5 Things to Look Out for in Your POS
The retail industry has evolved from using unconventional and primitive cash registers behind their shop counter to leveraging technology and using a POS system. Being a part of the technological revolution, retailers have not only adopted a safer transacting method but also streamlined their entire business, opening different avenues of growth and opportunities.
A feature-rich Point of Sale (POS) system acts as an important asset for any retail enterprise, serving a multitude of purposes. A POS solution helps you to compete better in the market. Depending upon the type of POS solution you choose, you can get a complete insight into your sales, inventory, profits, and purchases, locate and capture loyal customers, and identify the best-selling items among specific groups.
As per reports, the global POS software market is expected to hit $20 billion by 2028. This growth is fueled by the increase in adoption and demand for cloud-based POS software.
This blog delves into the latest trends and innovations in the POS industry. Let’s take a closer look into the industry-wide innovations in POS systems, as they are changing the retail game.
Types of POS System
Let’s navigate the world of point-of-sale (POS) system and explore the different types of POS system that simplifies business transactions:
Mobile POS (mPOS)
Mobile POS or mPOS software allows on-the-go transactions, running on mobile devices or tablets. It is perfectly suited for businesses with a mobile workforce or those that frequently sell at trade shows, pop-up shows, and temporary locations.
Cloud-based POS
Cloud-based POS software stores data on remote servers, allowing enterprises to access data from across the globe with an internet connection. It is cost-effective, requires very minimal hardware to operate, is feature-packed (automatic updates, and data back-up), and is easy to set up, making it quite popular among small retailers.
On-premise POS or Desktop POS
On-premise or desktop POS software solutions are developed in a way, where it stores data on local servers, suitable for businesses with limited internet connectivity. They are known for offering greater control and security over business data. Desktop POS solutions, with higher initial cost as compared to mPOS are typically used by big enterprises and can be customized as per their business needs.
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Features of a Good POS Solution
Dive into the key features of POS solution that elevate your retail game:
Inventory Management
Inventory management is one of the significant uses of a POS solution, it not only tracks stocks in real-time, but also allows retailers to keep their inventory safe via various checks, reduce waste, forecast demand, and ensure they have the right quantity of stocks to meet the future demands.
Barcoding System Integration
A barcoding system streamlines and automates inventory management system and sales. It is encoded with product data, enabling quick and accurate identification during tasks like stock replenishment, checkouts, and tracking. This technology significantly reduces human error and brings efficiency.
Flexible Payment Options
Retailers need to keep their business as inclusive as possible, by choosing a billing POS solution equipped with multiple payment options like cash, mobile payment, credit/debit cards, touch-free links, QR codes, and gift cards.
CRM Integration
POS solutions equipped with CRM or integrated with loyalty features play an important role for retailers who want to retain their existing customers or expand their base. CRM-enabled POS solutions carry out multiple functions like storing customer data, providing actionable insights, and incentivizing buyers with loyalty programs, or exclusive offers.
Reporting and Analytics
Retailers can keep a tab on performance by offering a spectrum of insights into crucial metrics. These metrics include details on top-selling items of the store, products with the highest profit margins, and employee performance. These insights prove invaluable for businesses seeking optimization and increased profitability.
Short-cut Keys
A good POS solution speeds up the check-out lines by displaying buttons for the most frequently purchased items or categories. With a single touch, frequently bought items appear quickly on the screen and check out process is completed quickly.
MPOS or mobile POS can be quickly deployed across the stores to manage the rush as well.
Apart from this there are concepts like delivery center separation that help speed up the queue at POS.
The latest POS innovation to reduce the queue is via integration of RFID chips. These chips are radio scannable and hence you do not need to scan the products one by one at the checkout.
Third-party Software Integration
A POS system that integrates with third-party software adds a customer management aspect to business. It negates the need to revamp the production process to accommodate an additional program. Seamlessly, it allows retailers to adapt to new functions like recording customer data, maintaining loyalty programs, and offering targeted promotions.
Multiple User Accounts and Permissions
Every sales employee has a different login. A POS solution with multiple user accounts and permission assists you in keeping track of your employees' productivity, identifying issues, and recognizing exceptional performers. This functionality also facilitates tracking sales for commission and bonuses, apart from discovering and stopping thefts or errors.
Bulk Product Imports
An effective POS solution allows retailers to easily import the product information in one go. It is a prominent feature for omnichannel sellers, catering to their diverse range of products, that are distributed across various online platforms and physical stores.
Scalability
Point-of-sale software ensures that it can efficiently handle an increasing volume of transactions, support additional users, and incorporate new functionalities or locations. Scalability is crucial for businesses experiencing growth, allowing them to maintain operational efficiency.
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Task Automation
Boost speed and accuracy in business operations by efficiently automating routine tasks.
