POS systems are in great demand in the retail industry. Retail brands are rapidly adopting them to run their business better and allow staff to focus their attention on customers.
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The systems keep track of the inventory and manage all the business-related issues conveniently and efficiently. It's no surprise every retail store uses POS systems these days, that&#;s why its market is heading for enormous growth.
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The global Point of Sale (PoS) market was valued at USD 22.08 billion in and is projected to grow from USD 25.24 billion in to USD 70.75 billion by , exhibiting a CAGR of 15.9% during the forecast period. Before you go ahead to shop for the best retail store POS system, It is essential to identify the must-have features of a POS system.
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A retail store POS system should provide these essential omnichannel integration features to accept orders, payments, and seamless customer engagement from all channels.
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Payment integration: Among all the integrations, payment integration should be a top priority for a retail brand as this is where the overall revenue comes from. The retail store POS should provide all the necessary integration with different payment gateways to accept payments 24/7/365 and enable in-store prices, online ordering, and payment using UPI, credit/debit cards, QR codes. Example of popular POS: Shopify POS, Lightspeed Retail
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Marketplace integration: If a retail store has its own e-commerce store, it can be integrated into a marketplace to tap customers visiting the online stores of different brands. The marketplace integration features of a POS system ensure you grow your retail brand visibility, customer loyalty and get additional orders from online channels.
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Accounting software integration: The POS system should provide integrations with accounting software to manage tax and compliance for retail stores, e-commerce stores, and brand stores.
Vend by Lightspeed POS offers accounting tools like Gusto and QuickBooks to manage them.
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Omnichannel selling integration: Square POS offers essential omnichannel selling features such as a free online store, features to sell on social media channels, an innovative website builder, automatic inventory sync, and omnichannel tools like in-store pickup and local delivery.
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Whether you have ten stores in your shopping mall or hundreds of stores across the country, a point of sale (POS) system's inventory management module must be adequately equipped to provide complete visibility and accountability of inventory at the store level.
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At any point in time, the POS system should be able to view in real-time lot-wise inventory, SKU transaction history of outbound and on-the-shelf inventory, and keep complete visibility on transactions at all times.
They also allow the business owners to have multiple sales locations and track inventory at each site without being present.
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For example, Square&#;s intuitive inventory management lets you manage unlimited items and product categories, create and print barcode labels, view stock levels across your retail stores, and set alerts for when stock levels of a particular product are running low.
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POS systems are an excellent source of data about your business's performance. It can provide reporting and analytics functionality for
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The analysis of each of these POS systems reports evaluates your retail business's progress, detects problems, and identifies areas of possible growth and development.
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Example: Lightspeed POS has more than 40 built-in reports that cover inventory, sales, employee performance, and more in one analytics dashboard. What sets Lightspeed apart from other POS is that it translates data into actionable business tips.
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For example, it can take sales and traffic data and translate that into staffing and inventory reports to help you prepare for peak business hours. It also automatically sends daily sales reports to your each night to stay on top of things daily.
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getell are exported all over the world and different industries with quality first. Our belief is to provide our customers with more and better high value-added products. Let's create a better future together.
Custom loyalty programs are the new way to keep customers returning to your store. But they can be challenging to design and implement when you have uncountable number of customers.
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The POS system lets you create custom profiles and store customers' purchasing information. It can immensely help retail brands trying to retain customers using loyalty programs.
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This way, retailers can get precise details about the money spent by an individual customer and launch custom discount programs, gifts and rewards for each customer. If you haven't implemented custom loyalty programs, you can do so easily with retail POS software. Shopify POS helps set marketing preferences and build loyalty programs for customers.
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The retail POS system should include employee management features like individual sales tracking and timecard reporting. It should allow customized user logins and permissions for staff, require employee passwords for each sale to track performance and get register and shift reports.
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Example: Vend's unique feature is setting individual employee and team sales goals and average basket sizes.
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Square for Retail Plus plan includes advanced team management features like shift scheduling and swapping, custom permission settings, activity logs, and advanced reporting. You can set employee permissions, manage timecards, and view individual employee performances from your Square POS dashboard.
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You have read the must-have features of a retail store POS system. Each one contributes immensely to making complex tasks of a retail store easier. That means no error in inventory management, report analysis, employee management, and improving a store's visibility and business prospects in your retail store, ecommerce store, and other marketplaces.
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Fynd powered retail stores access ultra-modern POS for maximum sales without going anywhere. You can give a personal touch to every visiting customer with loyalty points and convert muted sales into actual sales by engaging customers online or offline.
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&#;Book a demo today to get invaluable insights from experts and learn how premium features of Fynd POS can supercharge every task of your retail stores and grow sales from non-traditional channels.
Point of sale (POS) systems have advanced far beyond their initial use as simple cash registers of the past. These days, POS systems can take the form of iPads or mobile phones while taking advantage the most modern technology (like cloud tech) and can even aid in the automation of restaurants. The potential for the modern-day POS is seemingly limitless, but for a lot of people who haven&#;t switched to a newer POS system, the benefits may not be so clear. In this article, we will take a look at some of the amazing features that POS systems in can offer your business and how these features can help with business management, staff productivity and customer retention.
