How to Choose the Best Point of Sale Software for your Retail Company

Jan 9, 2023 | Blog

Regardless if you run a small business or a large company of retail, one of the most important decisions you need to make is to choose the best point of sale for your needs. This is a serious decision since the most important information business information is recorded in your POS.

Even if you have a good ERP system, the Point of Sale program or POS system is essential to manage a retail company, since it helps automate the cashier process and control sales and data relevant to the operation, such as the availability of your products and items in stores and warehouses; cashiering, inventory control, among many other things.

There are many different types of POS software available on the market, so it’s important to find the right solution for your retail business.

In Teamwork Commerce we want to guide you throughout your Point of Sale software selection process, so in this blog, we share 5 keys to choose the best Point of Sale software for you, so you can be at the forefront of technology and meet the needs of your customers, after the COVID 19 pandemic. 

What is Point of Sale Software?

Point of Sale Software is a type of computer software that helps retail companies run business operations. It can be used on desktop computers, laptops, or even mobile devices such as android tablets or iPads.

It can include features such as ordering systems, inventory availability, cash registers, barcode scanners, as well as point-of-sale screens where transactions are completed in front of customers.

There are many different types of Point of Sale programs available in the market today, however, it is important to know how to choose the best software that meets the most current requirements that customers are looking for, and that is easy to use.

An easy-to-use yet powerful system will empower your sellers.

What makes a good Point of Sale software?

Ease of Use: Software should be easy or even intuitive to learn and use, especially for new employees.

Data Tracking: Retailers need to be able to track inventory, sales data, and other important metrics.

Security: POS software should include features that protect against fraud and theft.

Customization: A good POS should offer a wide range of customization options, allowing retailers to create a system that feels unique to them, and that meets their needs.

Friendly interface: The POS system you choose should have a software interface where employees can easily understand and navigate, without the need for constant training. 

Real-Time Data: A Point of Sale system in the cloud will allow immediate updating and synchronization so that the decisions you make are made with the correct information at the correct time.

Sales management, inventory management, and being able to relate sales to inventory are also critical because, without accurate records of what’s in stock and what’s been sold, it’s more difficult to manage your finances or track sales activity. 

A good POS system also allows you to track sales figures and inventory levels daily, weekly, or monthly, so you can make informed decisions about future product releases and pricing.

In addition, a comprehensive POS system offers tracking capabilities for your customers. Whether you need to know who is buying what and when, or know which products are flying off the shelves and which are not.

5 Keys to choose the Best Software

1. Consider your Business Goals

Before choosing a POS system, it’s important to determine your company’s business goals. Like any important decision, strategy is a key factor in a world with so much competition in which the rules change and are reinvented every day. So it will be very important to ask yourself questions such as:

Do you want to increase sales? Manage inventory? Reduce administrative costs? What do you need the software to do? Do you need to track inventory and sales data? Create customer profiles? Process payments? Support a Loyalty Program? Do you want to serve your customers through multiple channels? Do you need to Upgrade your system to make it omnichannel?

All of these tasks can be accomplished with different POS systems. Answering these questions before making any decision on which POS system will be critical to meeting your retail business goals.

2. Evaluate the Cost-Benefit ratio

When choosing POS software for a retail business, it’s important to consider the cost-benefit ratio. Point of Sale software can improve efficiency and accelerate transactions, but weighing the benefits against the costs is important. The following five keys can help you calculate the cost-benefit ratio:

  • Check out how much transaction processing time is wasted due to inefficiencies in your current system.
  • Determine how much money could be saved by eliminating errors and speeding up transactions. How long are you taking to generate reports and how much does that cost your business in terms of money?
  • Calculate the potential gross margin of each POS system.
  • Calculate how much additional investment in marketing you are making by not having a system that allows you to integrate your marketing strategies and contact your customers.
  • Compare price points and features to find the best option for your needs.

Additional to the above, it will be essential to consider the budget that your company has. How much money are you willing to spend on a POS system? Some of the more popular systems can range in price from $100 to $10,000+.

Another factor in determining the cost-benefit relationship will be to evaluate the current technological infrastructure of your company. Perhaps a large investment in hardware has already been made, and there will be nothing left but to get a return on it.

However, in the cost-benefit ratio, no cost is greater than the need to stay up-to-date, meet your customer’s needs, and generate more sales.

