Did you know that global e-commerce sales are expected to reach $6.4 trillion by 2024? This rapidly growing number indicates that online businesses need a reliable and convenient solution to keep pace with the ever-changing customer demands.
With the advancement of POS development services, retailers can enjoy a greater alternative to the traditional cash register system. Point of Sale is a technology-driven solution that helps businesses manage employee schedules, track inventory, and aggregate data for personalized business strategies.
These systems have become indispensable to survive in the competitive race of online business. Statistics highlight that more than 68% of enterprises use these systems to capture new sales and accept various payment methods instantly.
A point-of-sale system does much more than drive your sales and handle payment transactions. It can help businesses with every aspect from inventory tracking to employee scheduling. You will find many point of sale systems that aim to deliver the best-desired results. But in reality, not all systems are designed to meet your expectations.
We have compiled a comprehensive guide covering all questions regarding this software selection to help you choose the best point of sale development strategy for your business.
What is Point of Sale System: A Brief Overview
A point-of-sale technology combines hardware and software that allows companies to track sales and take payments. Modern software not only facilitates face-to-face transactions. It streamlines your business operations with the following advanced features:
- Customer Relationship Management (CRM)
- inventory management
- e-commerce integration
- contactless payment option
- Reporting and Analysis
POS systems are making inroads in the digital business world in a big way due to their advanced features and impressive functionalities. Statistics show that the global market size for software is expected to reach 18.1 billion by the end of 2027.
Benefits of using point of sale software
Point of sale system can help your business to reach higher level in the following ways:
- You can track and manage your inventory in real time. This can save you from running out of stock or over-ordering your popular products/services.
- The advanced security features of this software help you prevent data breaches, fraud and theft while keeping your business secure.
- Modern point of sale systems come with built-in loyalty programs, making it easy to reward your loyal customers. This encourages buyers to become long-term customers and recommend your products/services to others.
- It helps to improve your customer services
- This allows you to speed up your transaction processing and serve more customers in less time.
- With regard to product information and pricing, POS systems provide less room for human error.
Point-of-Sale System Type
Depending on your needs, you can choose from the following types of point of sale systems:
Web-Based POS System
A web-based point-of-sale technology hosted on a remote server. This approach is less expensive and requires less maintenance and installation.
terminal pos system
Terminal Point of Sale System is an excellent solution with the right combination of software and hardware solutions. It usually has wireless or cellular connectivity to validate transactional data and process card payments. This includes credit card readers, cash drawers, computers and barcode scanners.
Cloud-Based POS System
Cloud-based point of sale systems are similar to web-based solutions but offer greater scalability and flexibility. This system is best suited for businesses that have multiple locations.
mobile pos system
A mobile point of sale solution uses a smartphone to access analytics and process payments. It helps businesses to check in their customers and manage inventory from anywhere on-premises.
Things to Consider When Choosing the Best POS System
There is no one-size-fits-all business when it comes to choosing the right point of sales development solution. Our following recommendations can help you select the right system to meet your business needs:
The POS technology you choose should work in perfect harmony with your e-commerce platform to help you manage all your business activities from one place. Using separate systems to manage retail and online stores can result in a poor customer experience. But integrating your e-commerce platform with a POS system can help avoid many pitfalls and streamline your business activities.
order fulfillment options
Today’s shoppers need the flexibility to make purchases using a variety of payment options. Whether your customers shop online or in store, you need to make them feel comfortable. If your point of sale technology opens up flexible order fulfillment options, such as pick-up in-store, buy online and home delivery, it will help give your customer a seamless shopping experience.
Accepted Payment Methods
Your selected POS method must be able to accept major retail payment options, such as split payments, card-not-present transactions, chip cards, contactless payments, magstripe credit cards and cash.
Point of Sale Features
Along with core functionalities, such as order fulfillment and accepted payment options, the right POS system should have the following primary and advanced features:
- customer relationship management
- customer data protection
- employee access management
- loyalty card processing
- receipt generation
- payment process
- Product Shortcut Keys
- Order Processing
- customer billing
- employee sales performance tracking
- anti fraud protection
- gift card
- customer data analysis
- financing proposal
- POS Lending Offer
- Return and Refund Management
- offline operating mode
- Invoice generation and management
- digital customer receipt
- Personal Discounts and Promotions
- cross-sell recommendations
- Product Catalog Synchronization
- Inventory Management Tools
- Omnichannel Retail Analytics
- real-time inventory tracking
- e-commerce integration
- Auto-order product suggestions
Point of sale systems have become widely popular among businesses of all types. It is a technology-driven solution that helps with every aspect of your business activities, from inventory management and employee scheduling to payment processing.
Not all point of sale systems are designed to meet the needs of businesses. When choosing the best POS system, you must be very careful and consider prioritizing your business type. Opt for a system with essential features like inventory management, e-commerce integration, financing offers, customer data analytics and reporting, and auto-order product suggestions. You can take help from experts like Adventis for the best point of sale development solutions.