You used to expect your retail payment system to make checkout easy for both your staff and your customers, but that was it. Now, however, POS solutions are expected to do so much more. Rather than solving one retail challenge, they serve as the central platform around which all operations orbit. Or at least, they should.
Retailers who continue to rely on outdated and under-powered POS solutions are missing out on major opportunities to connect with consumers and drive revenue. At the same time, the stores with best-in-class solutions are poised to stand out in crowded markets and withstand disruptions in retail.
It’s time to determine whether or not your own solution is up to par. If your retail POS system doesn’t contain these next-generation, data-driven features, you could be putting your bottom line at risk.
1. Extensive CRM functionality
Your POS is the portal through which you connect with customers, so it should be able to collect data from these interactions and help you leverage information to engage with customers. A great POS should be an indispensable tool for marketing and engagement, since it offers a direct link with the people who visit your store.
2. Perfect inventory oversight
Managing inventory requires a careful balance between having what customers want on-hand, and not sitting with too much slow-moving stock in your storeroom. Modern POS solutions provide retailers with a top-down view of their entire inventory throughout the supply chain. Retailers are able to track products and verify shipments at will, ensuring the optimum number of products is always in stock.
3. Accounting and reconciliation assistance
Crucial accounting information flows though your POS, which is why it should form part of your accounting system and help keep key accounts up to date. Accountants should be able to turn to your POS system when dealing with things like deposits, purchases, and RMAs.
4. Ample widget library
There is no such thing as a one-size-fits-all POS solution. In order for it to meet your needs both now and in the future, widgets should be available and easy to implement. A great POS system should boast a vast widget library that offers opportunities to enhance communication, collaboration and productivity.
5. Automated reporting and analytics
Since a POS is at the front lines of a business, it’s the best available indicator of a store’s true performance. Instead of forcing managers to hunt for the information and data they need, the POS should automatically collect and organize information for easy access.
6. HR tools
What is the sense of having a separate system to track things like schedules and time sheets when you already have a POS sitting at the heart of your business? Complete POS solutions should include HR functionality that helps you to integrate staff management into other parts of your business.
7. Intranet capabilities
Many of your employees are in front of the POS all day, so why not make it an information resource? A POS with intranet capabilities allows the tool to evolve with the needs of employees and serve as an all-in-one reference whenever questions arise. Make sure that it allows employees to have instant access to things like stock levels and detailed product info.
8. Sophisticated marketing insights
Marketing can be expensive and time-consuming if done inefficiently. Your POS should make it easier and more effective by providing useful customer data and insights. A POS should be able to segment customers, create email lists, calibrate pricing, and push the right products.
9. Repair module
Wireless retailers involved in sales and repairs should be able to rely on one POS to handle both sides of the business. Once they are integrated, there is less overlap between systems and less need to transfer data from one to the other. A central POS should also be able to track repairs and show work schedules to help improve workflow.
This list could go on, but if your current POS can’t do all of the things listed above, it’s already time to consider an upgrade. Right now, your most-used business tool could actually be an anchor holding you back when it should be an engine propelling you forward. It’s time to expect more from your POS.
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