The Right POS System – The Heart of Your Retail Business
Imagine you’re a customer who’s ready to make your purchase but there’s a long queue at the cashier counter. You either wait in the queue or come back another day. If this is a familiar scenario at your business premises, chances are that you need a smart point-of-sale (POS) system to improve your business operations and streamline the customer checkout experience.
POS systems are key to operating an efficient business operation in Singapore. It can help process various payment methods efficiently and securely. On top of that, a POS system offers a variety of features that can benefit your business in the long run.
Whether you’re looking to improve your retail business operations or want to give your customers a better retail checkout experience, you’ll need a retail point-of-sale (POS) system that meets all your business needs. But with so many options in the market to choose from, how do you pick the right one?
Well, here’s where you can learn everything you need to know about choosing the right POS system for your retail business. In this article, we will discuss the essential features of POS systems for retail business and other good-to-have features that you can add to your business.
Basic Features of POS System for Retail Business
Given the variety of retail POS in Singapore, narrowing your search to the right one can be difficult as each POS system comes at different prices and with a variety of features. Here are some basic features that you should consider in your POS system search.
- Product catalogue
Retail POS systems that come with this feature can help you and your employees to easily find and manage your products quicker to ease product search. When you have numerous products on offer, a POS system can help keep track of your product catalogue so that you and your employees are constantly in the know about your product offers.
Besides, you can easily organise and filter your product catalogue on the POS system by category, type, price, size, etc., as each of your product variations will have its own price and SKU (stock keeping unit) attached to it.
- Multiple payment methods
Giving your customers more options to pay will encourage them to spend more. With wireless transactions becoming more prevalent, a retail POS system that accepts all types of payment methods such as cash, debit/credit cards, mobile payments, QR code payment, and e-wallet, will offer total flexibility to your customers.
Additionally, a retail POS system with this feature can help simplify the return and refund process when necessary, as all the data is stored in the system. You can easily retrieve the past order and process the refund without causing any inconvenience or delay.
- Customer Relationship Management
Retail POS systems that come with this feature can help business owners like you record and track valuable customer information to enhance customer relations and encourage repeat purchase. This will help you learn more about your customers and their shopping habits as well as provide suggestions relevant to their preference.
On top of that, an integrated CRM system can help improve your customer loyalty by rewarding them with store credits. You should determine how much store credit is assigned to each purchase or item and this will encourage them to return to your retail store.
- Cloud-based data storage
With the integration of cloud technology in POS systems, this feature allows you to remotely access relevant business data and generate reports anytime, anywhere. That way, you can identify areas that need improvement.
You can do this conveniently with any mobile device with an internet connection, allowing you to focus on more important things like how you can improve sales or marketing efforts.
- Employee management
With an integrated employee management feature in the POS system, you can easily calculate commissions and salaries. Sales can also be tagged to your employees’ names and their working hours tracked. That way, you can identify and reward your best employees.
On top of that, you can assign different access roles like a store manager or sales assistant on the POS system to restrict functions that aren’t relevant to their roles. This means only authorised employees can perform administrative changes like refunds.
- Inventory management
Any suitable retail POS systems should come with this feature that allows you to track and manage your stock more efficiently. This is especially helpful if you’re managing multiple stores so that you can easily transfer your inventories between stores.
Additionally, the system helps to sync up your sales and stock so that when a transaction is made, your product stock level will be tallied.
Depending on the needs of your retail business, the following features may be integrated with your POS system to improve your operations and retail experience to your customers.
- E-commerce – Most POS system suppliers today offer some form of e-commerce integration, either within their system or through a specialised e-commerce platform.
- Accounting – This feature allows you to manage the process of generating customer invoices and receiving payments as well as tracking all payments made to business partners.
- Targeted marketing – With this feature, you can create mailing lists based on customers’ purchase history, the total amount spent, etc.
- Variable pricing – This feature allows you to automate the process in which varying prices are assigned to products, usually based on a walk-in or online orders, time of day or season.
When you choose a POS system for your retail business, make sure to consider all of the features above. That way, you can be better equipped to start, run, and grow your business successfully.
With a smart POS system like Qashier’s, you’ll get all the benefits mentioned above, integrated into an all-in-one package, with an initial cost of only $1/day. Not only that, but it’ll also help your business run smarter and smoother while growing your sales. Along with an integrated payment processing channel, you can count on the system to accept every type of payment using a single terminal.