What is point of sale software ?
The point of sale software is an application that allows retailers to keep track of all their sales, inventory, and financial information. With this software, retailers can have an easy time managing daily tasks such as reporting, credit card processing, and inventory. The point of sale software is a computer program filled with functions that help make the work easier for them. It's used to help manage every aspect of a business from purchasing to checking out customers so they can easily run the whole store without having any problems.
Five Reasons to Switch From Your Current Point of Sale Software
The benefits of switching from your current point of sale software?
If you are still using a traditional point sale system then this one is for you!
Yes, we know your basic pos system must be decently doing its job of recording payments and issuing receipts. But, in today's constantly evolving times, is it enough? And these days businesses especially small businesses, are growing at a larger pace. To keep up with the game, it is essential that you partner with smarter technology.
When we say smarter, we mean cloud-based pos. It is a web-based pos that runs on cloud service. All your data regarding sales, inventory, and more are stored in a cloud-based server. Thus, can be accessed anytime from anywhere.
Now let's talk about the benefits of switching in-depth-
Integration allows a retail business to harness any software to its best. They double the efficiency of web-based pos. Cloud-based pos systems let you integrate with third-party apps seamlessly.
For instance, when you integrate your point sale system with accounting software, it will automatically update your purchase or sale numbers in the balance sheet. Similarly, when your store pos is integrated with an inventory management system, the moment your barcode scanner reads the products services bought by the consumer, it will update your inventory levels.
A fully integrated restaurant pos can ensure online ordering, payment management, and more in a single platform.
2. Easy access to data-
The traditional or on-premise pos system will only allow you data access on-site say retail store where it is installed. This limits its utility as the owner has to be present all time if they want to go through the data. Also, these pos systems can store very limited information.
Whereas, in the case of web-based pos software, since the data is stored on a cloud server, you can access it anytime and from anywhere. You can take a look at the sales of your New York store while enjoying the snow in California! The only thing you will require is a good internet connection and a smartphone or tablet.
This not only helps in-store management but looks after multi-store management as you can access data of all the stores from anywhere. And can empower you to take decisions accordingly.
More benefits of a cloud based pos
3. Smarter Hardware & software -
A basic pos system, usually has big and heavy hardware, with a 15-inch screen being the most common especially for kitchen display monitors in restaurants. This not only occupies extra space but restricts its mobility. The modern pos hardware consisting of the card reader, cash register that acts as a screen, barcode scanner, and automated cash drawer are compact in size and smarter work-wise. These card readers are capable of quick payment processing.
With mobile pos, revel systems like iPad pos, the staff in supermarkets or even restaurants can reach the customer in the aisle or on their table. Once the customer has selected the product's services for purchase, the employee can ring transactions there itself. The mobile pos systems not only help in avoiding crowding at the billing counters but also allow to attend to more customers in a short time.
4. Data safety-
In the case of a traditional retail pos, you may run into a risk of losing your business data if your system crashes. That's because the data is locally stored on a closed network when you use a basic point sale pos.
However, in a web-based pos solution, the cloud stores a data backup. So even if your system crashes or you delete a file by mistake, you will be able to restore it in real-time. If your retail business is using highly advanced software, then you can even retrieve the file in the next 30 days.
5. Detailed data, reporting analytics, and more-
Welcome to the era of multitasking. We now prefer goods that serve multi-purpose. Apart from saving costs, it brings much-needed convenience. For example, a smartphone, besides the basic function of allowing calls or texts, lets you click pictures, record voice, edit files, and what not!
Similarly, a modern sale pos allows you a lot more than just recording sales and receiving payments. They come with management software or tools that allow you to track inventory, revenue, filter POS reports to see the busiest hours of the day. And helps in reporting analytics. Once you have all these reports in your hands, it becomes easier to reach on to decisions.
The advantages of pos system outweighs the cost
6. Efficient inventory management-
Inventory is one of the important organ of any business. Right from its arrival to storage, sale and further purchase , it requires constant monitoring.
When you receive the stock, your staff can simply scan the products using barcode scanner to record the items in the point sale system . This ensures higher accuracy, eliminating human errors like misreading or miswriting the codes .
Similarly, during sale of the products services , the pos software records it and automatically removes or deducts it from your stock, updating the inventory levels in real time. This way it is easier to track inventory and sales. Based on this data, the manager can track the trend and spot the most-selling or most demanded products services , and can place the purchase order accordingly.
This can help to avoid situations of understocking, especially in peak seasons, that can otherwise cost your business hundreds of dollars. Also, this builds a trust with your customer, as they can now rely on you if they run out on item, strengthening customer relationship and customer loyalty. Consequently, leading to a better store management .
The cost involved in switching to a different point of sale software?
The traditional point sale pos system have one time cost and per month maintenance costs.