Being up to date with an omnichannel Point of Sale system is one of the best investments you can make. Far from being an additional cost or a nice to have, your point of sale system will determine the future of your company, as it simplifies the management of your business and increases your sales.

3. Compare different types of POS software. 

POS software comes in three main types: on-premises, cloud-based, or hybrid. Each has its advantages and disadvantages.

  • On-Premises: Local software is installed on company servers. This means that the company has full control over it and can easily update it. However, this type of software is more expensive to install and maintain than the other two types.
  • Cloud-based: This software runs on a remote server owned by the company or a third party. This means that the company does not have to invest in hardware or software, but does sacrifice some control over how the software is updated and managed. Cloud-based systems are easier to use than on-premises systems, and today they already offer much better security and performance. 
  • Hybrid systems: These systems combine elements of all three types of software. This is why it will depend on what your needs are, to choose the modality that best suits your retail company.

4. Make sure it’s Omnichannel

Omnichannel POS refers to the use of multiple channels (internet, phone, mobile apps, e-commerce) to interact with customers and manage sales transactions. By leveraging these channels, businesses can improve customer service and increase revenue by eliminating the need for customers to visit multiple locations or make multiple phone calls.

There are several factors you’ll want to consider when selecting an omnichannel POS platform: such as which channels does your business use most often? How much customization is desired, pricing, scalability, integrations, and partnerships available?

An omnichannel retail business can gain several advantages by using Point-of-Sale software designed for a customer’s omnichannel experience. These benefits mean increased sales, fewer complaints, savings, and reduced costs.

Advantages of Omnichannel POS

The first advantage is increased sales. Omnichannel POS software enables the retailer to track customer behavior and preferences across all channels, enabling the business to provide a more personalized shopping experience. This means that customers are more likely to purchase items that they have been interested in and are not as influenced by advertisements or other promotional materials. Additionally, if an item is out of stock on one channel but available on another, the retailer can automatically order it from the out-of-stock channel, saving customers time.

Retailers who adopt omnichannel Point of Sale (POS) software can reap several important benefits because it allows retailers to handle transactions in a more efficient and customer-friendly way.

Additionally to that, using omnichannel POS systems allows retailers to better track inventory and sales data. The use of omnichannel POS systems can boost customer loyalty by making it easier for them to shop across the retailer’s entire store network.

Also, Omnichannel POS systems can help retailers reduce costs associated with traditional retail operations, such as labor and overhead.

The adoption of an omnichannel POS system can position a retailer as a leading provider of consumer services across all channels.

Another benefit of omnichannel POS software is that it helps reduce complaints by enabling better service and a presence that customers are increasingly demanding.

5. Make sure it will help improve the Customer Experience

Retailers who want to improve the customer experience should choose point of sale (POS) software that meets the needs of their business. The right POS software can help ensure accurate sales transactions and reduce wait times for customers.

People increasingly demand quality customer experiences in all aspects of their lives, including when they shop. This has led to a demand for point-of-sale (POS) systems that provide an excellent customer experience. Retail companies need to think about how they can best meet this demand and keep costs down.

There are several ways to improve the customer experience with a POS system. Some popular techniques include providing friendly and helpful staff, providing user-friendly menus and kiosks, and having well-curated designs that are easy on the eye. 

Retailers can also benefit from using point-of-sale software that provides daily analytics and reports, which can help them understand how their customers are using the system and where they could improve in the future.

So What can we Conclude out of this? 

Retailers have a wide range of point-of-sale (POS) software to choose from, each with its own set of pros and cons. The right choice will depend on the specific needs of your retail company.

With so many options available, it’s important to do your research and find the right software for your business needs. 

There are many factors to consider when choosing a point-of-sale system for a retail business, however, we believe that by following the advice in this article, business owners can be sure that they will find the system that allows them to be at the forefront of technology and be part of the businesses that thrive in the new post-COVID19 reality.

Are you ready to choose point-of-sale software?

At Teamwork Commerce we are pioneers in retail software and we have one of the most modern and innovative POS systems. We are a cloud-based system that is constantly evolving to provide cutting-edge technology to meet the needs of the ever-changing retail landscape.

The flexible tech stack for retailers we provide includes POS, OMS, Clienteling, Inventory Control, and Reporting. With Teamwork’s omnichannel solution, retailers gain a deeper understanding of their customers to provide personalized experiences through invisible technology. 

Learn more about us and schedule a demo to take your sales to the next level with one of the best point-of-sale systems on the market.

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