POS Solutions, Ecommerce Merchandising
Article | June 7, 2024
Point-of-sale (POS) software is constantly evolving. Clunky cash registers alone can’t keep up. Brick-and-mortar retailers are adopting leaner systems that operate on mobile devices in favor of complicated setups that cost thousands of dollars.
But it’s not just retail stores that are interested in POS systems—online store owners who sell at craft fairs, trade shows, and farmers markets are also in need of inexpensive and easy-to-use point-of-sale solutions.
So, what exactly is point of sale software, how do you know if you need it, and how do you choose the right tool for your business?
What is point-of-sale (POS) software?
Point of sale software is what brick-and-mortar retailers use to conduct sales in person. It's sometimes a cash register, computer, or even a tablet where cashiers input products, tally the cost, and conduct the financial transaction. Most POS software will also communicate with inventory levels to keep everything in balance.
A lot of big-box stores have wildly complex and expensive POS solutions, some of which were custom built for their needs. Independent retailers are moving away from these traditional POS systems and toward cloud-based point-of-sale solutions.
Types of POS software
There are two main types of POS software: on-premise and cloud-based. On-premise POS software requires you to be on location to use it. Terminals are the most common on-premise POS. Cloud-based POS software offers more flexibility, as you can use any connected, compatible device to access the dashboard. Cloud-based POS software is becoming more mainstream—the market was valued at around $1.29 billion for 2019, with an expected growth rate of more than 21.38% through 2026.
A cloud-based POS allows you to conduct sales and check in on your business even when you’re not at the store. You access it directly from the internet, and it’s often compatible with most POS hardware (cash drawers, printers, etc.) and other tools in your tech stack. This is great if you’re a small business that sells in a store and online along with the occasional in-person event.
When you use a cloud-based POS and link it to your Shopify store, your inventory automatically adjusts, helping you mitigate costly problems like stockouts. Cloud-based POS systems are also typically less expensive and more convenient than a tethered on-premise solution.
There are other types of POS software that fall into one or both of the above categories:
Mobile POS (mPOS): A mobile point-of-sale can move around inside or outside a store. Store owners can take transactions from a central point of purchase, like a traditional checkout counter or cash register, or wherever they need it to be. To take transactions on the go, retailers often use hardware like a tablet or smartphone to process transactions. Best for: Pop-up shops; increasing in-store conversion rate
Tablets: A tablet POS can be both mobile and docked to a station. These POS systems run on Android tablets or iPads, acting as either the main POS or supplementing your central POS station. This is also a mPOS. Best for: Selling products with lots of details, features, and/or use cases; collecting lots of customer data at the point of purchase; self-serve options; pop-up shops and event sales
Desktop: POS systems that run on a desktop computer are typically on-premise solutions docked to a checkout station. They’re bulky but often more powerful and reliable, depending on the hardware you choose.
The main POS station in a permanent brick-and-mortar store; businesses that want to add mPOS in addition to their desktop setup
Self-serve kiosks: Self-serve kiosks are common in food-based businesses, especially for quick-service restaurants and fast casual dining. This type of POS can drive a 15%–30% increase in average check size. They also work in retail environments. Best for: Food-based businesses; reducing lines and wait times; digitally savvy customers
POS apps: Depending on the POS, there are a few point of sale apps to choose from. POS apps work with your hardware and other compatible devices to enable you to access your data and manage business operations. Best for: Businesses that want flexibility and customizability without needing lots of technical resources or budget
Open-source POS: Open-source software allows companies to use their source code to build custom solutions with their platform. You can build your open-source POS system internally or with external collaborators. Best for: Enterprises with lots of technical resources; highly unique POS needs
Multichannel POS: A multichannel POS can integrate with various commerce channels, an increasingly important capability. These channels include your own website, third-party online marketplaces, your store, pop-up shops, event sales, wholesale, social media, and more. Best for: Ecommerce merchants who do or plan to sell in-person; multichannel online brands
Retail POS: A retail POS has features tailored to a brick-and-mortar business selling products. These features could include inventory management, forecasting, and multichannel selling. Best for: Pop-up shops; permanent brick-and-mortar stores in a traditional retail environment
Restaurant POS: Restaurant POS systems are designed with food-based businesses in mind. Specific features might include menu planning and costing, ingredient-level tracking, dish customizations, and self-serve ordering. Best for: Food-based businesses (fast food, casual, quick-serve, sit-down, etc.)
