Did you know that global e-commerce sales are expected to hit $6.4 trillion by 2024? This drastically increasing number indicates that online businesses need a reliable and convenient solution to keep pace with the ever-changing customers’ demands.
With the POS development services advancements, retailers can enjoy a greater alternative to the traditional cash register system. Point of Sale is a tech-driven solution that helps businesses manage employees’ schedules, track inventory, and collect data from personalized business strategies.
These systems have become inevitable for staying in the competitive race of online business. Statistics highlight that over 68% of enterprises use these systems to capture new sales and quickly accept various payment methods.
A Point-of-Sale system does more than just increase your sales and handle payment transactions. It can help businesses with every aspect, from tracking inventory to employee scheduling. You will find several Point of Sale systems that aim to deliver the best-intended results. But in reality, not all the systems are designed to meet your expectations.
We have compiled a comprehensive guide covering all the questions about 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 technique combines hardware and software that allows companies to track sales and take payments. Modern software does more than just facilitate in-person transactions. It streamlines your business operations with the following advanced features:
- Customer Relation Management (CRM)
- Inventory Management
- E-commerce Integrations
- Contactless Payment Options
- Reporting and Analysis
POS systems are getting massive penetration in the digital business world due to their advanced features and impressive functionalities. Statistics reveal that the global market size of the software is expected to hit 18.1 billion by the end of 2027.
Benefits of Using Point of Sale Software
Point of Sale systems can help your business reach higher levels in the following ways:
- You can track and manage your inventory in real time. It can save you from being out of stock or overordering your popular products/services.
- The advanced security features of this software help you prevent data breaches, fraud, and theft, keeping your business safe.
- Modern Point of Sale systems come with built-in loyalty programs, making rewarding your loyal customers easier. This encourages buyers to become long-term customers and recommend your products/services to others.
- It helps improve your customer services
- It allows you to speed up your transaction process and serve more customers in a shorter time.
- Regarding product information and pricing, POS systems offer less room for human error.
Type of Point-of-Sale Systems
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 technique is hosted on a remote server. This approach is less expensive and requires little maintenance and installation.
Terminal POS System
A terminal Point of Sale system is a classic solution with a perfect combination of software and hardware solutions. This usually has wireless or cellular connectivity to validate transactional data and process card payments. It comprises a credit card reader, cash drawer, computer, and barcode scanner.
Cloud-Based POS System
Cloud-based Point of Sale systems are very similar to web-based solutions but offer more 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 check out their customers and manage inventory anywhere on-premises.
Things to Consider When Choosing the Best POS System
When it comes to choosing the right Point of Sale development solution, there are no-size-fits-all businesses. Our following recommendations can help you select the right system to complement your business needs:
The POS technique you choose must work in perfect harmony with your e-commerce platforms to help you manage all your business activities from the same place. Using separate systems to manage retail and online stores can cause a messy customer experience. But integrating your e-commerce platforms with POS systems can help avoid several pitfalls and streamline your business activities.
Order Fulfilment Options
Today’s buyers need the flexibility to shop however they wish by using different payment options. Whether your customers shop online or in-store, you must make them feel convenient. If your Point of Sale technique opens up flexible order fulfillment options, such as pickup-in-store, buy online, and home delivery, it will help give your customer a smooth shopping experience.
Accepted Payment Methods
Your selected POS method must be able to accept major retail payment options, such as split payment, card-not-present transactions, chip cards, contactless payment, magstripe credit cards, and cash.
Point Of Sale Features
Along with core functionalities, like order fulfillment and accepted payment options, the right POS system must have the following primary and advanced features:
- Customer relationship management
- Customer data security
- Employees access management
- Loyalty card processing
- Receipt generation
- Payment processing
- Product shortcut keys
- Order processing
- Customer billing
- Employee sales performance tracking
- Anti-fraud protection
- Gift cards
- Customer data analytics
- Financing offers
- POS lending offers
- Return and refunds management
- Offline operating mode
- Invoice generation and management
- Digital customer receipt
- Personalized discounts and promotions
- Cross-sell recommendations
- Product catalog synchronization
- Inventory management tools
- Omnichannel retail analytics
- Real-time inventory tracking
- E-commerce integrations
- Auto-order product suggestions
The Bottom Line
Point of Sale systems have become massively popular among businesses of all types. This is a tech-driven solution that helps you 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 fit 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 necessary features like inventory management, e-commerce integrations, financing offers, customer data analytics and reporting, and auto-order product suggestions. You can seek help from experts like Edvantis for the best Point of Sale development solutions.