POS Software: The exact solution needed for the growth of your retail business

The ever-evolving retail industry needs viable, robust technology solutions to keep up with the changing times and walk on a growth path. One of the key tools that enable the retail businesses to carry out their operations smoothly is the point of sale (POS) software. A POS System not only helps in inventory management and sales process, but also proves to be valuable for data collection and reporting, automation of tasks, customer management, and supervision of employees.

However, the point where retailers can bring in a difference from other retail businesses is selecting the right POS system.

This selection is based on the harmony between their business requirements and the critical functionalities of the POS software. It should be a suitably correct answer to a retailer’s question, “How do I survive and grow in this ever-competitive business world and ever-changing customer preferences in the retail industry?”

Billing

Billing for the purchase is a critical task, which should not go wrong and must be fast enough to speed up the customer’s checkout process. The POS software has the feature of adding items to the shopping bucket during billing either through product barcode scanning or search function.

There is also a feature of applying discounts per product or the entire basket using the POS system. It enables the executive or retailer to take payments through multiple payment options such as cash, credit/debit card, gift card, loyalty

programs, mobile payments, etc. Thus, good POS software steps up the sales for a retail business.

Inventory management

Inventory management is one of the key concerns for any retail business, as it requires a deep understanding of customer demand. Few of the key features in POS software that facilitate inventory management are:

• Setting up a product catalog in the POS system is necessary to remain aware of the products, their quantities, their features, and their substitutes.
• The stock-taking feature enables the retailers to keep track of the quantity of the products available in the store and products needed to be restocked.
• POS software facilitates defining a minimum level; if the product stock in the store falls below this level, automatically order is generated.

• POS system has the feature of managing multi-store inventory or multi-channel inventory in the case of centralized inventory management of multiple stores or selling through various channels.

Pro-shopper tactics

Pro-shopper tactics are essential for retailers to augment their customer base and increase their sales volume. With the change in customer behavior, the tactics to attract them to the store and give them a worthy in-store experience must also revolutionize.

This is where the POS software plays a role. Maintaining a customer database, including information on customer demographics and purchase histories, can help create personalized services. The software aids in creating customer segments so that advertising and promotional activities can be designed accordingly.

Some other features that can help customer management include loyalty program to provide rewards or coupons, credit sales options, automatic bill through SMS or emails, or any other.

Insightful reports and analytics

Insightful reports and analytics is a crucial requirement for businesses today to understand their current situation, identify the gaps, and plan for actionable solutions. It is pertinent for retailers to understand their overall sales, inventory, revenue from each product category and each item, and preferences of existing customers and potential shoppers.

POS software must have the reporting capabilities that assist the businesses to strategize better and develop result-oriented actions. Some of these reports must give information on:

• Products in demand
• Merchandise available in the store
• Low stock items
• Sales summary for a defined period
• Sales and profit margins of each product
• Sales per customer or demographics
• Sales summary for each time slot and each weekday
• Off-peak time and days

Other features and integrations that can help retail businesses in their operations and lead to growth include:

• Mobile POS: Retailers use this feature to provide better customer experience and help the employees to interact with shoppers in the store based on the customer profiling available on the mPOS.
• Recruitment and on-boarding feature: Such a feature assists retailers with the recruitment of new employees, on-boarding process, handling documentation of employees, work allocation, tracking performance, dealing with the salaries and benefits, and tax management.
• Accounting software: Integration with the accounting software enables the retail businesses to share data and information on numbers such as sales, profit margins, and taxes.
• eCommerce platform: Integration with the eCommerce platform assists retailers in the required inventory management and stocking through synchronizing of sales and inventory data.

It helps you handle all aspects of your business using this one system so that you can focus more on achieving the desired growth for your business and providing a better customer experience.

Contact us today to help you run a better retail business!