Category: Retail

Simplify your business by integrating your business operations with POS system

Post author By Sadiq Lithos
Post date February 20, 2023
22 Comments on Simplify your business by integrating your business operations with POS system

Integrate your business operations with the POS system | LithosPOS

By integrating your various business operations with a point of sale system (POS) the business can be more simple and powerful. Managing different functions of your business with 100% efficiency can be challenging. It is really hard to manage and keep your business operations efficient. integrated POS system is the solution for that.

In this blog, we aim to let you know how a point of sale integration can be used to simplify your business.

We are discussing in this blog

What is an integrated POS system?
The Benefits of Integrating Your POS System with Other Business Tools
What business operations can you integrate with the pos system
What business software can be integrated with POS
Best integrated POS

What is POS and what is meant by integration?

POS system is a system that is used to manage sales, track inventory, customer and employee management, simplify payment transactions, and more. Some common POS systems include the following functions.

Sales transactions: Sales transactions can be managed such as cash, credit card, and other payment transactions.

Inventory management: Simplifies inventory operations by tracking them.

Customer management: Managing customers can be simplified, identify your loyal customers and their buying behavior.

Employee management: Identify your employee’s efficiency and inefficiency, and manage them

Payment processing: By integrating payment processing, it allows you secure and efficient payment transactions.

Reporting and analytics: Get real-time insight into your business, and generate tax reports, purchase reports and sales reports, and more.

Integrated POS

POS can be integrated with different business operations and software to simplify business tasks. Integrating different business functions will allow you to run an efficient business. You know how hard it is to manage a business. It is challenging to keep all your business functions efficiently. the integrated POS system can be the solution for all your business challenges.

Let’s dive deep and know what type of business operations can be integrated with POS

Inventory management

The inventory can be integrated with POS and it allows you to track and keep your inventory efficient and powerful. It is really beneficial to gain a real-time report of your inventory. This allows you to gain an accurate view of what is happening in your inventory.

Based on inventory data you can take proper business decisions. Identify which items make more profit and which do not. It will give you a better understanding of your inventory and keep inventory profitable.

By automating your inventory you can reduce manual operations, save time and eliminate mistakes. However, all of your inventory operations can be kept efficient and profitable by integrating POS.

You can also integrate POS with your existing inventory management system. This allows you to manage your inventory from POS.

Various financial operations can be automated by integrating your inventory management with POS.

Real-time inventory tracking – The integration helps you to track your inventory in real-time by recording SKU, product description, stock quantity, and other relevant data. This is really helpful to control your inventory and eliminate overstocking and out-of-stock issues.

Purchase order automation – Purchase order operations can be automated with the help of the integration of inventory management and POS based on inventory levels, reorder points, and lead times. This is helpful to inventory levels are always optimal, improves vendor relationships, and reduces stockouts.

Order fulfillment – order fulfillment can be automated by integrating inventory management and your POS by tracking orders as they are received and processed, preparing order invoices, and updating inventory quantities accordingly.

Multi-location inventory management – The integration of your inventory management and POS system helps you to keep your inventory efficient. It is easier to transfer goods across your locations. Generate reports and analyze the inventory performance of both of your businesses.

Financial management

Integrating financial management operations with POS systems will be more powerful and efficient. An Integrated POS system can provide accurate financial reports. The system automates so many manual tasks, so errors can be minimized.

POS provides real-time data that can be useful to make important and accurate decisions on businesses. This allows you to make better cash flow decisions and helps you to manage cash effectively.

The POS and financial management enables more transparency in your financial operations. So you will have more control over your financial transactions.

However, your Accounting and financial management software such as SAP, Oracle cloud, QuickBooks, Emaar, ZohoBooks, and Tally can be integrated with the POS system. This will power your business’s financial operations and provide real-time data, better decision-making, and efficiency.

What financial operations can be automated by integrating your financial management with POS?

Payment processing – All the payment transactions can be automatically recorded in accounting and financial reports.

Reporting and Analytics – The integrated POS system helps you to generate reports such as Tax reports, daily sales reports, cash flow statements, and other financial reports within seconds. This helps to avoid errors and saves time.

Budgeting and forecasting – By integrating POS with your financial reports you will get better insight into your sales and other purchase reports. It will help you to manage your cash flow and other financial operations.

Customer relationship management (CRM)

Customer relationship management software should be more powerful. Because the software manages the customer interactions and data through the customer lifecycle. It helps you to gain existing and new customers.

You can automate all your CRM operations by integrating your existing software with POS. or it is also possible to use the CRM feature on POS.

By integrating CRM with POS you can improve customer experience, Better Customer Insight, Increased Sales, Improved Customer Loyalty, and Streamlined Operations.

The POS tracks customers’ data and their purchase history. It allows you to increase customer experience through personalized communications and offers. This can help you to boost your sales and customer loyalty.

It helps you to identify your loyal customers and better insight into their purchasing behavior. This is also helpful to understand the constantly changing customer purchasing behavior.

