“Using an affordable, integrated POS system, an independent retailer with revenue of $300,000 can cut costs by close to 10 percent, saving an average of $30,000 a year” explains Entrepreneur Magazine in a recent article. However, the POS’ ability to save cash, as well as generate revenue, is largely dependent on the POS app. Therefore, before a business decides to invest, it’s a good idea to take a look at the capabilities of the software package.
Unification
If you’re new to retail, being able to manage multiple facets of the business from a single hub might not seem important. However, this will become increasingly important as you grow and expand. If you already manage multiple brick-and-mortar stores, it’s essential to be able to be able to access data from both. This is equally important if you run an online shop or e-commerce site. Finding a single POS app to manage both can be a challenge, though it’s well worth the time to find one that will manage both.
Cloud
Cloud-based systems are among the most popular, and for good reason. They allow your data to be hosted externally, which can help you better manage funds, control inventory, and manage the business while you’re away. Wherever you are, your devices will automatically update information as it happens between locations. This way, if power is lost, or there’s no internet connection, you can still continue selling. The POS app will send your data to the cloud as soon as it’s able.
Payments
Most POS apps allow for customer account management or, at the very least, transactions. The ability to accept credit cards is a must, as they’re expected to account for three-fourths of all sales in the near future. They will vary in regard to how they accept payments, and if you already have an online store, it makes business management easier to see if you can combine the two.
Hardware
Depending on the nature of your business, you may also want to add on hardware pieces, and your POS app will need to allow for integration. If you don’t start off with a full kit, you may want to add on things like a credit card reader, receipt printer, or barcode scanner. Remember that the needs of your business will probably change as it grows, so you might find yourself wanting to add more hardware on later. It’s been said that one of the reasons small businesses fail is that management fails to grow slowly, so do take care with your ordering. It’s a sound business strategy to start out small, but ensure that the product will allow you to grow later.
Compatible apps
Every market is different, and each business may benefit from different tools. As Sahir Anand, Director of Retail Research at the Aberdeen Group, noted, “There can be no holistic shopping experience unless you give some value back to your customers on a consistent basis and you thank them for spending their valuable dollars with your company.” You might wish to integrate one that specializes in loyalty at a later date. You’ll also find other business management solutions that can further help with customer service, accounting, budgeting, scheduling, labor, and more.
Cost
Obviously cost will come into play, but it’s a good idea to look at value more than anything else. A low-priced solution might be less beneficial, but if there are apps which can be added inexpensively, it may be the right choice for you. It will also let you customize your POS so it’s the right fit for your business. On the other hand, you may find a top-tier service that gives you everything you want in a single package. If cost is one of your deciding factors, be sure to look at the costs involved in start-up, hardware, extra apps, monthly service fees, and any charges you will need to pay in order to accept credit cards. A final thing to consider is whether the service allows for a free trial or not.
Overall, POS can save your business a tremendous amount of money, and it can also help increase revenue. This is because the overall profitability of your business is dependent on not only having the best programs to suit your needs, but also in employing the strategies you discover. Although there isn’t a one-size-fits-all point-of-sales, you’ll find that yours is an all-in-one product, as it will reach into all areas of your business. Moreover, you’re likely to be using the same programs for a long time to come, and it’s difficult to transition if you change your mind. Be sure to exercise diligence as you begin your search for the right one for you.