How To Run Your Retail Store With POS Software
As a retailer, your POS or point of sale system is possibly the backbone of your store. It is the versatile system used to sell in-person and manage brick-and-mortar stores. POS software development gives you software that can handle tasks like payment transactions, inventory monitoring, ringing up sales and customer management. An ideal POS system will ensure that your retail store functions like a finely tuned instrument. For this reason, it’s vital that you and your staff are aware of the nuts and bolts of your POS in order to exploit it to the fullest.
Here are the typical functionalities that store owners should become familiar with.
POS hardware
You would need to take some time to figure out the ideal hardware system that would optimize your store’s operations. For instance, a pop-up store or mobile retail shop is likely to require quite different hardware solutions in comparison to a big retail outlet that would require added-value features.
An all-inclusive POS software solution decked out with a monitor, receipt printer, barcode scanner, and card machine is a no-brainer for retail outlets that have ample space as well as a huge catalogue. Conversely, in case you need to make sales on the move, accordingly you would need a more condensed system, like a mobile device or tablet POS.
Ring up sales
As ringing up sales is the basic task of POS systems, you would have to get acquainted with the functions of the system’s sell screen. While POS software development solutions vary from one vendor to the next, the basic functions to ring up sales remain similar for most. You need to learn how to:
- Include products to the sale by locating them on the display screen, scanning barcodes on items, entering in the quantities being purchased.
- Your POS can also help you in terms of applying offers and discounts to a particular product or the basket as a whole.
- One of the pre-requisites of POS systems is the ability to accept card or cash payments. But supplementary payment methods include loyalty points, gift cards, mobile payments, buy-now-pay-later, and more.
Managing inventory
For retail stores, sales and inventory go hand-in-hand, and for this reason, almost all POS systems on the market, especially the ones that are cloud-driven, provide inventory management modules. You should select a POS software development system that allows you to configure a product catalogue, listing the products you sell, their specifications as well as the amount you have in stock.
Managing customers
Customers today have high expectations in terms of personalized retail experiences. Thus, in case your existing POS lacks a CRM module, you to go for a system that has the following:
- Customer database with shopper profiles to store customer contact details as well as shopping history.
- Customer segments or groups are helpful as they will enable you to efficiently generate customized communication and endorsements.
- Loyalty program through which you can delight loyal customers with points and rewards to boost your business.
Analytics and reporting
Advanced POS software solutions are designed to generate valuable reports that give an overview of your progress in terms of sales and inventory measures. Once more, systems vary in their specifications, so you should learn about your particular POS system to check what report categories they can create.
Some of the ideal reporting capabilities include Product Performance Report, On Hand Inventory, Sales Summary, Low Stock, and Sales Reports by Customer/Customer Group among others.
Almost all the POS systems available on the market are crammed full of valuable features which often go untapped as retail staff and not properly trained to make the most out of them. You can go in for POS software development and gain a solution that meets all your criteria for retail success.