Based on customer data you can upsell or cross-sell your products through various marketing platforms. Overall you gain customer data by using POS and use it for better customer retention and new acquisition.

What business operations can be automated by integrating your CRM with POS

Customer data collection – The integration helps you to collect customer data automatically and stored it in your CRM. The data record valuable information such as contact details, purchase history, and other relevant data.

Loyalty programs – The integrated POS system helps to automate loyalty programs, where customers can earn points or rewards for their purchases. You can analyze customer data identify your loyal customers and use the customer data for various loyalty programs.

Marketing automation – By integrating POS with CRM software you can automate your marketing activities.

Customer service – You can provide a premium customer experience by providing personalized service. The integration helps you to automate various business functions such as tracking customer inquiries, orders, or complaints.

Marketing and sales

POS can be integrated with marketing and sales business operations. It helps you to identify customer behavior and allows you to build effective marketing campaigns.

By integrating your marketing and sales with your POS you can manage customer data, customer loyalty programs, targeted promotions, email marketing, and social media.

By using customer data you can run effective promotion campaigns. As we discussed above, integration with CRM can help you to gain detailed customer data. It can be used for your marketing activities.

The integration helps you to plan an effective customer loyalty program. The data allows you to identify your loyal customers based on their purchase history and spending.

You can also use the POS customer data for targeted marketing campaigns. You can use contact information for targeted marketing through social media, email marketing, and SMS marketing.

So, what marketing business operations can be automated

Promotions and discounts – Customer data can use for various promotional activities such as email marketing, SMS marketing, and other social media marketing.

Customer relationship management (CRM) – POS system can collect customer data and contact information. by analyzing your customer reports and buying history you can identify your loyal customers and plan better marketing strategies.

Sales reporting and analytics – Sales reporting and analysis can help you to identify your business performance. It allows you to take appropriate decisions at the right time. You will better understand your customer behavior and market changes, which is more useful data for marketing.

Sales forecasting – The data is useful to identify upcoming trends and market changes. It is also helpful to plan successful marketing strategies.

Sales training and performance management – You can identify your best employees based on performance reports. and who needs proper training. it is really helpful to execute better employee retention and productivity-increasing strategies.

E-commerce

Integrating your E-commerce business with a POS system simplifies business operations. You can integrate with E-commerce platforms like WooCommerce. It is challenging if you are running an online and offline business.

So, what things can be changed?

By integrating your E-commerce business with POS you can keep efficient inventory, payment, and customer, and get real-time detailed reports and analytics. For example, If one order is placed on your online store the stock should be deducted from your inventory.

Managing those kinds of tasks cannot be managed manually. Especially if you are getting too many orders. It also ensures the availability of stocks and helps you to give premium customer service.

The detailed report and analytics show you the overall performance of your both online and offline business. The data can be used to keep both of your businesses efficient.

The POS can track your customer and collect their contact details. It can be used to target promotions later on.

What E-commerce business operations can be automated by integrating with POS?

Inventory management – E-commerce integration with POS can automatically update inventory levels across all channels, preventing overselling or underselling

Order Processing – Order processing can be automatically processed with the help of POS. It helps you to prevent human errors and save time.

Sales reporting – Gain detailed sales reports in real-time and analyze your E-commerce business.

Customer data management – E-commerce integration with POS can synchronize customer data across channels.

Payment processing – Payment processing can be simplified and efficient by integrating your E-commerce business with POS. It enables seamless payment processing across all channels.

Marketing and promotions – It is more convenient and simple to run targeted promotions by using customer data. POS collects customer data that can be used to increase customer retention.

Payment integration

Integration of various payment methods such as card, cash, contactless, cheque, split payments, loyalty, and payment partners will help to provide a premium customer experience. It gives them more freedom to choose the payment method they want.

Digital payments such as contactless and tap-and-go methods help speed up your checkout process. This reduces the long queues and clears the checkout counter as free.

Because you can speed up your checkout processing, you can also reduce your checkout counters and cut the labor cost as well.

Various business operations can be automated by using integrated payment

Payment processing – Payments can be automating payment processing and reduce the need for manual input and save time.

Invoicing – Integrated payment can generate and send invoices to customers automatically.

Payment reports – Payment reports help you to gain better insight into your customer behavior and overall insight into your business

Accounting – Payment data can be integrated with your accounting software, so you can get real-time reporting and streamlined bookkeeping from that.

However, businesses need to make payment systems efficient and convenient for future business success and growth, as digital payments can grow exponentially. An integrated payment system is the best way to do that.

Aggregatory integration

The food aggregators integration helps restaurant businesses to scale and grow their business. Integrating various food aggregators like Zomato, Swiggy, Uber Eats, and Talabat will help you to grow your business online.

You can manage your online offline orders from the POS. The orders can be displayed to the POS and KDS. The chef can prepare the food according to the orders.

The integration helps you to automate the majority of your business operations such as

Order management – Automatically receiving and processing orders and reducing the possibility of human errors.

Inventory management – The system automates inventory operations. So even if the stock goes down the stock will be generated automatically. It can be useful to keep your favorite items available.

