Kinds of Retail POS Software
Generally, POS systems are divided by the industry they service. Given that there are hundreds of different kinds of retailers, it stands to reason that there are hundreds of kinds of POS systems. Oftentimes, POS systems are rolled into industry-specific platforms. Hotels, for instance, will have POS functionality built into their hotel management software. These platforms will be able to do much more than simply process guests’ payments, but a crucial part of running that hotel will require POS functionality.
Many standalone retail POS systems can be used by any industry. While the needs of certain industries (such as the restaurant industry) may be specific, most retail POS systems are flexible enough to be used by any retailer.
Retail POS Software Features
Inventory Management — Any business that sells physical goods needs some kind of inventory control system. With a retail POS system, users can track inventory in real time as transactions are made. Each transaction deducts the purchased goods from the available inventory, so at the end of each day or week, managers can see what needs to be restocked and what is not selling as quickly. If a business runs a storefront in addition to an online store, the software can keep track of the total inventory and ensure that orders are not processed without the necessary items.
Accounting – Accounting software is the backbone of many small businesses, but retail POS software often contains accounting features to help smaller businesses stay organized. With financial information and inventory data in one place, users can create accurate budgets and forecast growth based on real data. Keeping accurate records is incredibly important, and having all that information available digitally saves a lot of time sorting through receipts and invoices come tax season.
Employee Management – Scheduling employee shifts and organizing the training of new hires can take up a lot of a store manager’s time. With features that help create balanced employee schedules and standardized training timelines, users can spend more time on important tasks. While not all retail POS systems will contain this feature, the option may be important to small business owners or businesses with a lot of employee turnover.
E-Commerce – Purchasing items online has become the norm, if not the default, so creating an online store should at least be on every retailer’s radar. Many retail POS systems now integrate with e-commerce platforms, if they do not provide the tools to create an online store within their own platform. With in-store and online inventory data stored in one place, there’s no fear of overselling within either platform.
Loyalty Management – Building and retaining a customer base is crucial for any retailer. A loyalty program encourages customers to return and entices lapsed customers to become re-engaged. Loyalty management software features make it easy to create and enact a program that works for each specific business. For instance, by linking a customer’s profile with their credit card, the system can automatically apply a discount when a frequent customer makes a purchase without requiring the customer to provide a punch card or coupon.
Credit Card Processing – In an increasingly paperless world, credit card transactions are becoming the norm, for better or for worse. Retail POS software makes it easy to process these transactions by either using their own credit card processors or partnering with a third-party credit card processor. While there are nearly always fees involved, they are typically small (two to five percent of each transaction) and an understood price of doing business.
Reporting and Analytics – Insight into one’s business is a crucial piece of the puzzle when planning for success. Many retail POS systems provide reporting and analytics features so business owners can get an end-to-end view of their business and know exactly where they are succeeding and where they need work. Based on customer and purchase information, these reports and analytics can help businesses save money on inventory and help plan and create growth.
Email Marketing – Marketing is often a deciding factor behind the success of a business, so the fact that some retail POS systems have email marketing software features can make a huge difference. With the ability to collect email addresses at checkout, business owners can then create newsletters or email promotions for customers all within the POS platform.
