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.