Finding a new point of sale system for your business can be a tricky undertaking. Before you jump the gun on something that may not quite be right for your business, however, take the time to read ahead and learn just what questions you should be asking when looking for a new point-of-sale system.
How Well Does the POS System Work Between Your Retail and Online Store?
Data provided by the National Retail Federation shows that as many as 6 out of every 7 consumers will be researching a product online before deciding to buy it from a brick-and-mortar store, and it goes without saying that any business with a presence both in-store and online will have an edge. You should think of an online store as a store that never closes, and with the right point of sale, you can get your brick-and-mortar store online and available to new customers. If you will have an online and retail presence, make sure you choose a point of sale system that can work together with both channels of your business with a consolidated back-end. Most systems simply aren’t equipped to work with both online and offline sales.
Does the POS System Work Well For Your Staff?
A point of sale system is only as good as the employees who will be using it. It’s a good idea to try a system before investing in it and get input from your staff. Is the system intuitive? How much training will it require? Does it have the potential to improve productivity and customer experience? No matter what system you choose, be prepared to train employees on how to use it and its features to make sure customers aren’t kept waiting and you can benefit from features like inventory management.
Are Reporting and Analytics Offered?
Gone are the days where a merchant would be flying somewhat blind. With a good POS, you’ll be able to keep track of exactly how well your business is doing, what is selling and what isn’t, and even which employees have the best sales. You can even create and track employee schedules and manage inventory directly through the point-of-sale system.
Can the Point of Sale System Help You to Run Targeted Ad Campaigns?
Unfortunately, fewer than 1 in 10 new prospects will actually make a purchase. On the other hand, more than 6 in 10 returning customers will. Because of statistics such as these, today’s leading marketers are crafting more custom-targeted ads and focusing on what the customers actually want to know. With the right point-of-sale system, you can improve relationships between you and your customers and send more relevant communications. Depending on the features, you can use the system to determine which of your marketing campaigns have brought in customers or send win-back offers to customers who haven’t been back in a while.
Will the Growth of Your Business Be Supported by the Point of Sale System?
One of the most important things to consider with any new technology is the long-term costs and what your future needs will be. It isn’t enough to choose the simplest and cheapest option that works with your merchant services provider; you’ll soon outgrow it and regret the investment. You’ll need to make sure you purchase a scalable system that can grow along with your business.
Frequently Asked Questions
What is a POS system?
A POS (Point of Sale) system is a software and hardware combination used by businesses to complete sales transactions. It commonly consists of functionalities like tracking stock, generating sales reports, handling payments, and managing customer interactions.
What should I look for in a POS system?
When choosing a POS system, consider the following factors:
● Functionality: Make sure the system aligns with your particular business requirements, including the ability to track inventory, efficiently manage employees, and seamlessly integrate with other software solutions.
● User-friendliness: Seek out an intuitive interface that is simple to navigate and train your staff on.
● Payment processing: Check if the system supports various payment methods, including credit cards, mobile payments, and online transactions.
● Reporting capabilities: Determine if the system provides detailed sales reports, inventory insights, and analytics to help you make informed business decisions.
● Scalability: Consider whether the POS system can grow with your business, accommodating additional locations, products, or users.
Should I choose a cloud-based or on-premise POS system?
When selecting a POS system, you should consider whether a cloud-based or on-premise solution is more suitable for your needs. Cloud-based systems offer the advantage of accessibility from any location with an internet connection, along with automatic updates and remote data backup. Conversely, on-premise systems provide greater control over your data and may be preferable if you have limited or unreliable internet access. To make the right choice, assess your business requirements, budget, and IT infrastructure.
What about customer support and training?
It’s crucial to assess the level of customer support and training offered by the POS system provider. Look for providers that offer reliable customer support channels, such as phone, email, or live chat. Additionally, inquire about training resources, including user guides, tutorials, and in-person or virtual training sessions, to ensure your staff can effectively use the system.
How much does a POS system typically cost?
The pricing of a POS system can differ based on various elements, such as your business size, the desired features, and the pricing structure offered by the POS provider. Some providers charge a monthly subscription fee, while others may have a one-time purchase cost. Additional costs to consider include hardware expenses, payment processing fees, and potential add-ons or integrations. It’s essential to evaluate the total cost of ownership and return on investment when choosing a POS system.
