Understanding POS Systems?
POS is an acronym of Point of Sale software. POS software is an excellent example of modernization and technology updates the working methods of various industries. It is a software that businesses use to handle the sale and serve the customer’s needs better. Most of the companies use POS at the end of the sale as a cash collecting machine. But there are many high-end POS softwares that can do multiple things. A POS system is a great way to manage all aspects of a business such as sales, inventories, billing, customers, data and much more.
A pos software solution for your business helps you to figure out how much money you are taking in and also make it simple to maintain your records. Even with basic and primary features, a point of sale system can manage inventory and sales easily so that you can better concentrate upon your business without worrying about anything. There are a lot of POS Software Development Companies in the market that provides the best solutions to the pos development problems by keeping the requirements in mind.
There are three types of POS software.
- Mobile POS
- Cloud POS
- Terminal POS
The global market for POS terminals reached $62.34 billion in 2019. Experts predict that it will grow at a CAGR of 7.8% from 2019 to 2025. The number of mobile POS payment users is expected to hit 1,657.5m in the next four years. Hardware is the largest segment of the POS market, and it is estimated to hit $66.30 billion before the end of 2025. 31% of businesses are already planning to implement POS within a year. (source)
Features of POS Software
Let’s have a look at the features of POS Software:
- Real-time fast & accurate billing
- Customer experience and relationship management
- Loyalty programs
- Stock management
- Order and billing processing
- Sales monitoring
- Easy and multiple payment modes
- Return & refunds
- Track customer account and history
- Product reports
- Auto filled orders
- Import bulk products
- Lookup products
- Quick keys
- Customer Facing display
- Searchable customer database
- Loyalty programs
- Employee and product reports
Read more : Restaurant POS Systems Features & Cost
Advantages of POS Software Development
POS system is blowing up businesses with its fascinating features. There are several Benefits to invest in POS software development, but here we will discuss the essential reasons out of all. So, without any ado, let’s get started.
- Save Money
Having a lot of software or system for every task causes a lot of hustle to manage as well as being too expensive to handle. But keeping a single pos software solution can keep away both the bothersome as it can manage all the tasks that other individual software can accomplish. Apart from this, it also saves time which is used to manage that particular software. The POS system gives you the freedom to work on a single software without any additional software which ultimately saves money for the business.
- Minimize Mistakes
If you remember finding an error or mistake in the sales figures and inventory numbers, then you must be aware of the frustration it causes. Finding mistakes in the data is the most frustrating part and rectifying them is ado. But here is the answer to all your frustration which is POS software. A high-quality POS software can provide you with spontaneous solutions to reduce mistakes and errors. It means when you reconcile your records, it will take negligible time and lower the chance of having errors in your documents.
- Effortless Training
It is so much time consuming to train a new team member every time. The time which should be used in other necessary works is used in training. And with the complexity of the system, new members start to feel intimidated. A high-grade POS system provides easy to use interfaces. That anyone can understand easily without putting so much effort into it. Apparently, you need to give less time to train new employees and can use that time on other high priority activities.
- Save Money
Business is all about money and taking care of customer services with the best available option. The retail pos software can help you to save more money than any other software. Other individual business software can cost you more than a pos software. So it is always good to have powerful POS software. If you have a big business to run, you can increase your margin or profit with the help of a pos software.
- Inventory Management
For a business, it is imperative to have enough inventory. Keeping track of inventory is a time-consuming task like having a look at the items and maintaining it on the record and many more. A pos software benefits & solution gives a clear picture of the items in the inventory so that you have a better idea of the stock. It helps to save the time which a business spends to maintain an inventory, that time can be used for other high priority tasks.
- Better Customer Experience
Waiting is a frustrating task. We all know how it feels to stand in long queues waiting for the turn to come. A pos system can solve this issue. It runs on PC, tablet, iPad, MAC or any device or browser you want. POS system eliminates standing in queues during rush hours at the billing counter. It also offers fast billing for supermarkets and helps to take feedback from the customers that help to improve the services of the business. Apart from all these things, it also sends personalized offers to the customers related to their previous purchasing.
- Employee/Staff Management
Staff management is the most hectic part of every business. Because in a business, you need to manage people of different temperaments, and with different views and working strategies, it is not easy to keep up with all of them. POS software can help you to manage your employees. It keeps track of every employee and every sale that your employees make and also organizes analytical reports from it. The POS Software Development Companies made it easier for you to assess who is helping your company grow and who’s holding it back with the help of POS software.
- Robust Reporting
In today’s world, data drives the business. Whether it is small or a big business, all are depending upon data which helps to make better decisions. The more data a company has, the easier it would be for the company to make better decisions. A pos system can assist you in following a data-driven business approach with ease. The best point of sale software helps you get robust reports of data. A pos system allows you to generate reports based on the time period, store, promotion, employee, and many more.
- Easy Breezy Integration
There are chances that you require a particular software or specific demand apart from the pos system. A high-quality point of sale system can integrate other applications without any burden. The perfect integration of POS with other software can transform your whole business. The integration of these two will improve efficiency with more visibility to the business. It also helps to intensify the customer experience. It also offers customization and flexibility to support the company’s unique workflows.
- New Sales Tactics
Day by day as the technology is getting advanced, and businesses need to adopt new technologies to expand the boundaries of their business. Modern point of sale systems has the latest payment and sales systems, which provide companies with profitable e-commerce and wallet options. Now with time, everything is being cashless and to provide exceptional customer experience, modern pos systems offer different payment options for the ease of customers. The POS system can boost business offering required accuracy, intelligent business, control over stocks, remote access tons and much more.
In the End
Transaction value is expected to show an annual growth rate (CAGR 2020-2023) of 28.1% resulting in the total amount of US$2,137,510m by 2023. The average transaction value per user in the Mobile POS Payments segment amounts to US$791.2 in 2020. (source)
As we can clearly see, the point of sale system is the future of every business and industry without any doubt. Many retail pos software development companies are coming to the market as they see growth in developing a pos application for a business. By having pos software, you can stay ahead of the competition. With a lot of prominent options, a point of sale system gives you better and unexpected results which you will love.
If you are looking to develop a pos application or want to hire a pos developer, BR Softech can provide you best out of the best solution according to your requirements. With a pool of talented and professional developers, we believed in delivering the services before the deadline because we understand the value of time. Give us a chance to serve you and prove us.