Companies are currently innovating the way they do their business for them to thrive in the very cut-throat competition they are in. The technologies used have drastically changed with a lot of the old-school methodologies vanishing right before our very eyes. With this, the best POS software has become an indispensable tool for modern businesses to progress into the future.
According to a Zion market industry report, the growth of the Global Point-of-Sale terminals market can reach up to USD 98.27 billion by 2022 which is a whopping 13.5% CAGR growth from 2017 until 2022. Such figures show the emerging awareness of businesses on the great benefits that a business can get with the right POS software. Below is some retail POS software advice to enable the retail companies to maximize their POS of choice.
1. Choosing Your POS
The POS software price is pretty hefty, specifically if you are buying everything from the software to the hardware, down to the cloud service that most POSs use right now to provide their services in real-time. If the budget is a bit tight, settle for the basic setup that should include your barcode scanner and credit card reader because they are essential in streamlining your retail operations. Later on, when the business grows, you can add the other peripherals like the inventory tag printer, PIN debit pad, and pole display.
For those who are financially challenged, it would be good to consider tablet POS systems because these are cloud-based solutions with their provider doing all the securing, lifting, and storing your data, effectively erasing the cost of buying the infrastructure for those functions. These solutions offer monthly and yearly subscriptions so it won’t break your bank to make a huge initial investment.
2. Harnessing the Retail Information You Need
Though the point of sale begins when the customer starts paying for the desired goods and services to the company, today’s POS has become a lot more robust than that. Most of the POS software for the retail shop is equipped with reporting features that provide vital information like the best-selling items and customer information that can help create a beneficial relationship with them.
On the systems level, companies should use such information to simplify the traditionally cumbersome aspects of the business and make them almost error-free. Some examples of these include price calculation, the checkout process, the look-up for the items being sold, and searching through receipts.
Pretty soon, companies should be able to calculate their lost sales with the correct estimation of out-of-stocks on demand and their effect on the earnings of the company. This was the request of 60% of the companies who were surveyed for the State of the Retail Supply Chain 2018.
3. Offering Various Payment Options
Shopping has been revolutionized with the unlimited access of the customer to any information they need about the product they want to buy. In the same manner, they can now use their tablets and smartphones to buy anywhere they are. These new parameters can now be easily handled by a POS software because it allows for direct delivery to the customers which eliminates the centralized checkout and enables the using their card of choice.
Cash payments have been dwindling and digital payments are taking over them. Even the tech giants like Google and Apple have taken the action steps to allow their customers to pay via their smartphones.
This trend shall be more evident with the brick-and-mortar businesses because it does provide more functionality than the old registers. However, a wide range of features can make it difficult to choose the right one. So better do some research on the different parts of the POS cash register features first before deciding on the right one.
4. Attracting Your Valuable Customers
With all the important functions and features of the POS for the company, the importance of the POS system should not be lost in the efforts to woo and keep the loyal customers of the business. Valuable information on the buyer’s behavior such as their contact information and their purchase histories can be culled with the POS payment systems. With this information, the company would be able to get a deeper understanding of these customers and create the corresponding loyalty programs that would make them come back to your stores every time they need something from you.
Benefitting from the POS
It’s a dynamic time for the POS technology, which means more features and functions for companies to utilize to improve their businesses. This trend shall continue to emphasize the infinite possibilities of the retail business with the effective use of the POS. It’s just a matter of matching the right one with the identified needs of the business and with the specific path of growth that the company wants to take.