In today’s world, competition is increasing day by day in the retail industry. Everyone tries to capture the maximum number of customers to get maximum profit. 5 Must-Have Retail POS System Features
However, in this scenario, managing the retail stores manually is a strenuous process for the store owner.
Moreover, to manage customer relations is not an easy task for any retailer. In between, the retailer has to manage the other activities related to inventory, daily sales records, managing manpower and many more.
The Point of Sales System is the best tool to manage all these tasks while helping to ensure customer satisfaction but finding the right POS for a small or midsize business is no easy as well.
Bagisto Point of Sale provides an intuitive dashboard from where the retailer can easily view all the products available at their store and they can also search for any product from the search bar.
According to the study, incoming next five years, the POS System market will be raised at the 15.7% CAGR in terms of revenue, and the worldwide market will reach US$ 15300 million by 2024 from US$ 6410 million in 2019.
Every time it’s not necessary that the sales guy always remember each item cost and punching the exact numbers, Scanning of an item will give the more accuracy.
5 Must-Have Retail POS System Features
Below we will discuss the 5 Must-Have Retail POS System features for streamlining any retail business :
Inventory Management
Inventory Management is the process of managing the raw materials, components, and the company’s finished products, as well as warehousing and processing such items to the end-users.
Why the POS System Must-Have Inventory Management Feature?
As a rise in the demand for the products in the market. It becomes complicated for the retailer to forecast the actual demand.
Moreover, in this scenario to manage the inventory plays a vital role in successfully running the business. Inventory management capabilities give you an on-demand window into your stock.
Therefore, it enables the retailer to eliminate inefficiencies, such as manually counting the inventory.
The retailer also doesn’t want to have excess inventory taking up space in your warehouses unnecessarily. Too much inventory can lead to whether a product expires, gets damaged, or goes out of season.
As per the study, the buyer data shows inventory management is a must-have for retailers, as 84 percent of POS buyers we consulted request it.
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After implementing all the must-have features, the small retailers can easily eliminate manual counting and managing the inventory, which will lead to the save more time for the retailers.
Moreover, they can invest this time to focus on other business strategies to make business more successful.
How does this work?
If you being able to track your inventory levels such as the number of products sold in a day, the total stock left for a particular product. Similarly, this will let you know what products are not in demand.
In Bagisto’ POS system the store owner is able to assign the separate inventory source to the separate outlet. Which results in the proper management of inventory in a particular store.
In conclusion, the store owner will have a clear picture of the inventory levels about each outlet separately.
Sales Analytics
Sales analytics is the process of collecting actual data about the sales of your store. Therefore this will lead to forecast future demand. It gives you a real-time snapshot of the performance of your store through reports and metrics.
Why you need it?
Sales analytics provides a real picture of your store sales, in addition, this will providing visibility into your entire operation. Not only it keeps tracking your daily sale but also it will show how much revenue you’re making on each product.
How will this Work?
For instance: Let suppose that you are selling a lot of Shirts very quickly. Then you have to update your inventory manually.
Hence you are still busy in serving your customers. With real-time sales reporting, you’ll receive alerts when your stock levels go down. In addition, you just have no need to update your inventory manually.
However, the point of sale system also allows the retailer to make the transaction even when the POS system goes offline.
By using Bagisto’s POS System you can view your store’s performance from anywhere.
Customer Management
Customer Management is one of the most important factors for any retail business because the revenue of your store is directly connected to them.
However, a good POS System helps you to collect your customer data. In addition, allowing you to identify your most valuable customers based on their spend while tracking the all retailer customer relationship.
Why you need it?
Customer Management application helps the retailer to track their customer’s interest in their brand. Moreover, a good customer management system will help the retailer to easily find out their loyal customer.
Therefore, the retailer can easily provide some extra benefits to their loyal customers.
This feature of the POS system will also help the retailer to analyze the buyer’s behavior to create the best marketing strategies.
How will this Work?
You can not remember every customer by their name and address and the amount they spend at your store.
To successfully run your store it’s very necessary to make a relation with your customers and keep tracking them to check their interest.
Moreover, In the Laravel eCommerce Point of Sale System, the retailer can easily manage their customer’s data. By taking a few information such as Customer Name, Customer Email ID, and Address.
After that, the retailer can proceed with its transaction successfully. And once the transaction is done the customer will get the email notification.
Offline Mode
Online is the general mode when the store has an internet connection. But when the store is having poor or no internet connection then the POS system can work offline too.
Moreover, in offline mode, all the orders, and transactions are saved locally. And when the internet is available for use, the retailer can easily synchronize the offline data to the online data.
Why you need it?
Losing network connectivity is a stressful experience for the store owners. In the Modern POS System, the system automatically detects the loss of connectivity and switches the system Offline Mode.
Once the system gets an internet connection, the system will automatically revert back to online mode when connectivity is restored. However, the retailer wouldn’t get interrupting, and can easily complete their transaction in offline mode too.
The customers won’t notice any difference because the retailer will still able to take orders and completing transactions.
How will this Work?
Whenever the POS system goes offline, the POS will automatically switch to offline mode. Therefore the retailer will still be able to make the transaction successfully.
However, in the Laravel Point of Sale system, the POS agent will find all these offline transactions in the offline sales section as shown in the below image.
Once the POS system gets the internet connection they will find the sync order button. After hitting that button all the offline orders will automatically be synced to the sales history section.
Expand Your Customer Reach
Ecommerce Marketing is the method of supporting sales by increasing awareness about an online store’s brand or product.
In other words, eCommerce is simply a process of selling and buying products and services over the internet.
Why you need it?
In today’s world, online shopping becomes a part of the daily routine. However, eCommerce has become an important part of the shopping style.
Moreover, running an online store will help to increase your customer reach towards your brand. This will create awareness about your upcoming discounts and offers.
As per the study, the global retail market will reach $25.038 trillion in 2019, an increase of 4.5%.
How will this Work?
Today’s customer habits are different, before going to the physical store the customer research products on an eCommerce store.
As per their research, you can easily find out what they are looking, and whats their area of interest in your eCommerce store.
However, as per today’s trend for many people in the world, eCommerce becomes one of the preferred ways of shopping as they enjoy online because of its easiness and convenience.
However, they are not feeling embarrassed if not buying anything. They are able to shop for products and services from their homes at any time no matter its day or night.
Hey guys that all for this blog, I hope this will let you understand what are the 5 Must-Have Retail POS System Features required to streamlining your business operation.
I will come soon with a new interesting blog on POS System.
Till then keep you updated with top trending technologies !!
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