Components of a POS system
There are other pieces of hardware that can complement your POS setup:
Barcode scanner: In addition to scanning barcodes, you can also use some scanners to add discount codes. There are 1D barcode scanners that use the traditional bar code, and 2D barcode scanners that can read QR codes.
Cash drawer: Unless you only process cashless payments, you’ll need somewhere to put the cash customers use to pay for your products. The cash drawer is a safe, secure place to organize bills.
Credit and debit card reader: This piece of hardware can read debit and credit cards. There are several ways to read a card, including swipe, tap, and EMV chip. You need this for payment processing so you can receive the funds from the customer’s bank.
Receipt printer: These aren’t always essential, especially if you use Shopify POS, because you can send email receipts, but a printer can connect to your POS and spit out receipts on the spot.
Label printer: There are some instances where you’ll need to print a label—ship-from-store, for example. With a label printer as part of your POS setup, you can do that on the spot.
Scale: If you sell products by weight, you’ll need a scale to be able to determine how much to charge customers. Some scales connect directly to your POS for a seamless checkout.
What does a POS system do?
Modern POS systems offer far more functionality than simply administering transactions. They can complete other business functions, as well as inform important business decisions, including:
Managing inventory across all locations, both online and offline
Providing sales metrics and reporting
Managing customer data effectively
Improving in-store sales
Adapting to business needs with customizations
Managing inventory across all locations, both online and offline
Whether you have inventory at your storefront, pop-up shop, or warehouse, keeping accurate counts across the board is a tricky (and sometimes tedious) task. Inventory is one of your largest expenses as a retailer, and you need a simple way to manage it. That means having the right products in the right place at the right time—and a POS that helps you achieve that goal.
A modern POS system should help retailers manage inventory anywhere you keep your products. Not only does this level of inventory management make tracking easier, but fulfilling orders is quicker when you know how much of a product is at a given location at any time.
With a POS, you can easily monitor stock counts across all your stores, while keeping customers happy by avoiding stockouts and automatically ceasing sales of products when inventory runs out. Accurate stock counts streamline ordering from vendors so you always have inventory in stock wherever your products are selling best.
Complete visibility of your inventory across all locations also makes it easier to move stock from one place to another (e.g., from warehouse to storefront) when you run low on a product. And it’s simpler to create purchase orders and accurately create your demand forecasts.
Providing sales metrics and reporting
A POS is useful for far more than processing transactions. You also can use crucial information from your point-of-sale solution to make data-informed decisions about your entire business.
Modern POS systems make it painless to see analytics across every channel in your retail business, both individually and as part of your business as a whole. The ability to break down and filter sales data this way can often shed light on what’s working—and what isn’t.
So, when you’re assessing a POS system, ensure you can easily track the following:
Data for both in-store and online sales
Sales broken down over time (number of sales by day, week, month, etc.)
Sales per employee
Sales per channel (across all stores and for each location)
Staff activities broken down by employee
Product reports (to see what’s selling and what’s still sitting on shelves)
Number of orders (broken down by various stages of fulfillment)
Easy, intuitive access to this kind of data can help you make better decisions and understand the overall health of your business.
Managing customer data effectively
A POS should also help you easily collect, track, and manage customer information. Access to these details can help you better understand your ideal customers and identify your most loyal shoppers.
When evaluating your shortlist of POS contenders, make sure that your top choice helps you manage the following:
Customer profiles. Collect contact details to build in-depth profiles of your customers to help you learn more about them and their shopping habits.
Customer order histories. Quick access to a customer’s order history can help you effectively cross-sell and upsell by offering on-the-spot, tailored product recommendations based on past purchases.
Customer loyalty programs. A POS should give you access to your loyalty program across all sales channels, whether someone buys online, in-store, or elsewhere.
Improving in-store sales
The traditional shopping experience has changed, and retailers have to meet the ever-evolving demands of customers in order to compete. But a POS system can help you keep up with a shifting industry.
