Whether you are setting up a retail business for the very first time, or you are an experienced merchant, having the right POS is essential for your success. Your POS, or Point-of Sale system is the central component of your business, and much more than just a way for customers to pay for their purchases. A great POS system can merge and simplify crucial business operations as well as providing you with a steady stream of data which you can use to make informed business decisions. Some of the capabilities of a quality POS system include:
- Inventory
management
- Accounting
- Employee
management
- Customer
management
- Sales
reporting
However, with many different POS systems out there, how do
you know which is right for your retail business? Whether you are looking for
your first POS system or looking to upgrade to a new and improved one, finding
the perfect solution needn’t be a headache. Here is our guide to the 10 things
that you should consider when choosing a retail POS.
1. Set-up cost and compatibility with your hardware
While the running costs of a great POS are relatively low, the
initial costs to get set up may be more than you expect. Not only do you have
to invest in the software, but unless your chosen POS is compatible with your
current hardware, you may have to invest a considerable amount in new cash
drawers, barcode scanners and more.
2. What features do you need?
POS systems can be used in many different businesses, from
cafés and salons to gyms and retail stores. As a retailer, the features that
your business needs may be somewhat different to many other merchants that may
require a POS. As such, you need to be sure that the system you choose has the
right features to make your business a roaring success. Before you start
looking around, make a list of what you need most from your future POS and use
this as the basis for your search.
3. Decide if you want a cloud-based POS system
An increasing number of businesses are switching over
to cloud-based POS systems.
Unlike conventional POS software, which was all based on servers either at your
physical location or somewhere else belonging to your company, cloud-based
software stores all of your data in the cloud – a digital space that can be
access anytime, anywhere, all you need is an internet connection.
Some people who are new to the concept of the cloud worry
about security. The truth is that data secured on the cloud is encrypted, and
then the responsibility of the system service provider. Since they protect the
data for so many different users, they invest heavily in the greatest security
possible, which is usually far beyond the affordability of an individual
company.
4. The usability of your chosen POS
No business can afford to invest in a system that is
impossible to use, so choosing one that is simple to operate and can be used
day to day without a constant need to refer to the manual is essential if you
are to remain as productive as possible. This is particularly important in
fast-paced environments or in stores that have a higher turnover of staff than
usual.
A great, usable POS is actually important in the
satisfaction of your staff at work too. It can be incredibly frustrating
spending your days trying to use a complex and difficult system, particularly
if it causes you to feel under pressure at work. Therefore, a great, usable POS
may help your staff retention figures and prevent customers from a bad
experience at the register.
5. Simple training procedures
Retails is renowned for its high staff turnover rate,
particularly during the Christmas season when temporary staff are often added
to the business to cope with demand. Unfortunately, extensive training is a
serious drain on company resources as experienced staff taken off of their
usual roles to educate and demonstrate to newer team members.
However, by choosing a retail POS that is very user friendly
and offers plenty of training resources, you can streamline the training
process and get your new staff up to speed in no time.
6. Supporting business growth
While you may be content with just one bricks and mortar
store for now, there is no telling how well or how quickly your business may
grow. Unfortunately, some POS systems restrict the number of outlets and
registers that can used, meaning that there is a limit to how far your business
can grow before you need to invest a considerable sum in a brand-new POS that
can accommodate your expansion.
7. Inventory Tracking
Conventional inventory control can be a complex and
time-consuming process, but thankfully, most POS systems can make managing your
stock a much simpler task. This is especially important if you have multiples
branches or warehouses as information about current stock, incoming stock and
stock at other retail locations are needed for your daily operation. However, a
good POS will do more than just track your inventory. Many now offer options
such as purchase order creation, re-stock reminders and stock transfer between
locations.
We highly recommend that you choose a POS that has strong
inventory capabilities.
8. Integration with third party software
Although the software that comes with a quality POS system
should offer you an abundance of great and useful features, you should also
consider the way that it integrates with third party software as this could
further streamline your operations.
Integrations can save a lot of manpower in terms of double
or even triple entries, and instead mean that all of your customer data,
accounting information or sales figures are stored in one central system and
any updates need to be performed just for the change to filter through and be
visible in all of your third-party software. For example, if your POS
integrates with your marketing software, you will be able to take your customer
data from your main system and use it to send personalized emails and offers.
Alternatively, your POS could integrate with your eCommerce store, centralizing
all orders and stock figures.
Third party integrations can dramatically help simplify many
day to day business processes, so when you choose a POS system, check what
integrations are available.
9. Reporting
For your business to be successful you need to understand it
as well as possible. This means having access to the data that will empower you
to make the right decisions. Big data may be something of a buzzword, but there
is no doubting that it helps retailers get results. The more reporting options
that your chosen POS can offer, the deeper you can drill down to get the
specific information you need to have full awareness of your business. Using
this, you can do more of what is going well, and less of what is not!
10. Customer Support
When you choose a POS system, you aren’t just buying into a
software, you are also entering into a relationship with a provider who can
support the long-term success of your business. One of the most important
services that a great POS provider can offer is excellent customer support.
Even if your POS is easy to install and implement and
straightforward to operate, there will still be times that you may need the
support and advice of a professional who understands everything that there is
to know about your system. POS problems cost a retailer time and money and
having someone with the knowledge and skill on hand to help you overcome any
glitches is crucial for your bottom line. Therefore, when you are searching for
a new POS system partner, you should carefully check out what support they can
offer.
The retail landscape has changed tremendously during the last few decades, with stores now being open far beyond the regular 9-5. As such, you also need to be sure that you can get the advice and support you need when you need it the most.