Menu updates – You can change the menu anytime, and the change will automatically update in the aggregator’s platforms. However, you can change and update your menu in real time.

Payment processing – It helps you to avoid manual payment operations and keep your payments easy and secure.

Reporting – By getting detailed reports and analytics, you will get a clear picture of your business. The data can be used for a better understanding of the market and your customers.

Integrating your complex business functions with Point of sale software will make your jobs easier. By automating these business operations you can save a lot of time, cut costs like labor and other operational charges, and eliminate errors.

However, it is really important to make sure you are using the right POS system. One of the main problems of most POS systems cannot be integrated with multiple payment partners and other accounting, CRM, and inventory management software.

Most POS systems have their own features like inventory management, CRM, and accounting. But if you want to manage your business operations with external software and at the same time want to automate the operations, you have to integrate with the POS system.

Make sure you are investing in an integrated POS system with different payment partners on your country’s basis. It allows you to offer the right payment options to your customers.

blog POS Restaurant Restaurant POS Retail Retail POS Small businesses

How to find the best Point Of Sale (POS) system for your retail business in 10 steps?

Post author By Rashid Lithos
Post date February 17, 2023
2 Comments on How to find the best Point Of Sale (POS) system for your retail business in 10 steps?

ways to choose right POS | LithosPOS

It’s proven that a dynamic point-of-sale platform has become essential for running a successful business. Whether it is a retail store or restaurant, it automates POS terminals and billing counters with integrated flexible payment options, streamlined inventory management, and integrated customer loyalty programs.

A recent study states that more than 67% of businesses have adopted a Point-of-sale system (POS). Moreover, these businesses achieved substantial growth in their customers’ shopping experiences and improved their overall performance.

10 Factors should be considered while choosing POS for your retail business

However, with thousands of POS solutions available in the market, choosing the best one can’t be an easy task. When choosing the best Point of Sale (POS) system for your business, several factors should be considered.

Identify your business needs.
Features and functionality.
Easy to use interface.
payment Integrations.
Aggregator Integrations.
Account book integrations.
Consider business Scalability.
Device Compatibility.
Check customer support.
Consider the cost.

1. Identify your business needs:

The first step is to assess the current processes and operations of your retail business and identify areas where a POS system can improve efficiency and effectiveness.

Determine the specific features and functionality your business requires in a Point-Of-Sale system to streamline your business, such as online and offline order management, payment flexibility, inventory management, loyalty management, customer management, employee management, and reporting capabilities.

It depends on the type of business in which you operate. If you have a multi-location store you will need features to manage the store remotely.

If you are doing more online orders you may require a delivery app or integrations with aggregators to manage online orders. Talk with the POS sales team and explain the existing pain points and ask if their POS can provide a solution.

2. Features and Functionalities:

Consider the features and functionalities of the POS you are looking for. If you need the POS system to integrate with other software, such as accounting systems and aggregator applications. Make sure the POS you choose supports the integrations you need.

It is also important to consider future scaling and expansion plans, as the chosen POS system should be able to accommodate changes in the business like adding new stores, managing multiple stores, transferring stocks between stores, etc.

By taking the time to deeply understand the business requirements, a retail business owner can make an informed decision and choose the best POS system that will help them grow fast.

3. Easy-to-use interfaces:

An easy-to-use POS software enables you to quickly ring up sales to get customers in and out of your store faster. Take a demo tour and walk through the key features and functionalities in order to get an idea of what that POS has to offer for your retail business and to see what it looks like.

Then use the trial version and experience the application to make sure it is easy to use and navigate. A POS solution designed with end users in mind can not only reduce the queue at the check-out section but also save time and money for your business.

4. Payment integrations:

It is important for any business to have the capability to accept multiple forms of payment in order to cater to the preferences of different customers.

A Point of Sale (POS) system that only has limited payment options may limit the potential customers and reduce net sales. To attract and retain different customers, it is essential for a retail business to have a POS system that has leading payment integrations, such as credit/debit cards, UPI, and other digital payment methods.

This will allow customers to make purchases with the payment method they prefer, enhancing the shopping experience and building customer loyalty. This will not only help increase sales but also improve customer experience.

5. Aggregator integrations:

Some POS software offers direct integration with order aggregators like Zomato, Swiggy, Uber eats, Deliveroo, Doordash, etc. It helps businesses streamline their ordering and delivery process by allowing customers to place orders directly through the delivery app, reducing the time and effort required to process orders.

Secondly, it increases the reach of the business by providing an additional channel to place orders. Additionally, delivery app integration helps improve order tracking and speedy delivery management, providing real-time insight and reducing the risk of errors.

Moreover, it helps enhance the customer experience, and improve order management for your retail business.

6. Account books integrations:

If you are already using accounting software such as Zoho Books, QuickBooks, or Oracle Cloud in your business it can be integrated directly with some cloud-based Point of Sale (POS) systems that can bring significant benefits to businesses.

Such integration streamlines data entry by eliminating manual data entry, minimizing errors, and saving you valuable time. With this integration, the data from the POS system is automatically transferred to the accounting software and vice versa. It ensures data accuracy and reduces the chance of manual entry errors.