The right POS features can help you appeal to the empowered shopper and make more sales. For example, use your POS to stay in touch with customers and keep your products top of mind after they leave your store. Sales associates can email customers a list of items they were interested in but didn’t purchase while in-store, so, when they’re ready, the customer can buy those items via a feature like Shopify POS Email cart.
Providing a variety of shipping options is another way you can serve your customers’ evolving needs. You can use a POS feature to ship a purchase to whatever address is most convenient for a shopper, whether it’s their home, their office, or another location—which can give you a competitive edge.
A POS that offers flexible shipping alternatives can minimize the need for returns and exchanges and keep sales strong. That’s why the following pickup, purchase, and delivery options are quickly becoming table stakes:
Buy online, pick up in-store. In-store pickup allows customers to buy online and collect their order from the retailer’s physical store or a third-party location. Thousands of stores are decreasing returns and selling more by letting customers check the size, color, and shape of their purchases before walking out—all while offering highly valued flexibility.
Home delivery. After customers buy products in-store—especially heavy or large products, like furniture—they don’t necessarily want to lug it home with them. As an added convenience, offer home delivery. Or, if an item isn't available in-store, but is at another location, customers can buy in store and have the item shipped to their home.
In-store returns/exchanges for items purchased online. Creating a hassle-free returns experience for customers can actually build loyalty. For example, if a customer wants to return a product they purchased online, they may want to make a return immediately rather than sending the product back via snail mail. Make it simple for them to visit your store to make the return.
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POS Solutions
Article | February 15, 2024
Embrace the future and need of business operations with cloud-based POS systems. Experience unrivaled features such as unparalleled flexibility, scalability, real-time analytics, and more.
Introduction
Key Reasons for Businesses to Switch to Cloud-based POS System
• Accessibility and Mobility
• Flexibility and Mobility
• Scalability
• Improved customer experience
• Cost saving
Introduction
With constant evolution in payment technologies, businesses are constantly looking for innovative ways to streamline their operations and improve their bottom line. As a result, innovative payment solutions are increasingly playing a crucial role in enhancing their transforming and upscaling businesses. One such technology that has revolutionized the way businesses operate is cloud based POS systems.
A significant transition from traditional POS systems to cloud based POS systems has been witnessed in recent years. Businesses worldwide are increasingly deploying cloud-based point of sale systems to adapt to emerging payment technologies, improve customer experience, enhance payment security, and others.
According to a study by SalesForce, more than 20% of retail businesses currently use a cloud-based POS, and around 29% of businesses plan to deploy it in the coming future.
Key Reasons for Businesses to Switch to Cloud based POS System
Payment processes are presently propelled by connectivity and technological advancements, which have resulted in a significant impact on the payments industry. Consequently, it has become imperative for businesses to adopt point-of-sale systems powered by agile, cloud-based software to harness the full benefits of modern cutting-edge technology.
Deploying a cloud POS system can guarantee optimal customer experience to businesses while remaining aligned with the rapidly evolving technological landscape.
Here are the primary reasons why businesses should contemplate the adoption of a cloud based POS system:
Real-Time Accessibility
In today's fast-paced business environment, the ability to access real-time data is crucial. Cloud based point of sale systems allow businesses to access data from any device with internet access, enabling real-time inventory management, sales tracking, and customer insights. This real-time data accessibility empowers enterprises to make informed decisions, optimize operations, and improve customer experience.
Flexibility and Mobility
Cloud POS solutions are highly flexible, making it easier for businesses to adapt to changing needs and ecosystems. Leveraging a POS system, businesses can quickly and easily add or remove products, update pricing, and make other changes to their inventory. Furthermore, with the accessibility from any location, these cloud based POS systems enable employees/ staff to work remotely. These capabilities are especially useful for businesses that sell seasonal products, experience fluctuations in demand, or have multiple locations.
Scalability
With legacy POS systems, businesses need to invest in new hardware to expand their operations, which can be costly and time-consuming. However, cloud-based POS systems offer businesses the flexibility to scale up or down their operations without worrying about upgrading their hardware. In addition, businesses can seamlessly add new locations, products, and users without any hardware upgrades.
