Aakrit Vaishya
Whether you are an old pro or the new kid on the block, setting up and continuing to run a store effectively and efficiently is not just a walk in the park. There are key operational processes that need to fall into place before you can cruise. The good news is that with the sharp rise in technological solutions, the cruise time is faster now than ever before.
Modern retailers have migrated their SOPs to simple software programs that carry a load of inventory management, payment processes, employee management and data accessibility, among others off their backs.
Among all the technologies available, most effervescent would be a fantastic ‘Point of Sale’ (POS) software that addresses your needs and makes processes easier and faster.
Before buying a POS it’s important to scour out some important features. The first step in finding a POS system is identifying your specific needs. There are different kinds of POS solutions in the market. so knowing how you will be using it and what functions you will help you determine the best combination of software and hardware for your specific business.
Firstly, if you are in doubt about the possibility of high pricing for POS hardware, consider how you could actually save money over the lifetime of your business’s relationship with a credit card processing company.
Some of the many software and hardware features you will want to consider are:
- Speed/ease of use
You need to be on top of things while running your business. Things have to move quickly and at light speed. A slow system can be maddening to both you and the customers. While speed is also related to ease of use, a simple easy to understand POS, where the user can navigate smoothly, can make a huge impact and ensure profitability for the store.
- Billing & Payment Processing
The most key aspect of your software should be an integrated payment solution to accept any kind of payments — cash, card, meal vouchers, mobile wallet, bitcoin or UPI. Accepting all types of payments helps you stay ahead of the competition and never miss out on a sale.
- Inventory Management
Look for software that not just offers basic inventory management but helps you manage your product library. You should be able to add, edit and remove products in the app in seconds. A comprehensive in-app library helps in creating categories and speeding up payments making it easier to keep track of all the sales. It lets you receive reorder alerts, detailing items that are running low or out of stock, saving your time and space.
- Cloud-Based Reporting & Analytics
Accurate business intelligence boosts business growth by providing access to reports on sales, items, and customers. Look for software that provides such analysis across date ranges. Access to the data analytics should be real-time data, accessed from anywhere and everywhere.
- Space, Costing & Ease
Efficient POS software is compact and easily portable. They are programed for simple use so that it is employee friendly and most of all it comes at effective pricing that actually works out cheaper than the bulky programs that involve hiring professionals skilled to operate the software, technical engineers for maintenance and so on.
- Value-added Services
Important add-on features should include bill payments, ticket bookings, mobile recharges, gift vouchers. This not only keeps customers coming back to your store but also helps the business make more.
- eCommerce
Look for software that would automatically help you start selling online and connect with customers across marketplaces.
When it comes to putting a POS system together, the last place you will want to cut corners to save a few bucks is in the software. Having all the right features will be well worth the cost in time and headaches down the road.
In conclusion, the most valuable POS system is one that will allow you to run your business the way you need to. Every business is unique in its needs and processes, but a well-planned POS system can be made to work for any business type.
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