Additionally, this provides a unified view of inventory, sales, and expenditure, enabling you to make perfect decisions based on real-time data. Overall, the integration of accounting software and POS software can greatly enhance your operational efficiency and productivity.

7. Consider scalability:

A scalable Point-of-sale system must be equipped with the features to handle growing transaction volumes. It should be capable of adding new locations as the business expands. Therefore, scalability is a key factor to consider while looking for a Point of Sale (POS) system for your retail business.

The system should be capable of accommodating future expansion and changes in your business and provide the ability to customize the application based on the market needs.

Additionally, the system should be able to integrate with your other systems, like accounting book applications, inventory management, delivery applications, or e-commerce platforms.

Choosing a dynamic and scalable POS system is vital for businesses looking to grow and expand in the long run. Considering these facts it’s wiser to invest in a scalable POS system if you are genuinely planning to expand your business in the future.

8. Consider device compatibility:

A POS system with an integrated loyalty feature offers a comprehensive solution that can help businesses increase customer loyalty, drive repeat purchases, and gather valuable customer data, ultimately leading to increased sales and growth.

Loyalty programs like loyalty cards, virtual loyalty options, and loyalty points can help to increase customer satisfaction and retention by providing rewards and incentives to customers for their repeat business.

The integration of a loyalty program with the Point-of-sale system helps streamline the redemption process, making it easier for customers to redeem their loyalty points. and it helps the business to easily track and manage the loyalty program.

Moreover, the loyalty program data collected through the POS system can provide valuable insights into customer buying behavior, enabling businesses to make calculated decisions and design their offerings to meet the need of their customers.

9. Ensure 24×7 customer support:

Imagine your POS system faced downtime during busy business hours, it can result in a significant loss of customers and sales. This is where the importance of 24×7 customer support comes into play. With support available 24×7, businesses can quickly resolve any issues that may arise with their POS system, ensuring that it continues to run smoothly and efficiently.

Choosing a POS system that offers 24×7 customer support offers numerous benefits, including increased uptime, improved efficiency, resolving issues quickly, provides peace of mind, and increased productivity, which can help support the growth and success of your retail business in the long run.

It can greatly benefit a business by enabling the seamless operation of the system and minimizing downtime. This can greatly enhance the customer experience and improve your productivity and save time.

10. consider the cost vs benefit.

When choosing Point of Sale systems for your business, the price can often be a key determining factor. However, you should remember that the cheapest POS system may not always be the best for your business. You should consider multiple factors beyond just the cost.

Features such as inventory management, multiple reports, and loyalty capabilities are critical to running a successful retail business. Keep in mind that investing in a dynamic, high-quality POS system can provide long-term benefits for your business, saving you time energy, and money.

Additionally, rather than choosing a cheap one, It’s important to choose a Point-of-sale system that meets your specific needs, even if it costs a bit more.

Understand different POS systems.

Traditional POS systems–

These have mainly been used for two purposes, first, to manage inventory, two customer management. Traditional POS systems commonly found in retail sectors are not capable of managing new features like data collection, loyalty management, payment integration, etc.

Cloud-based POS systems-

A cloud-based POS system is hosted on a cloud server. Hence you can access your business from any device with an internet connection. It is very cost-effective as it is available for yearly and monthly subscriptions.

Nowadays businesses are rapidly shifting from traditional POS systems to cloud-based POS systems and it is estimated that more than 65% of purchases are facilitated through cloud-based POS platforms.

This clearly proves that more and more companies are finding value in cloud technology to streamline their business. Furthermore, it works perfectly on android tablets android POS terminals, IPads, and Windows tablets.

blog Retail

Shrinkage in retail and how to prevent it

Post author By Sadiq Lithos
Post date January 2, 2023
2 Comments on Shrinkage in retail and how to prevent it

shrinkage in retail | LithosPOS

Retail Shrinkage is a significant problem faced by retailers. 1.44 to 2.00 percent shrinkage is seen in retail sales. It may seem like a slight loss at first glance, but it results in tens of thousands of dollars in losses each year. Retailers are adopting a range of technological solutions to mitigate shrinkage, such as artificial intelligence-based video analytics, self-service locking cases, autonomous security robots, and license plate recognition.

What is retail shrinkage?

Shrinkage in retail refers to the loss of merchandise that occurs due to factors such as theft, damage, or error. This can have a significant impact on a retail business as it can reduce profits and increase costs.

The shrinkage can be calculated as Shrinkage = System inventory – Physical inventory.

For example, the System inventory is 20 lks, and the Physical Inventory is 19.5 lks. Then shrinkage is 10 – 9.5 = 0.5 lks.

Preventing shrinkage is very challenging for a retail business. Shrinkage has a lot of potential in a retail store. It can be collected by customers or employees.

