Innovative transformations in retail management is sweeping the industry with new opportunities. Moreover, businesses are showing increased productivity with the advent of retail POS software. The cost-effectiveness of adopting technology into the daily operations of a retail business is driving proactive owners to move to digital solutions.
Nowadays, a good POS system has become essential for any kind of retail business. For a business to remain profitable and achieve growth, the retail POS software also has to be up to the mark. With a great solution, you will be able to merge all your crucial business processes and get proper data and insights – helping you to make perfect business decisions.
Retail POS Software for beginners
This will be helpful for those who are thinking about starting a retail business soon and have little idea about how this works. Primarily, a ‘Point of Sale’ is where the transactions take place in a store. The transaction we are talking about usually happens between the salesperson at the counter and the customer (or end-user).
A computer display system is embedded with the retail POS Software so that all the transactions can be recorded. So ideally, POS systems combine software and hardware to properly maintain records of sales and purchases of a store. With systems like these, business owners can be assured of optimum security and transparency in running the business.
Modern day business owners are always busy in their ventures and that leaves little to no time for them to physically monitor stores. The software does just that with added functionalities that are impossible to do by humans.
This guide will cover all the essential features that a retail POS software must have for it to be considered worthy. Additionally, we will tell you how to go about the decision making process while buying a solution that is suitable for you.
Make your retail customers happier
Must-have features for a Retail POS Software
It is essential and somewhat mandatory for a top quality retail management solution to have the following capabilities:
The embedded security features ensure a secure process by setting up role-wise rights to access for the system users. This is where the control of the system rests and the owner can specify and modify the roles however it is required.
This is the main reason that most business owners like you want a retail POS software in the first place. The purpose of the sales and reporting module is to record all sales and purchase data gathered throughout the day. With a growing business, this can’t be done manually and that also leaves the unwanted scope of human error.
The data is then shown in various reports formats which makes it easier to understand for anyone. Examples of such informative reports could be – reports on sold products, types, revenue earned, total profit generated and so on.
You will also get insights on the performances of the different sales personnel . Representation of information through graphs and charts makes it easier to review and come to quick and effective business decisions.
The accounting module will let you to automatically update the accounting reports. Therefore, you don’t have to go through the painstaking task of manually calculating all transactions after each business day. A good accounting module in a retail management system oversees all types of costs, payment adjustments, day close submissions, miscellaneous expenses, income, etc.
Inventory is a huge part of a retail business. If not managed properly, this can be a major hurdle in the way to achieving desired profitability for the business. Ideally, you would want to keep track and have a count on all the items going in and out of your inventory.
This is basically what an integrated retail POS software will do for you, even more accurately. You can keep digital data of the products that are available in your inventory through this.Purchasing and tracking of working capital can also be a feature for your additional convenience.
For any kind of business to be successful, it needs to maintain a strong and healthy relationship with customers. This is what makes customers loyal to a business and makes them come back for more. A good retail POS software will have a proper customer management feature embedded in it.
You will be able to record and keep track of information like customer names, age, birthdays, cell number and email addresses. This lets you send out promotional messages to all your clients from time to time.
Moreover, you can introduce loyalty and reward programs for your most regular customers. Some customer management modules also let you gain advantage over your competitors with email marketing.
Other important features that you may look for in a perfect retail POS software could be a separate reporting module for more detailed and actionable reports, an interactive admin dashboard, a module for managing your staff or even the integration of Business Intelligence (BI) – that will give you a clear advantage over any of your rivals in the market.
Currently, you will find a lot of different similar solutions that are being offered in the market. Out of these, only a handful are actually good and usable in the long run. If you are not well aware of certain technicalities, you may be duped into buying a software that increases your headaches instead of your profits.
Before reaching on a decision you need to make sure that certain boxes are checked. Let’s dive deeper into the things that you should keep in mind before implementing a software at your business.
Things to keep in mind before buying Retail POS Software
Understand your needs first
All businesses are not the same. Hence, everyone will not have the same requirements. Before starting to look for probable options, you should make a list of the capabilities you want your POS system to have. List down a set of problems you want to be solved.
Some solutions in the market will not be able to fulfill all your requirements. There also might be some which can offer you even beyond what you truly need. You, as a responsible business owner, need to find the sweet spot.
It is crucial to have a clear idea on how much you can afford to spend on a good retail POS software. In fact, it is surprisingly cheap to run and maintain such a system. However, your initial costs depend on a number of factors. For example, you might need to invest in compatible hardware (barcode scanners, monitors, cash drawers etc.).
Also keep in mind that you cannot compromise on quality while trying to look for cheaper options. Because software is something that you cannot change easily from time to time.
Growth and Scalability
You as a business owner would want to expand your operations in the future. The underlying objective of a retail POS software is to support the growth of your business. Therefore, you need to make sure that the system you are implementing would help you expand in the future.
For example, you currently might have just one brick and mortar retail store. However, you wish to open two new outlets in the next six months. Ideally, you should opt for a software that accommodates more outlets, registers and users for the expansion.
The primary intention of software is to make life easy. It has to be ensured that the software you will be introducing will be easy to use. An easy and fun to use system also provides motivation for the workers and increases the overall efficiency of the business.
Initially, user training can be organized which is often done by the provider of the retail POS software themselves. Moreover, an easily operable and easy to understand system will help you to streamline the training process. Good software comes with self-explanatory training and other resources in them.
This helps in the retail industry as there is always a problem of turnover rates among staff and some stores also have to recruit additional people during holiday seasons and such.
The more reporting options you have at your disposal, the more easier it is for you to make business decisions. Information that is shown to you in the form of insightful reports is necessary to properly run a business.
However, you need to be careful about the accuracy of the reports as inaccurate or wrong reports may harm your business. This is why you should always go with software that is proven in the market and also comes from an experienced and credible company.
Considering POS software?
If you do your research right, the most nagging problem regarding retail POS software that you will find is the customer support issue. Most companies don’t pay much attention to ensuring proper customer support.
In general, good POS solutions are easy to operate and hardly require service. But there will still be times when you will need a small bit of enhancement or software support. For this reason, note what type of support you will be guaranteed before starting a partnership.
Southtech has been helping retail businesses to grow and expand for more than two decades now. The development and support teams at Southtech are always happy to be a part of the growth of the retail industry.
Southtech’s solutions have been made to ensure optimum productivity, profitability and usability for its customers. It’s brilliant retail POS software, coupled with excellent customer support is essential for responsible retail businesses.