The silver lining to the cloudy skies that have dominated the retail industry as of late is the growing recognition among shopkeepers of cloud-based POS software’s power and its ability to improve efficiency and profitability. The most popular feature of premium POS retail management software for many store owners is the advanced inventory management functions built into the systems. Retailers gain access to a real-time view of inventory levels as well as automatic alerts and reorders when stock counts reach preset thresholds.
Inventory management is only one of the many ways retailers can reap the rewards of using a full-featured POS solution that links and automates many of a retailer’s business processes. The system allows sales data to be combined with customer relationship and employee performance tracking, for example. It also can be used to generate reports that identify sales trends, customer spending habits, and the store’s fastest- and slowest-moving products.
What Premium POS Retail Management Software Can Do for You
These five premium features of modern POS retail management software are helping to transform the retail industry as stores weather the pandemic and prepare for the ever-changing retail environments of the future.
1. Employee Management That’s Flexible, Accessible, and Informative
Empowered employees are more productive employees. A modern POS system delivers the functionality and information needed for your store’s staff to serve as valuable ambassadors for your brand:
- Staff members can use POS software running on tablets or smartphones to confirm that requested products are available in the style, size, and quantity each customer needs.
- Staff also have instant access to customer purchase histories and preferences, which allows them to suggest complementary products or offer personalized discounts/special offers to customers.
- Employees also have ready access to their work schedules and other work-related information via the store’s app running on their mobile devices.
POS systems connect directly to payroll and other back-office systems to make the associated processes faster, more accurate, and more efficient. They also help retailers confirm that the business is complying with employee-related regulations. Other features assist managers in planning for future staff needs, including the most cost-effective ways to add new employees.
2. Real-Time Sales Performance Analytics and Reporting
A key feature of premium POS retail management software is its ability to identify the sales performance metrics that are most important in guiding the store’s business decisions. Old approaches to sales analysis, such as sales per square foot or same-store sales, no longer provide the insight retailers need to ensure their success.
These are among the sales metrics that are most helpful in giving retailers the analytics they need to make informed management decisions:
- Customer lifetime value (CLV) indicates the value retailers gain from attracting new customers and retaining them over an extended period. CLV is determined by multiplying the store’s average annual revenue per customer by the number of years the person has been a customer.
- Retail profit per transaction is a variation of CLV that calculates the store’s profitability on each transaction. It’s useful for finding the per-transaction value of in-store and online sales, including additional services. However, this metric doesn’t include back-office expenses or overhead costs in its analyses.
- Return on investment capital (ROIC) lets stores know how much revenue they can expect to make from their investments in new technologies and enhanced operations. The metric is intended to make capital spending as effective as possible and help retailers determine how much they need to reinvest in the business to maintain profitability.
3. Ability to Offer More Flexible Order and Payment Options
Order and payment flexibility become more important for retailers as their customers come to expect the stores they frequent to support more ordering and payment options. For example, premium POS retail management software makes it easy for employees to accept partial payments to place a customer’s order on hold, accept full and partial returns without requiring a receipt, and access details about products, including images and descriptions, quickly and easily.
One trend that predates the pandemic but has boomed as a result of COVID-19 is the use of contactless order and payment technologies. To support contactless transactions, a retail POS system must include a custom mobile app featuring the store’s brand, look, and feel to provide customers with a seamless shopping experience. Customers can use the app to browse the store’s products, get information about the items they’re interested in, access their own purchase histories, and complete their purchases by entering their payment information (or selecting a payment option they stored previously).
4. Detailed Tracking of Customer Preferences and Purchase Histories
Return customers are vital to most retailers’ success. POS systems enhance the customer experience, starting with the store’s app and customer-facing displays. Customer management features in cloud-based POS systems protect the information retailers collect about their customers and improve the customer experience in many ways, including:
- Linking customers with their purchases, allowing store employees to view details about their past transactions.
- Accommodating a range of payment options, including contactless payments and mobile wallets such as Apple Pay and Google Pay.
- Making it simpler to create and automate loyalty programs.
- Helping retailers connect with customers via email to provide information and offer discounts and other promotions based on their purchase histories.
5. Smoothly Integrate Mobile and Multi-Location Retail Operations
Retailers have learned the importance of being able to adapt their operations quickly to various modes and different locations. Adopting a mobile POS system provides a range of benefits for retailers:
- Mobile POS frees up retail space and improves the store’s appearance by doing away with traditional registers.
- Sales staff can bring the register to the customer via the store’s mobile app running on a phone or tablet. The app has all the features required to complete most transactions.
- Customers and sales staff have ready access to information about products, including which sizes and styles are in stock.
Today’s cloud-based POS systems deliver high-end features without large upfront costs. They bring retailers closer to their customers and offer the flexibility to adapt as new technologies arise and market trends change. Modern POS software gives retailers a complete view of their operations that connects inventory, sales, employee management, customer relations, and back-office operations. The result is greater efficiency and higher profits.
In a period of change, talech has a number of POS solutions that can help your retail business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence.
Want to learn more about retail POS management software?