Improved Customer Experience
Cloud based POS systems for retail enable businesses to provide a seamless customer experience by allowing employees to access customer data from any device with an internet connection. This allows businesses to personalize their offerings, offer faster service, and resolve customer complaints quickly. The ability to access real-time data also enables businesses to anticipate customer needs and preferences, allowing them to provide tailored promotions and recommendations.
Cost Savings
Businesses need to invest in expensive hardware and software, as well as pay for ongoing maintenance and support while using a legacy POS system. Switching to a cloud POS system can result in significant cost savings for businesses. As these POS solutions require minimal hardware and software investments and often come with a low monthly subscription fee, businesses can save on maintenance and support costs, as these are typically included in the subscription fee.
Bottom Line
A cloud-based POS system with seamless integration offers an extensive business overview and can perform operations much more than accept orders and payments. Not only does it streamline services, but it also provides insightful data and simplifies day-to-day business management, allowing business owners to focus on development.
It is evident that combining day-to-day operations with cloud-based POS software is now a critical requirement for businesses. In addition, the technological evolution of these systems in recent years and the possibilities for continuous development have made point-of-sale data, inventory, staff, and payment management much easier for businesses.
Since the world is becoming increasingly digital, it is imperative that businesses adapt and adopt cloud based POS systems to remain competitive and relevant. Therefore, businesses should consider the benefits of cloud based POS systems and make the switch to ensure long-term success and growth.
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POS Solutions
Article | March 18, 2024
Introduction
The hospitality industry has always been challenging and full of obstacles, such as low-profit margins, high competition, and turnover management, irrespective of the type of restaurant or level of owner experience. However, rapidly changing business dynamics and current conditions have increased these challenges enormously.
Changing customer preferences, including high customer service expectations and an emphasis on the sourcing of ingredients and nutrition values, affect the entire operation. Also, the growing importance of reviews and word-of-mouth referrals makes brand management both more crucial and complex.
Thus, several restaurant owners are increasingly investing in innovative solutions, such as restaurant POS systems, to improve the consumer experience, empower business owners to manage restaurant operations more efficiently, and increase ROI.
Top 5 Ways How Restaurant POS Integration Can Boost ROI
Due to the fast-paced nature of the restaurant sector, coupled with ever-changing customer needs, business owners encounter numerous challenges in keeping up with the changes and meeting customer expectations while maintaining perfect control over all aspects of their operations.
As restaurant POS systems provide solutions for these challenges while also improving workplace efficiency, automating several tasks, monitoring employee performance, and enhancing security, these systems are gaining massive popularity in the hospitality industry.
Out of all the new features that restaurants can get from POS integrations, such as delivery management, accounting, and more, these are the most important ones that help owners get the best return on their investment:
Create Data-driven Campaigns
Modern POS solutions enable restaurant owners to collect valuable data about their customers, such as their preferred food choices, their addresses, how often they visit the establishment, and others. These actionable insights can be used to create personalized campaigns, increasing their chances of responding to a customized offer and improving ROI.
Support Omnichannel Communications and Payments
With the advent of e-commerce, food can now be ordered and paid for via multiple channels, including the restaurant's website, third-party applications, the phone, and others. Therefore, it has become essential for restaurant owners to increase contact with their customers.
Integrating a restaurant POS system enables owners to facilitate omnichannel communication and payments and discover the optimal way to communicate with consumers, thereby increasing food order flow from both offline and online channels.
Improves Customer Relationship
As the restaurant sector continues to become more competitive year by year, it is becoming crucial for restaurant owners to improve their relationships with customers. With restaurant POS systems, customers can make the payment using their preferred methods, such as cash, credit or debit card, QR code, UPI, and others.
These systems also reduce the time for placing food orders as well as decline the chances of order misplacement. This results in providing better customer service, improving customer relationships, and increasing customer inflow.
Streamline Restaurant Operations
From front-of-house to back-of-house operations, modern POS technology assists restaurant owners in streamlining various business operations such as inventory control, labor management, payment getaways, and order tracking and delivery, among others. Thereby reducing the overall cost, declining the chances of errors, and improving profit margins.
Final Thought
Today, POS technology is clearly a necessity for the hospitality industry, irrespective of the type of establishment, such as fine dining, fast food, cloud kitchen, hotels, and others, to enhance restaurant operations, provide a smoother customer experience, and improve ROI.
