Point of sale (POS) software for the retail industry has become crucial to easily accept, record, and authorize transactions. Often integrated with physical cash registers, these solutions streamline every day operational processes for retail managers, cashiers, and head office alike.
Retail POS systems can keep historical data for every processed transaction. They provide information such as the cashier’s name who made the transaction, at which outlet it was made, the value of the sale, as well as basic customer information and payment details. This makes it easier to automate inventory management, accounting, and customer relationship management. Furthermore, users can also generate reports and analytics to gain deeper insight into their sales metrics.
The products curated on this page all cater to different aspects and scales of retail point of sale operations. Solutions focusing on small to medium businesses are best suited to ensure the success of transactional and general operational efficiency. On the other hand, enterprise-tier software can include more advanced features such as logistics, resource planning, or warehouse management.
Point of sale software is often used by those involved in retail. The features depend on the requirements and standards you set. However, they shouldn’t only be designed to make each process easier for you. In retail business, you need to address all existing factors, such as inventory, customer and financial records.
The market already offers several POS software solutions with different capabilities. Features to consider should include a user-friendly interface, entry of sales information, sales tracking options and security. You need a software solution that caters to what the retail business revolves around: sales, customers and inventory, to name a few.
Vend, a cloud-based point of sale software, utilizes key features and functionalities that assist retailers in running their business, regardless if it’s in-store, online or mobile. It provides total control over daily operations and the means of production in a business. Defining features in its software include Web-based or iPad POS, vend reporting, cash management, bar codes and labels and custom receipts. It offers a free trial with its Lite plan starting at $119 a month.
With that being said, here a couple more features most POS software solutions offer:
This feature is essential in understanding and analyzing how your business is doing. POS software for retail tracks down each sale made by the company and interprets it accordingly. This gives you the necessary statistics and details to make informed decisions regarding certain products and marketing strategies. Fundamentally speaking, this allows you to identify which products generate more revenue and how sales performance has been for a period of time.
Inventory management lets you keep track of all products and stocks. This allows you to know when and what specific resources to order. This is especially useful for businesses with several locations and facilities. Without proper tracking and management, it becomes difficult to analyze the overall performance of the retail business. Most software solutions notify you of depleted stocks and automatically update it for you.
This feature can scan, count and identify products digitally with the help of barcodes or unique serial numbers. Product variations can also be taken into consideration, a feature that makes it easier to manage stocks according to their size and color. Basically, this gives you information regarding how much inventory you own, the status of each product (damaged, returned, rejected or on hold) and where it is currently held.
Customer management, integrated seamlessly with CRM, keeps a record of customer information. This includes their name, age, birthday, contact information and full purchase history. With this feature, it becomes easier to offer loyalty programs to their accounts. It also allows you to see who your most valuable customers are and give you the necessary platform to maintain a strong relationship with them.
POS software for retail offers integration capabilities with other business systems and applications. In this case, customer relationship management or CRM is a vital feature to have when engaging in retail business. CRM helps you build strong relationships with loyal customers.
Retail business depends on customers. However, without your employees making the right sales, your transactions can easily dwindle. With the employee management feature, you can easily track the performance of each worker. For those with low performance, you can provide them with additional coaching. Furthermore, it lets you modify and customize the schedules of the employees based on forecasted activity.
Card readers should be installed in your existing system. This gives the customers more options to pay and lessens the hassle in collecting payment. By having this feature, you cater to the needs of the customer while decreasing the need for manual and duplicate entries. Additionally, this feature saves time, increases cash flow and lowers labor costs.
The benefits you can gain from implementing retail POS software include boosted customer service, simpler stock management, improved financial reporting, seamless business operations, optimized record keeping, as well as speedy transactions.
Aside from being a cost-effective and affordable cloud-based software solution, point of sale software solutions have several benefits that can improve the overall flow of your business. Other than being designed to make transactions easy, retail POS systems have the ability to provide fresh and advanced methods. These methods increase sales and improve customer relationships by enabling easy customer management and operations automation.
Besides having certain advantages with the customers, managing stocks and tracking inventory become significantly easier as well. Gone are the days where keeping tabs on supplies can take up hours or even days, especially if done manually. With point of sale software, tracking tools exist to inform and update you regarding the levels of your stock and at what point you should repurchase items. This guarantees sufficient amounts of stock.
Financial reporting is an important factor of business as it allows you to allocate your resources efficiently. Most software solutions provide an in-depth analysis of the data. This gives you an idea of how your business is doing and answers any questions regarding the overall finance.
POS software for retail lets you integrate with other functions such as CRM and Accounting, which saves time and streamlines most business operations. Record keeping has also been made easier as the system instantaneously gathers and stores real-time information, from both the sales and the inventory end. Lastly, speedy transactions allow for credit and debit card options, which gives your customers plenty of ways to pay for their orders. This benefits both you and the customer.
At the end of the day, what you want is a system that automates and optimizes existing processes. These processes normally take time when done so manually. With lesser time spent on these daily operations, you are better equipped to take on the retail world and connect more with customers.