Sometimes, it&#;s the most fundamental things that can really trip a business up. Legacy POS systems had no way to accurately keep track of commerce and accounting digitally, so employees and business owners were forced to work with two (or more) accounting systems. Manually entering in daily accounts on a POS system inevitably creates the potential for human error and imbalanced accounts. Looking back at the end of the month to try and match your physical and digital accounts can be a true nightmare. Worse still, importing data from one place to another would likely result in a large waste of time and increase the complexity of business operations.
The POS system of should be able to bypass this problem easily enough. Not only do many POS systems include the ability to integrate with accounting software like Xero, but they also automatically keep abreast of physical sales so that your staff don't have to manually do anything. As an additional benefit, POS systems in should be able to provide you with a real-time view of your sales and profits. Using this data, you can easily track your item sales and more so that you always know how your business is doing. Cloud-based POS systems will also allow you to view your accounts across multiple businesses right from your . Indeed, if you run an international enterprise, you can even benefit from currency conversion, so all your businesses&#; performance can be tracked in a single currency. You will also have access to all your international analytics and data by logging into your account on any of your smart devices. Doing business on the go is the future, after all.
The mobility of POS systems in work twofold. You could opt to use an iPad POS, which packs a robust feature-set into a portable tablet. Alternatively, you can use a mobile POS (mPOS), where the major features of your POS are available directly on mobile devices, providing an unparalleled level of convenience to staff. Why is a mobile POS so useful, though? What are its benefits?
Wait staff can spend less time trying to remember orders and can directly take them at tableside with their POS system of choice. The modern POS has an easily-categorized menu layout and will even offer the option to hide sold-out items so that there is never any confusion between staff and customers. Deals and sales can be upsold and customer service can be top notch, in the process. In addition, when wait staff punch in an order on their modern POS, the order can either be held for a manager to approve, or can be set to fire directly to a relevant kitchen station. This negates the need for wait staff to write down orders manually, walk to a stationary POS, input the order and risk getting it wrong in the process. With the POS of , you improve customer service, reduce the potential for staff errors and can increase table turnover as each order can be fired instantly. Accepting payments directly at tableside can also improve service for customers. Mobile POS systems often just need a card reader attached to them and can even easily accept payments from mobile wallets and other forms of contactless payment.
The best POS systems of are equipped to provide your business with the tools it needs to understand customers and buying habits much better. In the past, POS systems offered up hardly any data on customer buying habits. In many cases, such data was completely absent. Unfortunately, this means that there are still many businesses who operate with older systems that make it impossible to understand customers, which are the lifeline of any business. CRM data lets you see what items sell the best, and which ones need to be cut from the menu. Over time, CRM data can also show sales trends for different times of the year so that you can tailor special menu items and deals to take advantage of your knowledge of these trends. For example, milkshakes might sell like hotcakes in the summer, but might die off in popularity in the winter. With this knowledge, you know when to push the product and when to buy fewer ingredients for it because of lesser demand.
In addition, your modern POS can even aid in the creation of loyalty programs so that your customers see added value and feel personal investment with your business. Creating a tiered loyalty program lets customers feel like they are valued by your business rather than just another cog in a corporate machine. Loyalty systems can also provide customers with greater incentive to visit your establishment and to spend more. Using points and offering free gifts are another amazing way to upsell products and to generate hype behind your business.
The POS of often does not operate alone. Given the capabilities of modern technology, today&#;s POS may actually be part of a larger ecosystem of services and products. For example, an iPad POS could be paired with self-service kiosks, mobile POS systems, kitchen display systems, eMenus, eSignage systems and much more. The benefit of a system that offers such flexibility is that your POS serves as the brain that can allow your business to do so much more. Want to add automation to your business? Link your POS with a Self-service Kiosk module. Want to improve organization in the kitchen? Add a Kitchen Display Module. These non-mandatory additions allow the modern business to pick and choose their own solutions to the problems that matter most to them. If a business is on a tight budget, a modern POS system does plenty on its own. But if a business wishes to add more depth, they always have the option to do so.
The other benefit of having so many options is that they all operate under the same system. They share the same data and function smoothly as a cohesive whole. Learning to use multiple systems and forcing them to cooperate together is tedious. If your POS serves as the hub from which all other modules work, your business can operate far more efficiently and with far fewer steps in-between. Simplifying your business while doing more is one of the key tenants of a modern POS in .
This is more of a shift in how POS companies can change their product over time so that it never becomes redundant. In , many POS systems are actually downloaded via an app, which has some very surprising benefits. First, by signing into your account, you can access your POS system and all your data from any compatible device. This means that if your hardware breaks, it&#;s easy to keep running and always stay open. Even a lack of WiFi isn&#;t enough to prevent a modern POS system from working as sales data can be uploaded once an internet connection is reestablished. The ability to operate your business, even under unexpected circumstances, is one of the standards that all modern POS systems should be offering.
In addition to this, since your POS system is likely to be app-based, this means it can receive updates quickly and easily. If you feel a feature is lacking or if you find a bug, you can simply report it to your POS provider and in the next update, your issue could be directly resolved. Adding in new features over time can also prevent your POS from becoming obsolete, meaning you receive a dynamic product that can change and adapt with the times.
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