Point of Sale (POS) software has
become an integral component of a wide variety of establishments. From
restaurants to retail, POS systems have solidified their position as an
irreplaceable element in the sales process. Given the sheer volume of retail
transactions that take place each day, it is no surprise that retail POS
software have become ubiquitous.
Billing software
has become a necessity for retail establishments. The deluge of retail POS
software flooding the software market today certainly indicates this state of
affairs. And this can certainly overwhelm retailers. But if they know what
essential features a good retail POS should have, which of those pertain to the
needs of their own business, and which of those could help them grow, it should
not be such a feat to find the perfect retail POS.
Let’s take a look into some of the
features your retail POS
software should possess in order to be a valuable investment for your
organization:
1. Multiple Payment
Modes
We’ve come a long way from cash and
credit as modes of payment. Depending on the volume of your business and the
preferences of your regular clientele, your ideal POS system should contain
multiple modes of payment. It should accept mobile payments as easily as cash,
credit or debit. Moreover, customers should have the option to split their
payment across various modes. Your billing software should facilitate such
transactions easily.
2. Mobile Access
The world is becoming increasingly
mobile with every passing day. And your retail store should too! Your retail POS
solution should have mobile capabilities. It allows associates to move
through the store and record a sale anywhere, without having to be physically
present at the sales register. The sales register becomes mobile. A mobile
retail POS
software will allow much more flexibility while also being cheaper in terms
of hardware costs incurred by the outlet.
3. Digital
Receipts
When is the last time you remember
getting a paper receipt from a retail outlet and using bit for anything
meaningful? Paper receipts are not only bad for the environment; they truly add
nothing to the retail experience, imparting no particular utility to either the
buyer or the seller. Your billing software
can simply send copies of the digital receipt generated in a transaction to the
buyer. In doing so, it will also function as a CRM tool, in that it will save
the customer’s name, contact, and other pertinent details. This can serve as
the convenient starting point of establishing a successful customer
relationship and enhance the customer experience.
4. Defined
Permissions and User Accounts
Unless you’re a sole proprietor, your
retail outlet has at least some sales representatives and other staff not
directly connected to sales. The retail POS
software should allow for the creation of multiple users who can
individually access their accounts using a unique ID and password. With such a
system in place, you can track each and every sale made, or discount given by
your sales reps. This allows you to ascertain their actual productivity and how
well they are meeting their sales goals. It gives a complete view of their
performance, helping the supervisors/managers decide if a particular sales rep
needs additional training or a change in his/her job role.
5. Inventory
Management
Inventory is of prime importance when
it comes to retail. No POS system, be it a restaurant POS system or a retail
POS solution is worth your time if it does not possess inventory capabilities.
You would have to invest separately in an inventory software for
no good reason. Your POS system should definitely have basic inventory systems
such as stock visibility and integrated accounts, auto-ordering, product
variants, and more. For larger outlets/ businesses with multiple stores, a
greater variety of features such as stock transfer, barcode scanning and
printing, etc are needed. The point is that your retail point-of-sale system should
have inventory capabilities in line with the needs of your retail enterprise.
6. Tax Compliance
Proper compliance with tax laws and
government directives is essential in order for your business to remain above
board. It makes auditing more efficient and easier. For businesses with stores
in multiple states, it helps the business to manage the tax regulations of
different states. Sales Tax and other taxes that might be levied on different
kinds of products will all be taken care of in a systematic manner.
7. Reporting
Reporting is an essential component
for retail. Reports help businesses track performance across every department,
be it sales, marketing, operations or finance. A good retail POS software
should provide product reports, employee reports, customer reports, and any
other kind of custom reports that you might require in order to get a 360o view
of the organization’s performance. Most cloud-based retail POS software provides
flexible reporting capabilities which can be customized to fit the needs of
your company.
8. CRM
Integration
One of the main benefits of a retail
POS system is that it can effortlessly capture customer data with every sale.
If your organization uses a CRM or ERP
software, which it most likely does, being part of the retail industry,
your POS solution should have the ability to integrate seamlessly with the CRM
tools. This way, the managers are able to manage customer data better, be it
from the store front or the back-end.
9. Discounts,
Coupons, and Gift Cards
Discount schemes, coupons, and gift
cards make for excellent supplements to promotional and loyalty programs for
any retail store. Your POS system should provide easy-to-use functionalities
regarding these features. The system should store the price changes and
calculate discounts quickly so that customers don’t have to wait for hours in a
line. Similarly, coupon generation and scanning should be seamless. It will
make the checkout process much faster for both the customer and the cashier. If
your POS software can generate gift cards, you will be able to get quite a few
new customers you would not have gotten organically. So, a good retail POS
system can help enhance your sales as well!
10. Offline Mode
Your retail store may not be open 24/7
but for the hours that it is functional, it has to run without interruptions.
Inevitably, interruptions continue to plague operations, but your store can
take effective measures to combat the same. Especially when it comes to
point-of-sale. Suppose you’ve got a long queue of customers waiting to get
checked out but there have been problems with the internet. In such a
situation, your retail
POS software ought to be able to process payments and generate receipts
offline too. The absence of such a feature will cause huge inconvenience to the
customer and reflect badly on your store. To avoid such a scenario, your retail
POS solution should offer robust offline capabilities in addition to the
features mentioned above.
In the retail industry, it is all
about meeting the customer’s needs. But with better tech comes better service and
higher expectations. To manage these expectations, and deliver the best
customer experience, investing in the right retail POS system will go a long
way. Make sure to keep these features in mind when on the lookout for the right
POS system for your retail store. A retail POS solution with features that
align with the specific requirements of your business can do wonders for your
retail store!