6 Features Retailers Need in their POS Software

POS software

The search for a retail point of sale (POS) system can be quite daunting. Not only are there dozens of systems to choose from, but each system also offers its own set of features that your business may or may not benefit from. Choosing POS software for your company isn’t a decision to make lightly.

As a retailer, there are some must-have features that you want out of the POS system you select so that your retail business can grow and succeed now and long into the future.

Continue reading to learn about 6 features that retailers will want to have in their POS software so that they can reap the most benefits.

1. Customer Management

Retailers that collect data from their customers are most likely to succeed. As a retailer, there’s a host of information that you’ll want to know about each customer, most importantly purchase history. By tracking a customer’s purchase history, you can identify what each shopper purchases the most often.

With a customer management feature, you’re able to create deeper and more emotional relationships with your most valuable customers. In turn, you can drive loyalty and pinpoint brand ambassadors that can help to grow your company even more.

You can also use customer management data to create a customer loyalty program. This way you can develop programs that work best for your customers as the program will be tailored to meet specific customer needs.

2. Inventory Management

Have you ever run out of a top-selling product at your store? Do you spend hours each week conducting manual inventory checks? When you use dynamic POS software, you can keep track of your entire catalog of products.

Proper management of on-site inventory is a critical part of being a successful retailer. Using a POS system, you’ll have a real-time window into your store’s inventory, allowing you to order products that are low before they’re completely gone.

With inventory management you’re able to completely eliminate efficiencies to include:

  • Having to “look for items in the back” when they’re no longer available on shelves
  • Manual inventory counting
  • Paper-based checklists
  • Human error and miscalculations

As a retailer, you’ll greatly benefit from automated inventory management. You’ll have more time to dedicate to other business operations.

3. Sales Reporting

All retailers need to have a clear understanding of their store’s sales data. With a POS system, you can have a real-time snapshot of how well each store is performing by simply looking at the reports and metrics.

By having the right data at hand, you can eliminate the need for guesswork and making business decisions in the dark. Informed business decisions are more likely to be smart ones. This allows you to set up your business to increase profitability and sales.

With full visibility into your business, you can see which products are selling the most and how much revenue you’re making. In turn, you can better manage your store’s inventory. This means you’ll never run out of the items that are selling the fastest, ensuring your customers always leave your store satisfied.

4. Support for Various Payment Methods

Consumers still use cash to pay for retail purchases, but plastic and mobile payments continue to grow in popularity. A competitive retailer is one that accepts EMV chip cards and mobile payments.

Aside from a POS system that accepts a variety of payment methods, you’ll also want to look for one that allows customers to split their payments. Sometimes a shopper may have a large purchase and will want to split the cost between two different payment methods. This feature is convenient for customers and will improve overall satisfaction.

5. Mobile Registers

We live in a digital era where customers are looking for instant satisfaction. One feature you don’t want to be without as a retailer is mobile registers. With mobile registers, customers can check out no matter where they’re located in the store.

Mobile registers allow the POS software to run on iPads, tablets, and other mobile devices. This feature offers plenty of convenience and flexibility.

Mobile registers can also be used for pop-up shop, at tradeshows, or on the road.

6. Quick Keys & Product Lookup

If you’re a large retailer that sells hundreds, possibly thousands of different items, it can be impossible for cashiers to efficiently use the existing point of sale process. But, with the right POS system, sales associates can tap a single button to ring up an item. Most retailers use quick keys to notate commonly sold items.

It’s also just as important to have a POS system that makes the rest of your product inventory just as accessible. Find POS software that offers quick product search and lookup. The ideal POS system will have the search function available on the home screen, making the lookup process quick and easy.

Conclusion

Retailers need to research and be well aware of the features that come with the POS system they choose. To remain competitive and to keep your customers happy, ensure that the system you purchase has these features available.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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