Reward Programs
Encouraging customer loyalty by integrating reward programs, fostering repeat business and customer satisfaction.
Employee Engagement and Management
Simplify employee engagement and management, ensuring smooth operations, and cultivating a positive work environment.
Marketing Tools
Harness powerful in-built marketing tools in POS solutions to launch and manage promotional campaigns seamlessly, expanding customer reach and boosting overall sales.
Omnichannel Selling Capability
Enable a cohesive retail experience by facilitating personalized selling experience across diverse channels, allowing businesses to cater to varied customer preferences and broaden their market presence.
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Why is investing in a POS system a good idea?
Explore some of the compelling reasons that make a POS system a smart investment for your business:
Improved customer service
Eliminates delay associated with traditional cash registers, and time-consuming manual documentation processes, streamlining the checkout process for improved customer service.
Improved efficiency
Simplifies accounting processes, by reducing mistakes and inefficiencies in day-to-day operations.
Contributes to business growth and expansion
Compare results and analyze sales performance over time, providing real-time insights to optimize business approach and develop an actionable strategy for growth and expansion.
Benefits of a POS System for Retail
Point-of-sale (POS) offers many benefits to the contemporary retail landscape. Let’s discuss some of them below-
Ease-of-use
An up-to-date POS solution is easy to use and setup. The software is cloud-hosted, and the hardware seamlessly plugs in for immediate use. The intuitive interface and touchscreens simplify learning and usage for employees.
Fast check out
Speedy checkouts are crucial. Long lines lead to frustrated customers, and complicated online checkouts result in shopping abandonment. A POS system can help in avoiding such scenarios because it tends to be a faster option and accepts multiple payment methods.
Better sales insights
It collects a ton of data that offers a better insight into sales. It pinpoints current market trends, records inventory, and assists in forecasting future trends. All the data shared is in real-time, which allows retailers to react promptly to any kind of situation.
Upgraded data security
A breach with customers’ payment data can threaten the integrity of the business. With a point-of-sale system, data is stored securely, and servers are fortified against vulnerabilities. Retailers can strengthen security by implementing robust passwords and enabling two-factor authentication, fortifying the system against potential cyber threats.
Significant innovations in POS Systems across Different Industries
Retail (Lifestyle, Grocery)
- In retail, especially in grocery and lifestyle stores, POS solutions are becoming advanced with the integration of AI and ML technologies. Retailers can use this technology to personalize customer experience, automate process, and gain valuable insights into customer behavior.
- Another trend that can be witnessed in the sector is of mPOS, offering a seamless omnichannel experience to customers.
- Hospitality – Hotels, Clubs, F&B Dining
- Contactless payments including mobile wallets and NFC technology is a significant trend in hospitability POS solution.
- POS solutions for hospitality now include tableside ordering capabilities, where orders are directly sent to kitchen, and payments are processed at tables.
- CRM systems are a growing trend. It allows hotels/clubs to gather and analyze data to offer personalized services.
- Healthcare – Clinics/ Hospitals/ Diagnostics
- Healthcare POS solutions are integrating with telemedicine platforms, allowing clinics and hospitals to streamline appointment scheduling, conduct virtual consultations, and manage medical records more efficiently.
- The latest trend involves seamless integration with Electronic Health Records (EHR) systems that ensures accurate and up-to-date patient information, reducing paperwork and enhancing overall patient care.
- The adoption of mobile POS solutions within healthcare settings has enabled staff to process payments, handle administrative tasks, and manage patient services on the go, promoting efficiency and flexibility.
- Entertainment – Cinemas / Amusement Parks
- RFID technology is increasingly used for access control in entertainment venues. It enables contactless entry, tracks visitor movements, and enhances security by preventing unauthorized access.
- POS systems in entertainment venues are implementing advanced loyalty programs. These programs use data analytics to offer personalized incentives, discounts, and rewards, encouraging repeat visits and customer loyalty.
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Ginesys leading the way with futuristic and customer-centric POS System
The future of POS solutions is optimistic with cutting-edge technology and customer-centric features. To stay ahead of the competitive curves, businesses should invest in a POS solution tailored to meet their business requirements and offers scalability and flexibility. By adopting a customer-centric approach and leveraging the latest technological advancements in POS technology, enterprises can streamline their operations to boost their bottom-line business.
Ginesys One offers a comprehensive suite of retail POS software solutions, from MPOS to cloud POS to desktop POS, that cater specifically to retail businesses. Our point of sales software is easy to use, easy to set up, customizable, and packed with advanced features like customer management, inventory management, and contactless payments. Ginesys’s futuristic insights help businesses prepare for a better future and stay ahead of their competitors.
Get in touch with us to learn more about our point of sales solution.