When compared to a traditional point sale pos system , cloud basedretail pos system have lesser upfront costs and is comparatively less expensive.
The traditional retail pos system has a high upfront cost as it includes charges of installing heavy pos hardware . These are updated on the site and thus require full-fledged IT infrastructure , which again costs a lot of money. It requires monthly maintenance which adds up the cost.
In case, this sale system pos crashes, the re-installation might cost your retail business heavily.
Whereas, a cloud based pos system charges you per month or even have annual subscription instead of one time cost. There is hardly any upfront cost as the pos hardware installation is simple and maintenance or upgrades can be done remotely.
Moreover, the subscription includes the upgradation fee as well so small businesses or any business for that matter, need not to pay any extra amount.
What you need to know is the back office servers that store all data can cost high. It is same with subscription model of cloud based system. It can get quite expensive depending on the number of devices and users.
How to find a better point of sale software for your business
There are a lot of point sale systems available in the market. But, before you invest in any of them, it's crucial to understand your business needs, nature, size, and scale of your business. The right pos or best pos depends on business types.
For instance, if you have an online store or operating in eCommerce, then you can go for Lightspeed retail can help you there.
In case you are looking to step up your marketing game, Square point sale software can help you with detailed data that can help you with email marketing.
Let's have a quick look at some of the best point sale systems available-
The best part about Shopify is that it is a fully customizable pos.
Shopify pos allows pos system mobile
It can save customer profiles to help you track demand and design marketing plans.
If you are using Shopify pos standard then you don't have to pay extra for payment processing.
It even offers a free trial for up to two weeks and then can take a switch to per month or per year pricing plans
Lightspeed Retail is among the best pos systems for retail businesses like clothing and footwear.
Lightspeed retail offers a free trial and has various pricing plans starting from $69 per month.
Apart from recording sales and payments, it helps stores track inventory levels, leading to efficient inventory management.
You can also manage your purchase and sales orders with Lightspeed retail.
It offers a free trial
Square point sale system -
Square point sale software is one of the best points of sale software for small business
Square point sale system allows integration with accounting software, simplifying tax management.
It stores customer information, their email address, and order history. This helps you to prepare a list of recommended items and send them to customers. This can help you modify or update your loyalty programs.
It supports a barcode scanner, making entry of products and billing easier and less time-consuming.
Square point sale system, too, offers a free trial.
You can read about all this at- Plumpos
Improved Customer Experience and Retention
- Today's is a customer-driven market. A strong customer relationship becomes very important to understand the business needs and fulfill them accordingly. A pos system can help you improve your customer relationship management (CRM).
- These modern-day point sale systems are able to store a variety of data like customer profiles, their order history. These details can help you chalk out your marketing strategies, which can prove to be a game-changer for your small business, whether it is brick mortar model or an online store. With the customer's order history in hand, the staff can prepare a list of recommended items on offers and email them. Also, managers of retail or multi-store can check customer information like shopping frequency from sale pos and can use this to design loyalty program or gift cards strategies. Better offers will motivate your customers to visit your store or buy from your online store regularly and improve customer loyalty .
- Similarly, with the help of mobile pos or revel systems based ipad pos system , the supermarket staff can reach the customer shopping in aisle. Once they are done, the employees can ring in transactions right there. This way, the customers will not have to wait in long queues. Lesser wait can improve customer experience, which in turn can boost customer loyalty , giving you better retention rate.
Technology is evolving every day and so are the point sale systems .
Modern day retail pos or say cloud based point sale systems are quite flexible. They accept all kinds of payment methods -- debit or credit card , gift cards and digital wallets like Apple Pay or android pay app . This flexibility attracts customers from all kinds of age groups and classes. More customers means more revenue.
Remember, your customers are very busy, they don't have much time to wait in billing queue. Portable point sale systems like mobile pos or ipad pos system allow you to reach the customer on the store floor, cutting down waiting time drastically. This lets you attend more customers in less time. Simultaneously, improving customer experience , which can further improve customer loyalty. It's like killing two birds with one stone.
The 2020 POS/ Customer Engagement Survey Report shows that 44% retail businesses prefer mobile pos .
Integration makes the magic happen! These web based pos software retail systems allow easy integrations with third party apps or quadrupling its uses and benefits. Online ordering , inventory management and auto-updated accounts are some of the few advantages of integration.
Conclusion of Point Of Sale Software
- One thing we can say for sure is -- pick a pos system pos that supports integration. It will make your day-to-day tasks easier and cost-efficient.
- Take free trial of the pos software to see if it meets your business needs , business types and budget, before buying the right pos
- A cloud based pos system can offer you much flexibility in daily transactions compared to a traditional pos system .
- The right pos system will help you run business smoothly , providing employee management , inventory management and more