Primary causes of retail inventory shrinkage

How the shrinkage in retail is happening

Shoplifting
Employees
Return fraud
Administrative
Unattributed loss

Primary causes of retail inventory shrinkage | LithosPOS

Shoplifting

Shoplifting is theft. This is the act of deliberately taking goods from a store without paying for them. Shoplifting causes a 36.5% shrinkage in retail businesses. Shoplifting is a crime that is punishable by law and can result in fines, imprisonment, and other legal penalties.

It also negatively affects your business image. It will also cause your sales to decrease. Customers don’t want to go into shops where shoplifting is common, they feel unsafe there.

Product falsification can lead to huge financial losses for retailers. Also, it is expensive to secure and authorize the replacement of goods to prevent such thefts.

Employees

According to a study by the National Retail Federation, more than 30% of shrinkage in retail occurred due to employee or internal theft.

Refund fraud

Another shrinking factor in the retail business is refund fraud. Stolen items are returned to the store for a money refund. This can be difficult for retailers to identify as refunds are requested using fake bills or receipts.

Special training for retail employees is essential to prevent such fraud. If you provide a valid ID or something else on the bill at the time of purchase, you can do verification on it.

Administrative

This is an error when receiving goods and billing products to customers. For example, a cashier is billing for a 10-count product. But only 8 items were billed and the other 2 items were sold without payment. So we lost 2 products because of the error.

It can be of 2 stars either done intentionally by the cashier or unknowingly omitted to scan. If the cashier purposefully misses scanning the products then it will be called a “sweet heartening” or “Under Ringing”.

However, other administrative errors can happen in stock inwarding or outwarding. For example, if you are transferring 50 goods from one store to another, and you mistakenly print 48 goods, then you lost 2 goods.

Such mistakes from the administrative side can lead to huge losses and are difficult to identify.

Unattributed loss

This is shrinkage, which does not fall into any of the above categories, but which retailers cannot understand. This leaves you and millions of other retail stores in the dark.

Ways to prevent and control the shrinkage in retail:

Retail stores often take measures to prevent retail shrinkage, such as

Security cameras

Shoplifters can be easily detected by placing security cameras in the store. And help you deal with them legally.

Security guards

Shoplifters can be quickly identified by hiring more employees. Shoplifters cannot engage in any form of shoplifting when staff is present in all critical areas of the store. It will also help you to provide a premium customer experience

Anti-theft devices

Shop theft can be prevented with the help of advanced technology. By using anti-theft devices such as security tags and alarms, shoplifters sound the alarm when goods are taken without payment.

Train your employees to identify customer behavior

Train your employees to understand customer actions and identify shoplifters. Be careful not to blame customers just because of suspicion. It will affect your business negatively.

Use proper product placement (Increase store visibility)

Increase your store’s visibility. Make sure you have visibility into your most expensive and most likely to be stealing products in your inventory. This will reduce the nuisance of shoplifters to some extent.

Implement strict inventory control procedures

An inventory management software tool can accurately track inventory and identify discrepancies that indicate shrinkage. So you can ensure that your inventory is efficient and it is more helpful to monitor and manage your inventory operations.

Employee training on proper inventory management procedures

Employees should be trained to accurately record and track inventory. Make them aware of the potential loss to the business due to shrinkage.

Audit inventory levels regularly

Retailers need to regularly audit their inventory levels to accurately identify and prevent inventory discrepancies. Such operations can be easily managed with inventory management software.

Invest in point-of-sale (POS) software

By using POS software, many operations in your business will become easier and more efficient. POS software ensures that inventory is accurately tracked and payment transactions are secure and efficient.

It also has employee tracking and data like their shift reports. This will help you quickly identify shrinkage in your store and how it happened.

Assign employees roles

If you use point of sale software, you can set the roles of your employees. Important functions like ordering and receiving goods can be delegated to key employees only. So you can control your employees.

Give receipt

Be sure to give the customer the receipt of their purchase. Ask for the receipt at the time of arrival for a refund. Receipts prove that the item was not stolen.

Daily stock check of high-value items

Your inventory items such as high-value items or fast-moving SKUs when prone to shrinkage. Those types of products may experience more shrinkage.

A common entry and exit point

Give employees an exit point. Employees should be allowed to leave only through it. It will help in identifying staff who are involved in the theft.

Physically check the received order

The purchase order receiving manager should physically check the stock of orders received. Vendors are prone to fraud and faulty products. There is a possibility for fraud or the absence of goods by the vendors.

However, The average shrink rate in 2021 was reported to be 1.4%, signifying that, on average, retailers experienced a 1.4% loss in their total retail sales due to shrinkage. By taking these steps, retailers can help prevent shrinkage and protect their inventory, which can ultimately lead to increased profits and customer satisfaction.

blog Restaurant Restaurant POS Retail Retail POS Small businesses

Point Of Sale Software for Small Business to Thrive in 2023 & Beyond

Post author By Sadiq Lithos
Post date July 26, 2022
28 Comments on Point Of Sale Software for Small Business to Thrive in 2023 & Beyond

point of sale software for small business | LithosPOS

A point-of-sale (POS) system is essential to improve day-to-day operations. The system helps in core functions of the business like employee scheduling, customer loyalty programs, and inventory tracking. So, your overall business functions are integrated with the system, and simply manage it.

restaurant pos software for coffee shop, food businesses | LithosPOS

In this guide we’ll cover:

How does a point of sale software work at a small business
Why do you need to consider a point of sale software for small businesses?
LithosPOS smart point of sale software
Type of small businesses and suitable point of sale software
Tips for choosing the best Point of sale software for small businesses
Types of point of sale software are commonly used
Frequently asked questions about a point of sale software for small businesses

How does a point of sale software work at a small business?

