Updated: Feb 16, 2021
Once an eCommerce business starts, it does not take long before it takes off. With the implementation of effective strategies and employing solutions that can increase efficiency, a retail store can soon grow out of the basic needs of checking out and require a more advanced system. To cater to your customers demands, inventory management and pricing need to be coordinated with requirements of the customers. Once you reach a certain level of growth, it is then time to move on from a cash register and explore the benefits of a Point of Sales (POS) solution.
While retailers may have prior knowledge of a specific POS solution, and may stick to dependable and powers POS solutions. It is, however, important for retailers to understand the importance of the respective solution and how their eCommerce business can benefit with it. There are a few things that one must considering when incorporating the use of a POS solution that is suitable for the kind of eCommerce business you own.
What is a POS Solution?
A POS Solution allows your retail business to accept payments from customers and keep track of sales. It sounds simple enough, but the setup can work in different ways, depending on whether you sell online, have a physical storefront, or both. A point-of-sale solution is used to refer to the cash register at a store.
There are different types of POS Solutions for different retailers:
Ø Counter-based point of sale solution
Ø Mobile point of sale solution
Ø Online point of sale
Ø Omni-channel point of sale
POS Solution Features
POS Solutions offer a variety of features depending on the advancement of the solution you have employed. However, read on further to learn about some of the main features that are to be looked for in a POS Solution before deciding upon it.
Inventory and Purchasing Management
Track and manage inventory.
Inventory replenishment and PO creation
Handling multiple inventory types like standard, kit, lot, matrix inventories
Handling unlimited number of items and pack sizes
Supporting multiple vendors for the same item, their prices and lead time Transaction Processing
· Speed, especially for high traffic business like grocery stores
· Ability to access item prices, promotions, discounts, quantity discounts etc.
· Handle multiple tax rates and currencies
· Ability to put a transaction on hold and recall
· Ability recall transactions for returns
· Offering customer specific prices and discounts
Payment Card Processing
Ability to connect POS directly to service providers
Connect to the service providers through the internet directly from POS terminal
Ability to process multiple type of cards like Visa, MasterCard, Amex, Discover etc.
· Setting up customer specific pricing and discounts
· Ability to reprint invoices and recall transactions for return
· Setup customer information, family members and important dates
· Send promotions to customer based on their birthday/anniversary dates
· Sending customer statements and generating customer emails
· Provide revolving credit facility to the customers
· Extensive and relevant reporting
· Customizable reports
· Form customization to put logos, addresses and other information on invoices, POs etc.
· Preview, print, or export data in multiple formats.
· Filter, hide, sort, and group data the way you want.