Managing an online or offline inventory software for small business has a lot to do with how well you know how to use modern retail technology. If the POS system you use in your retail store is limited to offline inventory management, you are certainly not a trendsetter or even a follower of trends. Choosing the wrong system will not only cost you money, but also cause more problems. It’s time to move to cloud-based inventory software for small business .
Why use POS software
Successful retailers use an online POS system. It allows them to better manage accounting, sales, online and offline orders, inventory management, vendor transactions and payment systems from one centralized location for all functions. You may want to check out some interesting POS facts from Boston Retail Partners’ 2015 POS/Customer Engagement Benchmarking Survey.
Now think of your branded store with hundreds of wings online – all controlled centrally – without having to put your head together to manage inventory, products, customers, orders and business profits. The best retail stores are those that use the right POS software to improve operational efficiency, increase profits and fine-tune their business model. That’s why your POS system should work on iPad, Mac, PC and even offline. The right POS software will ensure you get the most out of the business benefits of a retail POS software solution.
There are many POS software solutions on the market, but none is a perfect fit for your business. A proper understanding of the benefits of POS software and the buyer’s market is essential for a good transaction. The difference between the POS capabilities available and the intended use of the POS system can have a major impact on your inventory software for small business .
Here’s a list of common POS software features you shouldn’t miss. To better understand how POS features work, it may be helpful to learn some of the popular POS software tricks.
You can read more about this comparison of web-based point of sale software here.
Basic POS software features
Web-based and platform independent
Your POS the heartbeat of your retail business – should work on iPad, Mac and PC. Point of sale systems should work both online and offline, keeping you connected to all the necessary hardware components, such as barcode readers, cash drawers and receipt printers inventory software for small business .
Ease of use
Do more with less – by expanding and synchronizing retail operations into a single unit. With a complete POS solution, brick-and-mortar stores can create stunning online stores in minutes and organise all their products and customer data in a centralised location. It’s simple. With one click, you can add all your products to your store, make ordering systems easy to use and bring all your retail operations – online and offline – into one system. This helps you sell more products to more customers and track retail performance both in-store and online.
Minimal learning curve
Your POS should be able to train your sales staff in minutes and get them up and running at full speed almost instantly. You can run a trial to see how your staff react to the new POS interface you choose.
Inventory tracking from start to finish
The inventory management process is often painful, and it needs to be hassle-free. Your POS system should be able to track key information about your store from transaction to purchase. It should manage your entire inventory and give you real-time visibility anytime, anywhere, no matter how many stores you own. This makes the warehouse manager’s job easier, as he doesn’t have to spend time calculating new orders for suppliers.
Fast checkout
Simplifying the checkout process is a basic requirement of all checkout software. The system should help the sales team avoid unnecessary delays in the transaction completion phase. The less manual work your sales team has to do to complete a transaction, the better.
Offline support
A good POS system will allow your retail system to operate offline without interruption. When you are connected to the internet, your system should automatically synchronise your offline data.
Analysis of customer data
There is no point in collecting customer data until you have analysed the underlying data and turned it into a customer profile. With POS software, you can know which products your customers buy more often, which rewards or offers attract them more, and what makes them return to your store for repeat purchases. This information about customer behavior is useful when you are planning to launch new products in your store or to give discounts/offers/quotations on large batches.
Customer loyalty programmers
POS software allows you to get to know your customers better and maintain a rewarding relationship with them. Having a customer profile makes it easy to tap into their personal interests and product preferences. So you can implement a range of loyalty programmes to keep your target customers engaged throughout the year.
Automated purchasing options
This is another useful feature of POS software that helps in effective supplier management. A good POS system can easily connect suppliers if you’re short of key items that need to be delivered quickly. With a built-in automatic purchasing program, you can order the quantities you need and have them in the store in no time. No need to worry about being rushed at the end of the day!
Simple returns, refunds and store credits
The POS system offers flexibility in managing customer refunds, credits and even store credit. You can even use the original payment method to credit customers. Make sure your POS software supports this functionality.
Mobility / multi-site operation
An online POS system should have this feature built-in. Imagine being able to monitor your store sales and performance while travelling, or manage your dozens of stores in different locations from one place – preferably from home. The POS platform should help you connect to any device from any cloud service.
PCI protocols
Is your current POS system PCI (Payment Card Industry) compliant? Make sure your POS software does and protect your customers’ payment card data. Not having this feature in your POS machine can lead to legal problems.
Payment flexibility
Good POS software should help you receive payments in the most common ways. You can set up custom buttons to accept payments by check, cash, gift cards, or any other method you prefer. The system should be dynamic enough to handle deposits, installment transactions and direct debits from customers.
Efficient reporting
Reporting enables logical and efficient decision-making. A retail cash register should give you an accurate picture of sales and product performance. A good reporting system provides quick access to store. Related information such as product type or model, daily/weekly/monthly/annual sales figures, customer profiles. Stock levels, hourly transactions and staff performance.
Application integration
This is an advanced feature of modern POS systems that not all vendors can handle. A few do. By integrating with Business Applications Marketplace, you can automate and centralize the retail operations of a network of multiple retailers. Sales, product and customer data stays in sync across all channels, so you don’t have to manually enter duplicate data.
API support for customized solutions
Do you have long-term plans to create your own customized software solution? If your POS software provider offers API support, you can build your own customized retail software solution. Check with your current supplier or a supplier you are negotiating with for this option.
Last but not least, you should ask your POS expert for a free consultation – maybe two or three of each. Get ideas and unbiased advice about the product; find out what makes you confident about using it. Then move on to pricing and negotiating with your chosen POS supplier. This is a good way to start.
Your success with profitable Clothing Store Inventory Software depends on how well you can analyse POS functionality. Before you invest any money, of course. So go ahead and take the plunge.