Point of sale software keeps your business efficient. It tracks sales and accepts payments from customers when a purchase is made. Most of the point of sale software is integrated and includes features that help you streamline your business, such as inventory management, report and analytics, payment integration, and a customer loyalty program.

However, let’s dive deep and learn how point of sale software works in a small business,

To get a clear picture, we can take a real-life scenario.

A customer comes to your instore and asks for one product they want
You are offering multiple payment methods and payment partners. The customer chooses one option and makes a payment
Point of sale tracks and records sales and automates printed or email receipts – customer satisfied.
You are using customer data for your customer retention strategy.

As I said earlier point of sale software features help to streamline all your business operations.

1. The customer comes to your instore and asks for one product they want: studies show that when you are running out of stock more than 75% of customers rely on your competitor. So you need to make sure of the product availability.

So how will you do that? well, the software tracks every item in your inventory. When an item runs low on stock, you will be notified. Or you can preset a level and the stock will automatically add to the inventory.

2. You are offering multiple payment methods and payment partners Customers choose one option and make payment: “80% of retailers are suggesting contactless payments. It helps them to keep checkout counter clean and safer for employees and customers”.

However, you can enable a premium customer experience with integrated payments. It will boost your checkout process. Offering various payment methods and payment partners based on your country. The customer feels secure and flexible

3. Point of sale tracks and records sales and automates printed or email receipts – customer satisfied: the software records each transaction. You can check the sales data anytime. By automating the receipt option you can save a lot of time. and it will also help enhance the customer experience. If the customer prefers digital receipts you can send them to their email.

4. You are using customer data for your customer retention strategy: every time a purchase is made by the customer it will record in the CRM. based on their buying history it’s easy to find your loyal customers.

Use the data for marketing purposes (email marketing, WhatsApp marketing, SMS marketing, google ads, Facebook ads, etc) by targeting your loyal customers. As you know customer retention cost is cheaper than acquiring a new customer.

The Point sale software for small businesses is integrated and has multiple features. You can see here that everything is connected. So it keeps all the operations efficient.

Pro tip: Rather than investing in multiple software such as inventory management, CRM, loyalty programs, and online delivery, you can get everything under one umbrella. So you don’t need to pay for each software. For a small business, the point of sale software is worth it.

Why do you need to consider a point of sale software for small businesses

The image will give you a better understanding. So, you don’t need to visit another 5 blogs to understand this.

LithosPOS point of sale software

Get Free Trial

Best for	Restaurants and retailers
Price	Visit pricing
Free trial	14 days free trial
eCommerce POS integration	Yes
Payment processing	Yes
Customer loyalty program	Yes
Accounting integration	Yes
Marketing integration	Yes
Inventory management	Yes
Aggragators integration	Yes
Multi-location management	Yes
Report and analytics	Yes

LithosPOS is one of the leading point of sale software with thousands of restaurant and retail customers from 64+ countries. The industry-leading software has 12+ integrated payment partners with multiple payment methods, online ordering and eCommerce integration, inventory management, accounting integration, and many more.

Intending to help and encourage small business owners, LithosPOS is the most affordable point of sale software for small businesses when compared to other software.

small businesses using pos software | LithosPOS

point of sale software with integrated payment | LithosPOS

LithosPOS Uniqueness

Use the software like any other software on your mobile and pc

Helping small businesses and startups for getting success. Most affordable

Multiple integrated payments based on your country’s

eCommerce integration

Aggregator integration

Inventory management

Report and analytics(real-time, daily, weakly, monthly, and yearly)

Customer loyalty program

Work offline as well as online

Employee management

Manage multi-location business

Works on any devices

Access to reports from anywhere (cloud-based)

24/7 customer support, and more

Simple to use

LithosPOS focuses on user experience. With simple navigation and a better interface, anyone can simply understand the software. The data visualization and analysis are much simpler, you can view and analyze data in one interface. For example, you can see your eCommerce and in-store sales and compare them in one interface.

Most affordable

When compared to other point of sale software LithosPOS is the most affordable with so many benefits. LithosPOS aims to provide affordable software to small businesses and startups and help them grow.

Integrated Payment

Payment integration is one of the main features of LithosPOS.

Customers are now opting for smart devices or cards to make payments. by 2024, contactless payments are projected to triple from $2T to $6T. You can offer a premium customer experience with integrated payment. You can choose your payment partners based on your country.

