Modernize retails store with mobile and cloud-based technology

The answers to these questions will guide your decision when choosing your POS. These POS features help your business to meet customer expectations with modern technological solutions.

Data analytics and insights

Having a strong data analytics protocol in place is essential for modern small businesses looking to increase their reach with a new customer base. Without the insights provided by a strong data analytics solution, many businesses may find themselves missing out on vital markets that they could be tapping to make their practice thrive. Similarly, they may miss out on opportunities to get rid of business elements that are not doing their job.

Strong data analytics are arguably the most important piece of retail point of sale technology on the market today. Each is essential in its own right, however, all three combined provide you with a holistic view of your company. This allows you to make informed decisions and weigh options more effectively, maximizing profitability wherever possible.

Inventory management

Modern POS systems have intelligent and convenient inventory controls that can change the game for your small business. To use your POS data to build a new inventory strategy, it must have these functions:

These features are the baseline requirements for a top-level POS system, however, retail point of sale technology is quickly outpacing even these. With the new inventory strategies outlined below, you can take your business management expertise to the next level.

Par-level inventory

Standard inventory strategies focus on a “count-based” inventory system that utilizes manual counting of inventory items. The amount of time and manpower necessary to keep such a system running, however, is quickly making it outdated. Instead, industry leaders are turning to a “par-level” inventory strategy that uses automated protocols in the place of human effort.

Ingredient-level tracking

Not only does par-level inventory free up your employees, but ingredient-level tracking also automatically places a replacement order once a selected ingredient goes below a pre-set level. These numbers can differ on the ingredient and are individually set by the manager. Companies using this system can both ensure that they never run out of inventory and that they never have too much. The customization options inherent in ingredient-level tracking keep your business running smoothly and up to date.

Menu-level costing

Making your books even more efficient is menu level costing, which automatically calculates the cost of preparing an ingredient for your business. This is particularly helpful when setting levels for ingredient-level tracking so you can make sure that the amount being ordered is appropriate for its expected usage. Finally, you can use menu level costing to plan menus for upcoming special events or dishes to help determine cost vs. amount.

By switching over to modern cloud-based solutions for your inventory management needs, modern retail point of sale technology makes it easier for you to keep track of what’s important. These features make your POS more than just a means of handling transactions; instead, they become an integral part of your business structure.

Payment methods

It’s essential to keep your business up to date in terms of how customers pay you. In the same way that writing checks is less common now than used to be the case, you should center your payment structure with similar expectations about current payment options. This means that, above all, your payment methods should be adaptable to reflect a changing market landscape.

As current trends are concerned, however, the top-of-the-line retail point of sale technologies on the market today focus on three categories:

These three options together—mobile apps, virtual terminals, and contactless payments—give customers more ways to pay and even more reasons to come back. This keeps your business running smoothly and opens the door for even more customers who may not have made a purchase otherwise. More importantly, they fulfill the promise of any business—to make the buyer’s life as easy as possible.

Data storage options

Foundational to all these individual features is the aspect of moving your data storage to the cloud. Traditional cash registers have used manual tills which need to be counted at the end of the day by an employee. As card payments became more common, this data too was stored in the register itself. Modern point of sale technology, however, moves this payment data online where it can be accessed via the POS provider’s website.

Cloud storage offers several advantages over the traditional model:

Most importantly, however, cloud storage improves the customer experience. By moving your payments to the cloud, you and your customers can have a streamlined and safe experience within the POS.

Customer experience

Your customers and the experience they get when at your business can be a make it or break it for some patrons. So consider these features when choosing a POS for your business:

Adding POS software that gives you options is a solution that will change how you do business. These features give every customer the option to craft their individual experience with your brand and provide them with convenience and comfort throughout the process.

Maximize staff productivity with retail point of sale technology

The data analytics provided by a small business retail point of sale technology can be used to evaluate staff. Performance metrics can be built and monitored with these tools, offering you the chance to boost their productivity. Establishing incentives or identifying and/or retraining underperforming employees will all be backed by data, allowing you to put forward a powerful performance review process.

You can encourage productivity gains in commissioned staff as well by using the same data analytics. The improved accuracy of sales data combined with the data analysis capabilities of a cutting-edge POS platform gives you an automated view of sales performance. These also work to help you maintain a payroll process that is precise and fully transparent to your employees.

POS partners are your guiding light

Choosing the right POS solution for your retail business will require an in-depth comparison between your needs and the tools available to you. Focusing on the vitals is a great place to start but even better is engaging the engineers at talech to help you through the process.

The consultants at talech have developed in-depth knowledge about retail point of sale systems and small business options. With the ability to adapt our retail POS systems to a retailer of any size, you will be assured of getting only the technology you need to drive your business to the next level. Contact us to learn more about our retail POS solutions or to take part in a free demo.