With the introduction of customizable POS solutions and a growing shift towards cashless payments, modern restaurant POS systems are anticipated to transform the ways of food ordering and payment in the forthcoming years.
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POS Solutions
Article | July 28, 2023
Discover the pinnacle of efficiency in point-of-sale operations. The meticulously curated list of the top 10 Cloud POS tools empowers businesses to streamline transactions and gain powerful insights.
The need to elevate point-of-sale (POS) systems has become paramount for businesses seeking to stay ahead of the competition in the rapidly evolving landscape of modern commerce. With the advent of cloud-based technology, a new era of possibilities has emerged, offering businesses an opportunity to revolutionize their sales processes. Cloud POS tools assist companies in unlocking a myriad of benefits, including enhanced flexibility, real-time data accessibility, streamlined operations, and improved customer experiences.
Cloud point of sale tools offers numerous advantages over traditional on-premises solutions, providing businesses with increased flexibility, scalability, and efficiency. As a result, organizations are increasingly prioritizing the adoption of these innovative solutions. The article presents the ultimate list of the top 10 cloud POS tools for businesses to equip with the knowledge necessary to make informed decisions and harness the power of cloud technology in optimizing their point-of-sale operations. The following are the best POS software tools for elevating point of sale:
Cegid Retail
Cegid Retail is a cloud-native point of sale and unified commerce platform designed to cater to the specific needs of specialty retailers worldwide. The POS tool allows businesses to effectively manage their operations and deliver exceptional shopping experiences across different locations. It also enables retailers to provide a seamless brand experience both locally and globally by unifying customer data, inventory, and store operations. The platform's centralized stock management feature optimizes inventory by offering a real-time view, ensuring product availability and maximizing sales opportunities. With its retail operations and task management platform, Cegid Retail can facilitate businesses to streamline operations and ensure attention to detail in every store, all through a user-friendly and comprehensive application.
ReadyCLOUD
ReadyCLOUD, offered by UTC RETAIL, is a cloud-based hosting service that leverages cloud computing and infrastructure to provide a fully managed and off-premise solution for the ReadySTORE POS system. With UTC RETAIL handling all hosting configuration, installation, and management, retailers can focus on their core business operations without the burden of managing technology infrastructure. The real-time connectivity to a dedicated server in the cloud ensures access to a single version of the truth, while customer-specific instances cater to individual configurations and requirements. ReadyCLOUD offers the highest level of flexibility, free from being tied to a specific server technology stack, and provides a financially beneficial model with predictable cost structures and lower total cost of ownership compared to purchasing and managing dedicated on-premise servers.
Brink POS
A robust and reliable POS system, Brink POS is designed to meet the needs of both enterprise-level deployments and independent operators focused on growth. With Brink POS, businesses receive a comprehensive front-office software solution that streamlines POS management, freeing up time and allowing them to concentrate on cultivating relationships and enhancing the customer experience. The software's SaaS design ensures ultimate flexibility, while its seamless consolidation capability will enable businesses to integrate multiple systems effortlessly. With a flourishing integration ecosystem boasting over 200 PARtners, Brink POS provides a powerful and efficient tool for consolidating POS systems across one or multiple locations.
Erply Cloud Retail Software
Erply Cloud Retail Software is a comprehensive tool that empowers businesses to digitize their physical stocktaking processes, providing efficiency, accuracy, and real-time visibility into inventory management. With the ability to scan product barcodes or search from an existing product database, the software seamlessly integrates new items into stocktakes. Furthermore, Erply Cloud Retail Software facilitates streamlined warehouse and stocktaking processes by enabling offline product counting and data synchronization across different shop locations. Key features, such as retail chain process management, stocktaking automation, overstocking prevention, and a user-friendly stocktake app, assist businesses in expediting their stocktaking and replenishment procedures, enhancing operational efficiency and accuracy. Erply Cloud Retail Software offers businesses the speed and convenience they need to revolutionize their stocktaking activities with just a few clicks.