It helps restaurant retail businesses to provide a premium customer experience to their customers. It helps to facilitate payment transactions and speed up the checkout process.

eCommerce integration

According to NRF retail sales are projected to reach $5.13-$5.23 trillion, with online sales growing 10-12% in 2023. The online business has high potential in the coming years. and online business becomes a necessary platform that helps you to increase sales and reach customers as well.

You can manage your online business and offline business with LithosPOS. Making reports and automating inventory, managing sales, and customers will be easier. Integrate your e-commerce platforms such as WooCommece, Shopify, and more.

Lithospos is a way for businesses to expand their business. Lithospos helps you accept online and offline orders, manage inventory efficiently, and know the performance of your platform.

You can also reduce the increasing labor cost as the business can expand with limited employees.

Aggregator integration

If you are a restaurant owner you can expand your online business with various aggregators. For example, you can choose Uber Eats as your aggregator, sell items, and analyze your business.

Inventory management

LithosPOS keeps your inventory profitable. By preventing out-of-stock and maintaining inventory levels you can save a lot of money. The software will notify you when an item running low on stock. It also helps to generate reports and simplify accounting such as tax reports, sales reports, purchase returns, sales returns, and more.

By automating inventory, your inventory will also change based on the orders received from your online and offline platforms. You can automate all the manual tasks, including headaches.

Report and analytics

Access to the business data in real-time and manage it from anywhere in the world. Analyze your business performance such as most selling items, worst selling items, most and worst sales days, online sales, offline sales, employee efficiency, customer report, and more.

Customer loyalty program

LithosPOS point of sale software for small businesses tracks every customer. So you can simply find your loyal customers based on their buying behavior. However, you can use the customer contact details for marketing purposes. For example, send offers through emails, or SMS, and you can also add on a custom customer loyalty app.

Work offline as well as online

The software is cloud-based, but you don’t need to worry about it. If the internet is down you can make sales offline mode. After the internet is restored the data will automatically sync.

Employee management

Finding your top-selling and worst-selling employees and analyzing their performance will be easier. By tracking employees you can identify the cash lack at the end of the shift.

Manage multi-location business

Manage your multi-location business with LithosPOS. Transfer the goods across your businesses, simply analyze and generate inventory, sales, customer, tax, and many other reports.

Works on any device

If you are a small business owner with a limited budget, LithosPOS fits you. The software works with any device. You can simply run it on your existing Android, ios, and Windows devices. So you don’t have to buy any special hardware.

Pro tip:

Most of the POS software providers will tell you to invest in expensive hardwares. However investing in POS software like LithosPOS allows you to use any hardware that you have or you can afford. It is a huge advantage for small and medium businesses.

Access to business from anywhere

To manage your business you don’t need to be in your store location. Using LithosPOS cloud-based point of sale keeps your business efficient wherever you go. Access to the business report – analyze and manage, all you need is an internet connection and LithosPOS.

24/7 customer support

LithosPOS is always there to help you. You can contact customer support anytime you want.

Pro tip:

Small businesses need scalable software. In the future, your business will expand. In such a scenario, cloud-based software that can grow with the business is essential. Constantly changing software providers at every stage of your business growth can be difficult and time-consuming. It is also challenging for employees to learn the software if you consistently change.

However, Invest your money in the right software, not only for today but also for tomorrow.

What type of small business are you? | You need this

Single store business

If you are running a single-store business. Because of the limited budget and manpower, the business needs to invest in cloud POS software. You can reduce manpower by automating business operations. Automate inventory, generate reports, and more.

Pro tip:

You can also invest in a self-service KIOSK to reduce the need for labor. So the customer can checkout themselves.

LithosPOS-kiosk-software

Multilocation chain

To make multi-location businesses profitable you need a proper system. To keep both businesses efficient you need to invest in point of sale software. When you started using the software the inventory process got easy.

For example, if your one store runs out of stock, you can transfer goods from one store to another. The point is it allows you to manage everything in one software.

Combined brick-and-mortar and Online business

If you are a business owner with both online and brick-and-mortar stores, it can be more challenging to manage.

For example,

You sold a product through your eCommerce store
You are manually reducing items in the inventory
And manually calculating the online and offline sales
You are struggling to calculate your sales, profit, loss, and more in your business(online and offline)

Instead of that, you can invest in point of sale software for small businesses

For example,

You made a sale through your e-commerce platform
It automatically reduces that sold item from the inventory
The software automatically generates reports end of the year, month, week, or in real-time
You can simply analyze all your sales data without any manual calculations.

Managing both online and offline is crucial without technology. By integrating all your business operations together, you can manage your entire business from one place with one software.

Tips for choosing the best Point of sale software for small businesses(How to buy)

Your budget: consider your budget before buying software. It will be more expensive when purchasing the hardware. If you choose software that is compatible with any device, it allows you to use the software on your existing or low-cost devices as well.
User-friendly: The software should be very user-friendly. It should be easy to use even by a non-technical person. This will help prevent wasting a lot of time on software training. Every newly joining employee can use the software with ease, with no need for special training.
Your size: Consider where your business is now and at the same time consider your goal. Forecast your business growth and invest in point of sale software that can scale with you.
Your industry: Consider your business industry. If you are a retailer you need retail point of sale software it includes features such as payment integration, eCommerce integration, accounting software integration, CRM, and more

If you are a restaurant owner, you can invest in a restaurant point of sale software that includes payment integration, online ordering, aggregator online ordering, integration, accounting software integration, CRM, and more.

