Whether your business operates online, offline or both, Point of Sale (POS) software is critical to manage your business efficiently. It simplifies daily duties and offers accurate solutions to common process woes.
Investing in a good POS system is not just beneficial for your business, it will also be a great help in maximising your labour efficiency and at the same time providing customers a better user experience. In the United Kingdom alone, there are almost 53 million credit cardholders in 2021. Globally, the digital payment market is expected to grow at a compound annual growth rate (CAGR) of 10%, reaching USD 12.55 Trillion by 2027.
A fair amount of POS software solutions are available in the market, but how do you go about determining the POS software requirements for your business?
POS System Type
First, consider the type of POS system implementation that’s suitable for your business. There are three major types including On-Premise, which requires a local data centre to house your own servers, Cloud-Based, where your data is stored in external cloud servers, and Hybrid systems which utilises both local and cloud-based servers.
Important POS Features to Consider
- Sales Reporting & Analytics
Gathering relevant information through reports provides you with greater understanding and insights about the state of your business. However, it could be tedious and prone to errors when done manually.
With a POS system, reports such as sales, contacts, prices, purchases, inventories can be easily accessed and generated. This can assist you in making data-based decisions that allow you to optimise your operations for greater performance.
Take into account this feature if reports and figures are integral in your management.
- Customer Management
Documenting your customer data such as their name, phone number, purchases, e-mail, etc., can render a better overview of your target market and demographic. A POS software can file this information in your system so it would be easy for you to increase engagement with your most valuable customers during promotions and sales.
Consider this feature, if customer engagement is essential to your business.
- International Pricing
Perfect for businesses operating in various countries, this POS feature allows you to monitor multiple currencies and conversions. It offers fiscal printing and multi-language options which are useful for international trading.
- Inventory Management
Managing your inventory is vital to the success of your business. A POS software can create a database which you can use to keep track of your stock, transactions, and a record of your best or worst selling items. With this data, you can better design your price positioning strategies.
Often essential for retail stores, integrating your POS system with inventory management software will provide you with an idea of which products to replenish, and can help with identifying bottlenecks that would have otherwise gone undetected. Moreover, an effective POS system is able to automate crucial aspects of inventory management, such as updating stocks against purchase orders across multiple outlets, resulting in greater cost-efficiency and lower labour costs in the long run.
- Omni-channel Fulfilment
Regardless if you’re a local business or a global corporation, adopting an Omni-Channel EPOS System can be helpful as it can notify and allow store staff to process and track multi-channel orders, thus significantly reducing workload and promoting a more centralised process and distribution of data throughout all stores.
- Eurostop Software & Solutions
Headquartered in London with offices across the globe, Eurostop has developed a reputation in enhancing performance and improving productivity through our effective retail and point-of-sale solutions. Our diverse fashion, footwear and lifestyle clientele ranges across industries regardless if our clients require Enterprise Level POS Solutions or EPOS Systems for smaller businesses.
Looking to scale your business efficiently? Speak with our POS system specialists today.