Point of Sale software technology is advancing in a significant speed as time goes by. If you’ve gone to a store in the nearest mall recently, you will notice that those outdated cash registers are now gone. Brick and Mortar stores are now going for better systems that can be installed on Smartphones or tablets that are both cheaper and more efficient.
Point of Sale systems are now being used not only by retail stores but are also adapted by e-commerce business owners. The heart of a POS system is the software that you choose to use for your business. Because of this, you need to understand what Point of Sale software is.
Point Of Sale Software Defined
POS software is what businesses use to perform sales. It can be a computer, cash register or a tablet where cashiers can punch in your products, compute the cost, and make the transaction. There is a POS software that can communicate with your inventory to make sure that everything is stocked up.
According to Shopify, Vend is one of the best web-based POS software today. In the past, bigger businesses with bigger inventories have very expensive POS systems. This is why Cloud POS software is gaining popularity because it’s cheaper. Since everything is on the internet, business owners can access the system wherever they are.
Features of a Point of Sale Software
- Sales Reporting and Analytics
This feature allows business owners to see and analyze their business’ sales data. It shows which of your products are popular to customers, and it also tells you how much money you’re earning on each of your products. With this information, you can identify and drive more sales for your money-making products and let go of unpopular products that don’t do you any good.
By using this feature, you can forget about manually generating your reports and do it with just a click of a button. This gives you more time to analyze how your sales are going and lets you focus on how to make your business better.
- Customer Management
Much like how CRM software collects data on your customers, this feature enables you to track and store your customer’s purchase history. This information is important to most retailers because it lets them pinpoint their best customers based on how much money they spend. By knowing your best customers, you can think of a way to give back and make them feel special. This will help you gain more high quality customers in no time.
This attribute lets you put a label on your customer’s data and create profiles that you can use to manage and store all of your customer’s information. For example, having a rewards program for loyal customers is a great idea to make sure they keep coming back. You can also use the POS software to store the loyalty points.
- Employee Management
This can easily be overlooked as an important part of a business, but employee management is what makes a business great. Your POS software needs to have employee management features like time clocks and shift scheduling to track your employees’ working hours. Depending on your needs, some POS software lets you assign sales commissions to your employees.
Another great thing about this software is that it reduces overhead and provides easy access to schedules for employees. With a POS system, you can keep track of the employees who have been working and bringing in cash the most. By using this data, you can keep your best employees by giving them incentives that will keep them motivated.
- Inventory Management
Managing the number of on-hand inventory plays a very important role in the retail business. This feature will let you look at your inventory whenever you want. It also lets you get rid of inefficiencies that manual counting gives you. Instead of purchasing a stand-alone inventory control software, having one integrated to your POS software lets you save more money that you can spend on your business.
You can also use inventory management to help you retain customers by keeping them satisfied. Using the information that you get from your software, you can always stock up on what’s popular and in season. It also makes it easier for you to restock your most popular items and give discounts for your least selling products to get rid of them.
- Point of Sale
This might sound redundant to you, but the process of checking out products is worth mentioning. Checking out is the main interaction between the customer and the business owner, and it’s important that nothing goes wrong in this step. Your POS system will reduce potential human errors by allowing you to automate the checkout process, price calculation, and item search.
The key feature that you need at checkout is a bar code scanning to make things easier and faster. This eliminates the long lines and makes the customers happier. It allows them to buy more items when visiting your store. You also need to consider a receipt printing feature to be integrated into your system. This may mean that you are required to purchase the hardware needed for this to work.
Why POS Software Is Needed
Businesses are all about providing jobs for people. You need to make good money selling your products. To be able to do this, you need all the help that you can get to make things easier for you. Here are some reasons why you need POS software for your business.
- Faster Sales Process—it simplifies your account process by automating cost calculation, receipt printing, and storing all of your data and reports in one storage system.
- Get rid of Human Errors and Avoid Losses—compared to manually doing the checkout process, automation can help you eliminate all types of human errors. This can lead to less or no losses when it comes to money and revenue.
- Track Your ROI Easily—being able to generate reports easily also allows you to track your sales history and business transactions. This will give you an idea of how much money you are making and spending every year, allowing you to make necessary adjustments.
- Precise Reports—manually making your sales reports and end of year sales reports is not only time-consuming but also open to a lot of errors that can lead to problems. Having an automated report generation process can help you save time so you can focus more on your business.
How to Choose the Best POS Software
As mentioned above, POS software has key features that you need to consider before purchasing. These features are essential to make your business bigger, and they have to match your business’ needs.
- Compatibility and Cost
There are different types of POS system, and the price can be affected by the features that you want to get. After choosing the right software for you, don’t forget to make sure you have some budget for installation and hardware. When it comes to your computer, remember that it needs to be compatible to the software that you choose.
This refers to the ease of use when it comes to using the software for your business. It’s important to consider this because your employees need to be able to operate and navigate your software at all times. Having easy to use software will also cut training budgets into half, which can benefit your company budget-wise.
- Application Integration
You need to keep in mind that your POS software isn’t the only software that you’ll need in your business. For example, email marketing software will surely help you promote your store and your products more. It’s important that your POS software can be easily integrated with these other applications that you need. Bad integration may lead to double entries and can ruin your inventory, employees’ schedule, and other data.
- Customer Support
When it comes to businesses, you will need all the help you can get when something goes wrong with the system. When choosing the right POS software for you, you’d need to consider the customer support that comes with it. First, you have to make sure that your customer support service is free. Second, make sure that you can call them 24/7 without having any problems.
Aside from these reasons, there are more benefits to having a great POS software to help you run your business. If you think you are ready to choose the right one for you, you might want to check this out for a list of the best ones.
Remember, there is no rush into buying POS software that is perfect for your business. You need to carefully select the one that fits your business needs. To help you make your decision, read reviews of the best point of sale software on CrowdReviews.com
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