factor authentication, end-to-end encryption and PCI compliance. These will let you secure your data & protect it from security threats, especially in today’s world where retail POS systems are becoming popular targets for hackers.
Multiple Payment Processing Options
Credit, debit & other alternative payment methods are very popular among customers these days. Your retail POS software should provide support for all kinds of payment processing options so that you don’t miss out on sales.
You also need to check whether it offers support for 3-D Secure & magstripe technology. These POS features will make online payments more secure.
What Benefits Can You Expect from a Retail POS System?
When you choose the right retail point of sale system, you will be able to take your business to greater heights than ever before because everything will run smoothly without any hiccups. You will also be able to optimize costs and maximize sales, allowing your company to grow exponentially.
When you are armed with this technology, it helps you to customize your store layout so that customers are able to find what they need easily. They would also be able to view the different products on offer through a touch screen monitor and see their details before making a purchase.
The software can also help you take better control of inventory management by tracking the items available in your store, updating you on their stock levels, incoming orders and so on. You can even be able to identify low stock issues before they happen so that you are not left with no products to sell when customers start flooding your store.
You would also be able to run reports whenever necessary, track sales history over time, analyze the data and make better decisions. It is also important to note that you would be able to integrate these systems with your website in order to bring more business your way.
The best POS system comes with a host of other features such as integration, inventory management and POS hardware support that can help you run your business seamlessly without any complications at all.
You should go through the online reviews before making a final choice because this way you will know what other users have to say about the system that you are about to invest in.
Which is the Best Retail POS System for My Business?
Retail businesses come in all shapes and sizes. Each has its own unique set of requirements when it comes to a POS system. While a small boutique shop will need something basic, a large-scale retail store will require advanced features.
For example, Epos Now’s software can be configured for inventory management & tracking, eCommerce sales, m-commerce operations, customer relationship management, multi-store retailing & more. It can even be integrated with external systems like cash drawers, label printers, scales & barcode scanners to offer a complete retail experience.
A modern point of sale POS system should offer the following features: –
- Hardware compatibility
- Fast processing
- The customer experience at the core
- A high degree of customization for unique needs
- Integration with other third-party systems for versatile operations
Some of the things you should bear in mind when choosing a POS for your business include:
- Size of business: Your business’s size determines the type of POS you need to install. A small retail shop can use a basic POS system, but large businesses will require advanced, fully loaded software with retail POS features like barcode scanners & high-resolution screens for better visibility.
- Customer base: If your business caters to a niche customer base, then you must choose software that can be customized to suit their needs. It should provide multiple payment processing options and even allow you to build a community around your brand.
- Operations: What kind of retail operations does your business perform? Like, do you sell food products or fashion items? Do you offer reservations & deliveries as well? All this information will determine what kind of retail software you need to buy.
- Integration: Your business might require integration with other systems like your inventory management features or stockroom for better results. You should check whether the retail POS software you are buying offers support for multiple integrations or not.
- Budget: A modern retail system can cost anywhere between $150 to $15,000+ depending on the type of operations you are looking to manage. You need to have a good budget in place before you start looking for suitable software solutions.
- Hardware Configurations: You should check whether the retail system you are choosing offers compatibility with multi-store operations. For a medium-sized store, a touch screen POS terminal will be good enough. But for a large business, systems with high-resolution screens & barcode scanner offer better visibility & convenience to customers.
It is a wrap! As you can see, there are many retail POS solutions to choose from. You can simply buy a basic system or go for advanced software complete with barcode scanners & cash drawers. Either way, make sure that the POS system you choose offers support for credit card payments & multiple integrations.
EPOS Now system is the perfect choice for medium-sized retail businesses. It offers advanced features like barcode & NFC scanners, cash drawers, label and receipt printers, scales & high-resolution screens to offer a complete retail experience.
High-resolution screens and multi-store operations are must-haves for large retail stores while small businesses should consider buying systems with small screens and basic features.