Retail POS systems are the backbone of a strong retail operation. From tracking inventory, to customer management to back-office functions, POS systems and POS apps make the job of running a profitable business possible. In an ideal situation, the best retail POS system contains key features that can help small business owners focus on growing revenue and creating seamless, easy processes to run the business.
There’s no shortage of POS systems on the market and choosing which one is best for your store can be challenging. With some POS systems, these features may be built into the system itself while other systems may offer these features through apps that integrate directly. Whichever type of system you choose, make sure your retail POS tech stack includes these ‘must have’ features.
Customer Experience & Marketing
Retailers have unique needs for customer experience and marketing features in a POS system. Gift cards, coupons and gift registries are common needs for a retail store. The best retail POS systems will have or offer apps that can make the process of issuing and redeeming gift cards and coupons seamless for the owner and the customer.
Customer loyalty programs can boost revenue for retailers. These programs can make customers feel valued, encourage them to spend more and generate referrals to your business. Customers enrolled in loyalty programs are also more likely to leave positive reviews. Research shows that acquiring a new customer costs anywhere from 5 to 7 times as much as retaining an existing one. If you don’t have a loyalty program already in place, getting one started can be a great way to more effectively use your marketing dollars and generate sales.
Love’ em or hate’ em, reviews are a big part of getting your store noticed online and encouraging new customers to come through the door. Encouraging positive reviews and responding to reviews can be a tedious, time intensive task. Look for marketing features in your retail POS that allow you to manage reviews on multiple platforms in one place.
Inventory Management
Accurate stock counts and an understanding of which products are selling (and which aren’t) is crucial to a successful retail strategy. In the past, retail inventory may have been its own system, not connected or integrated with sales data. Connecting those two – inventory and sales data – may have required endless spreadsheets or only partially accurate information. With today’s cloud-based retail POS systems, you can manage inventory with your sales for a complete view of how your products are selling.
Central inventory management is critical for multi-location retail businesses. Business owners want to understand and have accurate counts of inventory across all locations and within one location. Inventory apps that integrate with your retail POS system, like Shopventory, manage reporting, stock counts and give you a centralized view of the business.
Back Office Management
Back office management for a retailer often takes the form of human resource, legal and accounting functions. These functions are incredibly important but retail store owners don’t get into the business of opening a store to run the back office. The good news is that many of these can be automated through a retail POS system or integrated apps.
For example, state sales tax management is a requirement for any business owner in a state or jurisdiction that collects sales tax. But managing that process from reporting to tax deadlines to payments can be time-consuming and stressful. Automated sales tax is an excellent example of a must have feature in a retail POS system. Retailers save time and stress by automating the process and can devote time to growing the business. The best retail POS systems have back office functions built in or offer a robust app network that allows you to add on functionality and seamlessly integrate.
Don’t Miss These Essentials for your Retail POS System
Retail store owners have unique needs and requirements when it comes to choosing a POS system. With tight margins and a competitive landscape, successful small business owners are looking to grow revenue with customer experience features while making sure the inventory and back office are running efficiently. Make sure your POS system choice offers features that are critical to you and your business.
Once you’ve selected a retail POS, make sure your retail tech stack includes sales tax management. DAVO Sales Tax can help you gain back valuable time to focus on the priorities that will help your business grow. With just a few minutes of setup, your sales tax process, filing, and payments are on autopilot. Give it a try and see how much time and hassle you can save.
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