12 Must-Have Features in POS Software for Retail Businesses
August 21, 2023
When it comes to features, POS software solutions can be really overwhelming and confusing. As a retailer, you can get irritated when you visit POS software websites and find those complicated POS software descriptions, features, and jargon that you don’t understand. Companies selling these software solutions often make the classic mistake of spilling everything they have on their home pages and landing pages. They have this compulsion, a mindset that any retailer or potential POS buyer will get impressed by the numerous features they have to offer.
However, such a display of complicated POS features and functionalities can actually refrain a retailer like you from actually investing in the software. The reason is simple. You may not know, what is actually required for running your retail store efficiently. You may have little idea of the key features and essential functionalities that a POS system must have to keep your store operations smooth and customers happy.
This article is your guide to addressing the above issue. After extensive research and interviews with retailers, we have understood their pain points and have listed the top 12 features that retailers want and use the most to keep their businesses on track.
Read this article to know which features are critical to categorize a POS as the standard point of sale solution.
The retail environment demands swift and precise operations. You cannot make customers wait for anything. Faster billing and invoicing with no queue payment transactions are top priorities of retailers. With a cloud-based POS system, invoice management becomes simpler. It significantly eases creating and handling invoices (for both customers and suppliers).
For instance, whenever you sell an item to a buyer, the POS system records the transactions with the help of a barcode reader and automatically includes tax computations and discounts or offers if applicable. With the invoicing feature, POS software then generates an invoice detailing all items, the customer’s mobile number (if asked), and other details as customized by you. The invoice can be printed and given to the customer.
Some POS software solutions such as VasyERP POS also have features to allow you to send the invoice via Whatsapp or SMS.
Nothing can undermine your profits as much as the incorrect levels of inventory in your retail store. Successful inventory management leads to fewer instances of stock shortages, expired items, or cases where you accept orders without having the stocks in the store. An inventory tracking feature within a POS system enables you to automatically reorder supplies to prevent stock-out situations. With real-time updates in inventory with every sale that you make, you are in the loop of every item that is housed in your retail store.
Choosing the right point-of-sale (POS) system for your enterprise can effectively streamline your inventory management process. A cloud-based POS system, equipped with features such as automated tracking of stocks, dynamic inventory management, stock verification etc., empowers you with real-time information about existing supplies in stores. This eliminates the need for intensive and frequent manual checks on inventories.
When you have a retail store, accounting requirements cannot be ignored. POS software featuring integrated accounting capabilities will allow you to efficiently monitor and manage your bookkeeping needs. It also provides detailed insights into profit & loss trends and balance sheets. Point of Sale (POS) with Accounting integration facilitates the automatic logs for store transactions for accounting purposes and generates financial statements helping retailers make well-informed financial decisions.
POS systems with accounting modules simplify journal entry maintenance by automating the tracking of sales data along with inventory metrics. This not only minimizes potential accounting errors but also saves substantial time compared to conventional manual bookkeeping methods.
In this era marked by rapid digitization, retailers must evolve with changing consumer shopping habits. The key to modern retail success lies in creating a cohesive link between your physical outlets and digital channels. Omnichannel retailing is bringing your in-store and online sales together. It allows you to connect with your customers online, and offline. By implementing an omnichannel Point-of-Sale (POS) system, you can simplify these operations, and appeal to a larger customer base. It ensures that both your physical outlets and online stores are always updated promptly.
An Omnichannel POS system offers immense benefits to any brick-and-mortar retailer to set up e-commerce stores and take the business online. Omnichannel POS system enables your customers to buy from you only, whether they choose to shop in person at a store or through your online store.
Integrating a payment gateway with a Point of Sale (POS) system facilitates swift and secure transactions for customers. If the POS system isn’t compatible with diverse payment modes, it would prolong checkout times and complicate accounting reconciliations. Therefore, merchants should invest time in finding the optimal POS system that can effectively deal with numerous payment avenues.
It is essential to have a versatile setup that accepts payments from credit/debit cards, digital wallets, Unified Payments Interface (UPI), etc. and also allows for refunds through these channels if required.
