The full form of POS is a point of sale. It can be explained as if a customer purchases anything from a store and complete the payment process, that is the point of sale. Point of sale systems completes the transaction between a client and the company in exchange for any service or product. It is a digital network that is connected to other checkout terminals like barcode scanners and card payment terminal.
Nowadays point of sale software used for small business as well as for large businesses. POS software comes in different ranges according to business requirements. A full-featured POS can handle many tasks like employee management, analytics, customer data management, sales monitoring and reporting, mobile connectivity, inventory tracking, and robust integrations.
The global POS terminals market accounted for USD 62.34 billion in 2018 and is expected to register a CAGR of 7.8% from 2019 to 2025. Hardware emerged as the largest segment in 2018 and is estimated to reach USD 66.30 billion by 2025. (source)
Top Features of POS Software
A POS software can have countless features depending upon the industry, it is used for. The primary purpose of pos software development was to reduce manual efforts and make it easy to use as well as to improve the productivity and performance of the entirePO business. Here are some features of a good POS software.
# Inventory Management
Always stay updated with the information about the store like stock, purchases, transactions, etc. If any business has multiple branches and works in the retail market, then it is good to use retail pos software. Stay updated with the information of your all branches regarding stocks and purchases.
# Customer Management
POS system software is smart enough to make profiles of frequent customers. It also helps to maintain and store the history of customers’ purchase so that it would help you to understand who is your frequent and loyal customers. By building customer relationship, it enhances customer loyalty as well.
# Employee Management
It can quickly help you to manage the human resources you have. It efficiently manages employees by keeping track of their time and productivity. Apart from this, it also helps you to understand how much human resources you would require for a particular task and how you can manage them efficiently.
# Faster, Easier, Cheaper and Accurate
A POS software is way faster than any human apart from this it is easier to operate and does not cost you too much to afford. System peripherals like barcode scanners made billing faster than ever and also save customer's previous time. And accurate is like there is no room for errors which helps to build customer trust.
# Ease of Access
Some POS systems work on cloud space and some support offline. Using your smartphone or tablet, you can access your point of sale software anywhere you want. POS systems which work on the cloud system gives the flexibility to use your POS system anywhere. It also provides detailed reports of your business.
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# Report and Analytics
A POS system helps you to analyze the data regarding your business through various reports and data. It allows understanding, which product needs more marketing strategies and promotion efforts to boost up the business. It generates a report for Revenue rates, vital data, product sales, and ROI.
Summed Up
A POS should be smart enough to understand your business requirements and able to handle the workload. Toast POS, Square, TouchBistro, Poster POS, Vend and Nobly POS are some of the examples of great point of sale systems. To develop the point of sale software in India like these, you can contact a team of experienced pos application developers which can enhance your business in profound ways.
In this day and age, consumers are more digitally savvy and increasingly shopping online.
A report by Temasek and Google says that Singapore’s e-commerce market is expected to exceed S$7 billion in 2025.But when things start to move into the virtual space, what should you do to better serve your customers ONLINE?Winning online retail customers and serving them better:1.
But do make sure that the layout has to be pleasant to the eyes.I won’t go into details about classifying your items together; having a search/filters function for easy navigation etc… All these are already taken into consideration by many retailers.
Let me check out their website by clicking on the link!”The frustrating thing is, some e-commerce stores are easy-to-navigate ONLY when browsed from a desktop computer.
But customers only recognize the brand and they will expect the same level of treatment and experience from both your physical store and online sites.It is crucial to take note that when it comes to managing your staff, make sure that everyone shares the same mindset that they are not just an individual – they also represent the brand of the company.3.
Reaction time must be fastThe study reveals that brands are not responding to customers online (especially social media) fast enough – or at least, not up to the expectations of customers.Moreover, customers take things to social media only after reaching out via email/call but didn’t work.
Small and large businesses require point-of-sale (POS) systems to complete sales transactions.
It is the point where a customer makes the payment for goods or services.
It saves timeSpeed up the checkout process – Scan it and bag it.
Every item with a barcode can be easily scanned and tagged.
Just carry an iPad or iPhone enabled POS system with a credit card reader and you’re ready to go.Speed up Inventory management – With a built-in inventory and barcode scanning system, you won’t have to rifle through many options when ringing up a sale.
It’s automatically deducted from your current inventory, so you won’t have to manually do it.Faster payroll processing – The system will automatically compute payroll and can even print out a pay slip for your employees.