Indirect Retail Suite
Utilizing advanced point of sale (POS) and inventory modules, Indirect Retail Suite is designed to enhance the operations of dealers in the indirect channel. It assists dealers in delivering a consistent customer experience while streamlining store operations. The POS tool provides valuable insights into business processes through operational and analytical reporting, empowering dealers to make informed decisions. Standardization of front and back-office operations improves card compliance, inventory handling, KPI achievement, and operational reporting, ultimately leading to a more satisfying customer experience and enhanced dealer efficiency. Indirect Retail Suite empowers dealers and carriers alike, enabling them to optimize their operations, improve financial performance, and drive growth within the indirect channel.
Vend Cloud POS Software
One of the best POS software tools that caters to businesses of all sizes, Vend cloud POS Software, allows them seamlessly manage their operations and make data-driven decisions. With real-time sales updates and comprehensive reporting, it empowers business owners to gain valuable insights and have complete control over their operations. Its 24/7 customer support and a global network of Vend Expert partners assist businesses to rely on excellent customer care and assistance. In addition to this, the point of sale tool offers complete inventory management, with real-time stock level updates to prevent over-selling and optimize inventory control across multiple channels. Vend cloud POS empowers businesses to streamline their operations, improve decision-making, and enhance the customer experience, making it an essential tool for modern retailers.
Toast Mobile Order & Pay
Toast Mobile Order & Pay is an innovative software solution that revolutionizes the way guests order and pay in restaurants. The easy-to-use nature of the software ensures scalability to accommodate the growth of businesses. It features hardwired terminals and offline mode to ensure uninterrupted service. Real-time access to cloud-based reports provides valuable insights into business performance. The POS tool also offers tableside ordering and payments, along with digital receipts, facilitating the expansion of customer databases. Additionally, it enables businesses to collect valuable data and can be used to drive customer loyalty and repeat visits. Toast Mobile Order & Pay combines cutting-edge technology and user-friendly features to elevate the restaurant experience for both businesses and customers alike.
Bindo Retail POS
Bindo Retail POS is a versatile and powerful software tool designed to optimize operations and boost sales for businesses operating in various industries. It caters to a wide range of establishments, from clothing stores to pet shops, pop-up stores to education centers, offering enhanced online and offline business capabilities. Businesses can leverage the Smart Register feature to display related products, enabling upselling while benefiting from automatic promotion recommendations during checkout. The point of sale tool seamlessly integrates with major offline and online payment methods through its Payment Integration feature. By encompassing these functionalities, Bindo Retail POS empowers businesses to optimize operations, increase sales, and deliver exceptional customer service.
Lightspeed Payments
An all-in-one convenient platform, Lightspeed Payments is an efficient software solution that provides businesses with seamless payment processing capabilities. It enables companies to easily accept online and in-store payments, ensuring a smooth and hassle-free transaction experience for customers, regardless of their preferred shopping channels. This fully-integrated payment solution supports a wide range of payment methods, allowing businesses to accept any mobile payment with ease and flexibility. Furthermore, Lightspeed Payments prioritizes security, providing built-in premium security features to safeguard sensitive payment information and instill peace of mind from the outset. With Lightspeed Payments, businesses can streamline their payment processes, enhance customer satisfaction, and confidently manage their financial transactions.
Infrasys Cloud POS
A powerful software tool that revolutionizes the way businesses manage their point-of-sale operations, Infrasys Cloud POS offers robust employee management features, allowing centralized control of user access rights, performance tracking, and efficient access control for enhanced security. With its remote access capabilities, the software enables users to conveniently access their data, menus, and ordering systems from anywhere using a tablet or mobile device with an internet connection. Key features such as system-wide updating, customizable reporting, and centralized management make Infrasys Cloud POS a comprehensive and reliable solution for businesses seeking to elevate their point-of-sale operations. With centralized security management and protection, companies can rest assured that their data and customer information are safeguarded against threats.
Cloud POS: The Future
As the emphasis shifts towards customer experience and customer satisfaction, it is imperative for businesses to carefully assess their specific needs and select a cloud POS solution that aligns with their goals, ensuring seamless integration and optimal performance. Businesses can revolutionize their sales operations and embark on a path of sustainable success by leveraging innovative POS features such as system-wide updating, inventory management, remote access, centralized security management, and more.
With the power of advanced point of sales tools, businesses can elevate their overall customer experiences, unlock new avenues for growth, and gain a competitive edge in the dynamic business landscape.
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