Types of point of sale software are commonly used

Here is the list of commonly used point of sale software for small businesses.

POS Type	Description	Suitable Businesses
Online POS	Operates over the internet and allows businesses to process transactions from different locations. Offers flexibility and accessibility.	E-commerce stores, multi-location retail businesses, service-based businesses with mobile operations
Offline POS	Brick-and-mortar retail stores, restaurants, and small businesses with limited internet connectivity	Online stores, pop-up shops, small businesses, and businesses with limited hardware resources
Cloud-based POS	POS system hosted on remote servers, accessible via the internet. Offers scalability, automatic updates, and data backup.	Retail stores, restaurants, cafes, small and medium-sized businesses, businesses with multiple locations
Web POS	Runs on a web browser, allowing businesses to process transactions through any device with internet access.	Retail stores, restaurants, supermarkets, and businesses with dedicated checkout counters
Mobile POS	POS system that operates on mobile devices such as smartphones. Provides mobility and flexibility for accepting payments on the go.	Food trucks, mobile vendors, event organizers, delivery services
Tablet POS	POS system designed specifically for tablets, offering a larger screen size and enhanced functionality compared to mobile POS.	Restaurants, cafes, bars, quick-service businesses, retail stores
Desktop POS	POS system installed on desktop computers, typically used in fixed locations such as retail stores or restaurants.	Boutique stores, high-end retail stores, cafes, and businesses with a focus on aesthetics and customer experience
iPad POS	Built for Apple’s iPad devices, providing a user-friendly and intuitive interface for processing transactions.	Retail businesses, cafes, small and medium-sized businesses, and businesses utilizing Android devices
Android POS	Specifically designed for Android devices, offering compatibility with a wide range of smartphones and tablets running on the Android operating system.	Retail businesses, cafes, small and medium-sized businesses, businesses utilizing Android devices
On-premise POS	Installed locally on the business’s own servers or computers, allowing complete control over the system and data.	Large retail chains, businesses with specific security and compliance requirements
Multichannel POS	It supports multiple sales channels, such as physical stores, online stores, and marketplaces, enabling seamless integration and management.	Retail businesses with an online presence, businesses selling through various channels, businesses aiming for centralized control
Omnichannel POS	POS system that provides a unified and consistent experience across all sales channels, allowing customers to have a seamless shopping experience.	Retail businesses with a strong online and offline presence, businesses prioritizing personalized customer experiences

Frequently asked questions about point of sale software for small businesses

Which point of sale software is the most affordable?

LithosPOS is the leading point of sale software for your small business. The price is low when compared to other software. It has a wide variety of payment integrations, inventory management, eCommerce integrations, aggregator integration, online ordering, report and analytics, customer loyalty programs, and more.

Can I use the phone as a point of sale (POS)?

Yes, you can. You can manage your business using your mobile devices as your POS. All you need is an app and a card reader. The software is compatible with Android, iOS, Windows, and more.

Is the point of sale software expensive?

Investing in cloud-based software is less expensive. You can reduce the high amount of hardware costs by using Android, ios, and Windows devices.

How long does it take to install a Point of sale software?

You can set up the software within 5 minutes. For example, you can quickly add thousands of items using CSV spreadsheets to inventory management. So, it is really fast and you don’t have to invest your time too much time in point of sale software.

Which is the most popular POS system for restaurants?

LithosPOS is the most popular POS system for restaurants, retailers, and small businesses. We are currently present in over 70 countries and our software is being used by over 6,000 independent businesses and 100+ chain stores. We support 5 languages including English, Spanish, French, Chinese, and Arabic. We have registered our company in the US as Lithospos, Inc. and we already have hardware and payment partners in several countries, including the US.

For a restaurant what type of business functions can be integrated with LithosPOS?

You can integrate your various business functions with LithosPOS. You can simplify your inventory, CRM, employees, payments, and online business. It also helps you to integrate with the front office and back office functions like KOT, kitchen display, customer display, Kiosks, and more. Not your business tasks, you can also simply manage your multi-location business through a centralized dashboard.

How do I set up a POS for my small business?

Get instructions from the POS provider
Set up hardware (computer, printer, scanner) and connect it with POS software
Upload products using Excel(bulk upload)
Give user permission
Configure taxes/payment options
Integrate with other software
Give training to staff
Test thoroughly, then launch and monitor
Identify the ways you can grow your small business and use it

Does LithosPOS integrate with QuickBooks?

Yes, LithosPOS integrates with QuickBooks. It allows you to simplify your accounting operations. And you can also integrate many other software as well.

Best POS with credit card processing option

LithosPOS can seamlessly integrate credit card processing into your point-of-sale system, providing you with a secure and efficient payment solution