Top 10 POS System Features and Benefits for Your Retail Business
By Multidev Technologies · PUBLISHED December 21, 2022
As the retail industry continues to grow, the demand for innovative technology that helps retailers to better manage their inventory has also increased. With the introduction of Point of Sale (POS) systems, businesses can reduce the risk of inventory shrinkage, reduce the number of employees needed to handle stock, and even increase the sale of their products.
The point of sale is the backbone of the retail business. If you want to be profitable, you must have an effective and efficient point-of-sale (POS) system. The following features and benefits of a POS system can help you run your retail business more efficiently.
10 Must-Have Features for Your Retail POS System
1. Customer Relationships and Loyalty Management
Customer relationships are the heart of a retail business. If you can’t manage your customer relationships well, you might as well hang up your retail hat. This is absolutely essential, from capturing personal data such as phone and mailing address to gathering information about past purchases; the more you know about each customer, the better you can manage that relationship. When your POS system has good customer relationship management tools, it’s much easier to offer a high level of personalized attention based on the customer’s purchase history. POS systems facilitate this level of personalization, making it easy to increase customer loyalty.
2. Omnichannel Integration and Management
Today’s retail environment is a multi-channel environment. It is vital for businesses to have both an in-store and online presence to optimize sales and profits. Shoppers often want to buy online and pick up their items in-store or check retailer websites to ensure that an item is in stock before visiting the store.
Your point-of-sale system needs to provide an omnichannel experience and online support to enhance your online presence and grow your business. These two capabilities work hand-in-hand, as online sales management provides the ability to regulate e-commerce effectively, while an omnichannel platform supports selling products wherever your customers are – in your physical stores, on offsite locations, on desktops, on mobile devices, and on social media.
3. Mobile Integration
Mobile POS system is an essential tool in retail, and many consumers are beginning to expect this option. Shoppers hate waiting in line, and a mobile checkout reduces that problem. A mobile POS system can help you with speedy checkout and accept contactless payments. Mobile POS can improve the customer experience by reducing wait times, optimizing space, and providing a real-time view of inventory.
4. Product Lookup
The ability to find products quickly will speed up your point-of-sale interactions. When a customer needs a product, your staff should be able to search for it by product name, vendor, SKU, or other parameters and deliver it quickly. Better yet, you can check it in on the spot while another employee retrieves it from the shelf.
5. Inventory Tracking and Management
Seamless inventory management is one of the best features of a POS system because it allows you to track inventory in real-time. By integrating retail business orders with in-store and online purchases, retailers can track their supply chains quickly and efficiently.
By monitoring inventory in real-time, retailers can save costs and reduce mistakes in placing orders with their suppliers. The sooner you have stocks uploaded to your POS system, the sooner you can sell online and offline.
6. Manage Your Promotions
Promotional rules management should be integrated into your POS system so that products ring up correctly at the cash register, bulk discounts are offered when necessary, and other specials do not hold your customers up when trying to get out of your store. If your POS system can handle promotions and discounts easily, you’ll have more flexibility in trying to measure marketing ideas.
7. Employee Management & Productivity Monitoring
Employee management and productivity monitoring features are available in most POS systems. For example, tracking work activity, sales, transactions per hour, and performance. If you pay your employees productivity bonuses or sales commissions, you need to track that at the POS. A good POS system will include this capability as a core function.
8. Wide Choice of Payment Options
Go beyond traditional modes of payment like cash and credit cards. Look for a point-of-sale that allows you to accept mobile payments. You can also split payments or accept multiple forms of payment per transaction. Customers may want to pay partially with a gift card or split payments between cash and credit. This should be easy for everyone and never hold up your line.
9. Consistent and Customizable Reports
You’ll need a POS system with the right analytics for your business, as the depth of reporting varies. Looking for basic metrics like sales per hour or inventory management? Choose a system that offers customizable reports with the ability to filter data by date range and other factors. In addition to allowing, you to customize the presentation of data, you can also schedule automatic email reports.
A point-of-sale system allows you to have various types of reports, such as sales reports, accounting reports, employee management reports, inventory reports, store comparison reports, and general reports.
10. Multi-Store Management
POS systems allow you to manage multiple stores within the same software. You can manage your data and optimize inventory for each store with a POS system that manages multiple stores, like ChainDrive POS software. With multi-store management, each store type can be customized to meet your needs and managed from a central location.
Benefits of Retail POS Software
Retail point-of-sale systems offer retailers many benefits beyond just transaction processing. Some of these benefits include:
- Sales analysis and reporting: Giving retailers insight into their sales, allowing them to make informed decisions that strengthen their business.
- Easy order management and inventory tracking: Automates inventory control and helps retailers determine optimal quantities of best-selling products and when to reorder. Advanced tools place orders for you and highlight sales trends. A point-of-sale system also helps reduce excess inventory by tracking what sells and what doesn’t.
- Customer management capabilities: Automatically collect and track valuable customer information so retailers can build stronger relationships and encourage loyalty.
- Faster checkout: Whether you sell online or in-store, fast checkout is crucial. Long lines cause customer frustration, and cumbersome online checkouts lead to cart abandonment. A point-of-sale system can help avoid these scenarios, as point-of-sale terminals are typically faster than cash registers at processing payments and can accept multiple payment methods.
- Grow your business: POS solutions can provide retailers with key information and insights into their business. Based on this information, the scale can identify the best-selling products and the most valuable customers.
- Improve efficiency: POS systems allow store owners and managers to spend more time training employees and interacting with customers through operational efficiency and automation.
- Enhanced data security: It is your responsibility to protect your customers’ payment data. By using the ChainDrive POS system, you don’t have to worry about server security because your data is stored securely in the centralized database.
Choose the Right POS System for Your Retail Business
Reviewing the POS system features above can give you an idea of which solutions are right for your stores. Use this knowledge to build a list of your top choices, then contact software providers to see if they can offer more information.
All of these features are part of the ChainDrive retail management system, which helps retailers focus on growing their business. ChainDrive is a robust ERP system that is flexible and customizable to meet your specific needs. ChainDrive has a strong inventory management module and payment gateway integration. If you would like to know how it works and how it can help your business, schedule a demo at your convenience. We’ll be happy to explain everything and answer all your queries.