8 Must Have Features of Point of Sale System for Retail Stores

A point of sale system for retail stores can be more than just a convenient way to process transactions—it is the central hub through which all the key parts of a retail business flow. Its cloud-based software and mobile hardware make it flexible enough to suit any business and efficient enough to generate real bottom-line savings.

If you want to benefit from the digital potential that a modern POS solution offers, then you need to make sure your system includes these must-have features:

Digital inventory
Cloud delivery
Product management
Remote access
Employee management  
Customer loyalty programs
On-demand affordability
Data and sales analytics 

Your POS system can be so much more than just a way to process payments, but that core ability to offer a range of secure, convenient transactional options is still the first feature you have to tick off before committing to this modern solution.

First Things First: Point of Sale System for Retail Stores Must Accept Every Payment

Cash is no longer king when it comes to retail shopping. There was already a clear trend emerging in favor of electronic payments over the past decade, and the social distancing brought about by the global COVID-19 pandemic gave it a further boost.

According to Statista, domestic spending habits in 2020 revealed that cash was used in just 12% of transactions, well behind credit card and debit card use. What’s even more interesting is that digital wallet and mobile phone payments ranked only slightly behind cash, being used in 10% of transactions.

That distribution of payment types is proof positive that your retail outlet can no longer rely solely on a traditional cash register. Instead, you need a digital software/hardware combination that can accept a range of payments without the need for several different devices.

Upgrading to a modern, custom-designed point of sale system for retail stores lets you accept a range of payment types through a common, single-platform system and mobile device. You should be able to accept all the most popular payment types and do so safely in the knowledge your customer’s transactions are protected by the latest in authentication and end-to-end encryption security.

If the POS solution you are considering doesn’t feature this kind of payment flexibility and security, then it’s time to move to the next option.

If it does check that payment confidence and convenience box, however, then you can push on and judge its potential against the remaining must-have features.

1. Digital Inventory

Your inventory is your sole source of income in the retail industry, so you need to know exactly what you have, what you need, and what you are seemingly stuck with. A digital inventory goes beyond a mere box count to offer unit tracking and product variations that tell you precisely how your spend translates to profit.

Digital inventory lets you run no-fuss stock takes, keep a live count of your holdings, and follow sales with the precision of individual items.

2. Cloud Delivery

What makes this digital inventory possible is the all-in-one nature of modern POS platforms. Using the cloud—basically third-party internet storage and delivery—to interconnect each facet of your business, you can access all your management and service tools from a single password-protected program. Purchase orders, sales figures, staff rosters, and more are available 24/7 from any internet-connected device.

3. Product Management

Knowing precisely what you have in stock should empower you to make retail decisions that help move products. A digital POS system should let you bundle items together to move less attractive products, offer discounts and refunds without undermining your accounts, and price everything to clear or to increase profits.

4. Remote Access

Having an entire store’s worth of management and sales features at your fingertips 24/7 is about more than work/life balance—although it can certainly help to know you can work whenever and wherever best suits your business. Instead, this digital omnipresence should give you the power to act quickly and decisively to make the change and capitalize on the opportunity.

If your POS solution requires you to be in the office at all times, then you’ve not got a solution at all.

5. Employee Management  

An over-the-counter retail business is only as approachable, informative, and persuasive as its customer service staff, so you need a POS solution that they can use too. The best options include accessible features for tips, timesheets, rosters, training, and more so that your team members are in constant conversation with you and each other.

6. Customer Loyalty Programs

Repeat business is the key to business growth, and a good point of sale system for retail stores will include a fully customizable customer loyalty program of both the digital and plastic card variety. Yours should include clear branding, a comprehensive database, and the option to incentivize repeat business any way you see fit.

7. On-demand Affordability

The digital age is a customer-driven era, and when it comes to upgrading your POS system, you’re the customer. Your list of demands should begin with an affordable, subscription-style payment model that mimics the on-demand, no risk, no commitment approach adopted by Netflix and its peers.

Access to a capable POS solution should not involve steep overheads, unexpected fees, or additional hardware costs.

8. Data and sales analytics

Finally, a good POS system can become a way to better understand and operate your retail outlet. The all-in-one nature of modern POS means that every key piece of sales, customer, and inventory information flows through the same core system. With that vital information within reach, you should be able to easily run data and sales analytics that reveal crucial insights into how your business makes money. This includes top-selling items, the impact of seasonal and macroeconomic trends, the performance of staff, and more.

If you’re not learning from your system, you need to find another system.

2020s Point of Sale for Retail Stores Should Improve Business

In the coming decade, the point of sale system will shift from being a transactional device to being the hub of your entire business. You’ll still have to accept the preferred payment type of every customer that crosses your threshold, but the right point of sale solution will keep your books in digital clarity, make it easier for customers to make purchases, help your staff do their jobs more efficiently, and teach you how to be a better owner and manager.

The point of sale solutions designed by talech are ideal for modern retail. The combination of cutting-edge software and mobile hardware can be customized to suit your retail technology needs, and we devote our time to identifying and solving your business challenges. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.