Before you delegate your financial dealings to a third-party firm, it’s crucial to conduct thorough research to assess the company’s trustworthiness. The sphere of online transactions is full of risks as instances of POS-related fraud and hacking activities are on an alarming rise.(Infosys BPM Report). Prioritize understanding the security aspects associated with payment interfaces and gateways before deciding on a Point of Sale system investment.
Point of Sale (POS) systems are designed to manage multiple stores using the same software implementation on all stores and all billing counters. Single and centralized POS systems cater to multiple stores while keeping the data and reporting centralized. Such systems can be deployed by retail store owners with multiple billing counters, or different store locations.
If you have franchises or a chain of stores then, this is a prime feature that you should look for before investing in POS systems. Such systems come with features like cross-store stock management and transfers, multi-store inventory control, a single CRM database for all customers, etc.
While refunds, exchanges, or cancellations are no retailer’s favorite activity, it comes as a part and parcel of the overall retail business. While returns cannot be avoided altogether, the pain points can be lessened by using POS systems that come armed with features that streamline these processes! In today’s fast-paced world, every customer values a convenient return procedure, as standing in lengthy queues at the Point-of-Sale (POS) returning products can be frustrating. An efficient and prompt refund/return process can demonstrate your flexibility, work ethic, and professionalism in your customer service.
Look for POS systems that are equipped to manage product returns and reimburse customers for their purchases without hassle. If an order comes with discounts/complimentary gifts/freebies, these can also be returned like any other items. Loyalty points initially awarded for a refunded item are automatically withdrawn when the transaction is reversed.
Integrating promotional activities and discounts with your Point of Sale (POS) system can ease billing operations, ensuring no chaos at the counter. Retail outlets that implement POS terminals with discount functionality can instantly scan discount coupons at checkout. Retail POS solutions equipped with discount control features offer you the liberty to apply price reductions on products without having to individually adjust each item’s cost.
The need for manual tracking of discounted goods is eliminated as any discount/offers/coupons get added by default once items are scanned into the system. The software can also tabulate the total number of vouchers utilized, and ensure accurate reimbursement.
An mPOS, or Mobile Point of Sale, provides the same POS service but with the added benefit of mobility; it can be accessed on smartphones or tablets rather than being limited to desktops and laptops. Its capabilities and features are comparable to a traditional desktop POS system. As mPOS can help you and your retail staff to take payments from anywhere in the store, it can drastically reduce queues and enhance the customer checkout experience.
mPOS are also integrated with accounting, billing, analytics, etc., therefore, they encompass all functions that desktop POS have.
The barcode functionality enables you to produce and print your own barcodes. Look for a POS that allows for seamless integration with barcode readers, facilitates the reading of pre-existing barcodes on manufacturers’ items, and lets you generate your own labels.
For those owning a retail establishment like a supermarket or grocery store or involved in packaging bulk goods, leveraging the POS software’s barcode billing capabilities can be extremely advantageous for keeping processes faster and error-free.
With this functionality, the POS system can be used and managed from various devices (desktops, laptops, tablets, smartphones, terminals, and Kiosks) while maintaining a consistent workflow and synchronized data across all devices. The functionalities remain the same irrespective of which device it is accessed from.
The user interface and features of the POS software remain consistent across various devices. This ensures that users can easily navigate and perform tasks regardless of the device they are using. Any changes made on one device are instantly reflected on all other devices connected to the same POS system.
POS systems should also include robust security features to ensure that only authorized users can access the POS system from different devices. This might involve features like user authentication, access control, and encryption. The cloud server security ensures the POS data remains safe and the uptime guarantee promises by POS providers are met without hiccups.
Look for POS software providers who implement strong encryption protocols to protect data transmitted between the Point of Sale (POS) devices and the cloud server. Also, check if security audits are conducted timely and data is backed up in real-time.
In the hunt for a retail POS system, you would probably prefer one having all the above features and attributes. A POS with all the above features can be a great asset to your business and its investment will fetch you great results in the long term.
VasyERP is the best POS software for small stores, mid-size stores, large retail showrooms, supermarkets, and retail chains with multiple locations. Apart from the above-mentioned features, it also provides deep reporting insights about business specifics, particularly on sales (top-selling products, most ordered, etc.).
For availing a free demo of its services click on this link.