Are you stuck deciding which POS software and features to go with to elevate sales of your retail business? This comprehensive Buyer’s Guide to Retail POS Software has got you covered!

Walking through the retail industry, POS software become essential for your business. A POS is like a central nervous system of the retail business. It eliminates all the challenges retailers face and provides them with tools, modules, features, and the right platform to ease their workflows and scale their business. A POS system isn’t just a register or a simplified transaction unit—-it is a complete package that can effectively optimize operations, manage sales, and deliver insightful aspects into your retail business.

To help you get started, this article on Buyer’s Guide to Retail POS Software dives deep into choosing the right POS software to help you reach the exponential heights of retail. Without further delay, let’s get started!

In this Buyer’s Guide to Retail POS Software, You’ll Learn

• The finest features & modules of the latest POS systems.
• The various pricing structures and hidden costs.
• POS system security, compliance, and user-friendliness; convenient for the users.
• Benefits of vendor support and training for your retail business.
• Adopting a POS solution that aligns well with your business goals and objectives.

Common Retail Challenges—The Everyday Headaches of Retail Businesses

We understand well that running a retail business is no easy feat, and retailers face many challenges, that impact their growth and development. Let us look at some of these limitations and how they pose a threat to retail businesses.

1. Billing Problems

Billing problems are one of the major headaches that most retailers will face. lengthy transaction procedures, billing queues, and complex receipts mean that customers are frustrated and sales are lost. Retailers also find it difficult to integrate various payment methods.

2. Manual Inventory Management

Inventory control carried out manually is like juggling too many balls at once which can cause stress and evident errors. Failure to update inventory records in real-time can lead to overstuffing of goods or exhaustion of the demanded products.

3. Accounting Problems

Accounting is often considered a tiresome activity by many retail store owners—especially if each day includes a multitude of transactions. Moreover, bookkeeping manually or having independent systems might cause errors and strenuous work.

4. CRM Hurdles

Customer Relationship Management (CRM) is an important factor in retail to build a strong relationship with customers. But without the perfect tools in place, can it be quite that easy? Retailers often have a hard time tracking customer interactions, interests, and feedback they have.

5. Supplier Data Management Issues

Managing the supplier data will always be slightly petty—ranging from purchase order management to delivery status tracking. Retailers often have problems fulfilling orders correctly or on time

6. E-Commerce Competition

The birth of e-commerce has evolved how customers shop, making it straining for physical stores to compete. Not selling through the internet, you may be losing a substantial chunk of sales.

7. Multi-Store Management

Looking after several different stores is like spinning many plates—a retailer has to attend to inventory, sales, and personnel in several stores—which can be extremely draining and impact sales.

One-Stop Solution for all Retailer Needs—POS Integration

A POS solution is the cornerstone of your retail business. You cannot imagine running your shop without one—it would drag in hefty calculations and interpretations of figures, disconnected track of stocks, and scattered fragments of customer data.

A POS acts as a breakthrough by implementing automated sales transactions, inventory control, and gathering consumer information. It facilitates strategic planning with insightful data for your business growth, alongside facilitating daily operations in a retail business.

Let’s dive into the countless features a dignified POS brings you to elevate your sales game!

What Critical Features Should You Evaluate?

It’s fair to say that any business wanting automation has to think a lot before choosing a POS system since there are multiple features to review. Here we discuss the most required and productive ones your retail business needs:

POS

• Easy & Fast Billing: Never miss quick billing checkouts to enhance customer satisfaction—people tend to dislike waiting hours to be billed. POS must have a GST-compliant invoicing feature.
• Refunds and Exchanges: Streamline returns and exchanges by accurate monitoring and seamless processing.
• Card Swipe Integration: Receive payments via a card swipe with a secure and hassle-free card swipe feature.
• UPI Integration: Offer UPI payments—the modern payment options to buyers for better convenience.
• Multiple Payment Modes: Accept cash, card, UPI, or other invoicing modes to tend to distinct payment choices of customers.
• Cashier Register Tracking: Track the transactions of each cashier and cash flow effectively and comprehensively.
• Cash Handling: Enable smooth cash transactions and management through an inbuilt cash handling feature.
• E-WayBill Integration: Generate e-way bills to enforce compliance and efficient logistics while transporting your goods.
• E-Invoice Integration: Create e-invoices in a blink that are compliant to optimize billing and tax procedures.
• Customer Purchase Behavior & History: Revisit and comprehend past purchases of existing customers to customize offers and refine relationships.

Inventory Management

• Stock Control: Keep your inventory updated at all times, with automated reorders in case you run out of items.
• Inventory Sync with Multi-Platform & Locations: Maintain unified stock levels throughout all sales channels and geographical regions.
• Stock Alerts: Get reminders for stocks that are low or negative, and also fast/slow-selling stocks.
• Barcode Generation & Printing: Create and print barcodes for convenient tracking.
• Expiry Management: Monitor the duration for which an item has been shelved. Cut down on scrap with smart expiry alerts with expiry management features
• Multiple Price Management: Implement different pricing strategies for different products without any fuss.
• Near-Expiry Alerts: Get alerts on the items soon to hit expiration dates to reduce losses.
• Stock Audit & Verification with Mobile App: Access and confirm the stock level or status with a few clicks on your mobile device.

For more details on inventory management in retail read our guide on the same.

Omni Channel E-Commerce

Easy Setup for Online Store: Effortlessly create your e-commerce website with POS software’s innovative tools.

WooCommerce Integration: Quickly synchronize products and categories with WooCommerce for hassle-free e-commerce supervision.

Shopify Integration: Easily sync your product listings, inventory, and product categories with Shopify for a remarkable digital presence.

Payment Gateway Integrations: Make payments using multi-currencies by connecting with well-known platforms like Razorpay, Paytm, and Pine Labs.

Central Inventory: Get a centralized inventory updating feature to sustain real-time stock accuracy across all sales channels.

B2B Commerce: with Omnichannel E- Commerce elevate B2B sales with holistic features that make bulk ordering and account management easy.

CRM

• Membership Management (Card + Digital): Allow your customers to manage their membership through cards or other digital alternatives.
• Gift Coupons & Vouchers: Simply create and design gift vouchers and discount coupons for your customers.
• Discounts & Offers: Set up and execute special discounts and captivating deals for enhanced customer loyalty.
• Bulk WhatsApp Promotions: Use bulk WhatsApp promotions to provide timely updates and great deals to your customer base.
• Feedback & Reviews: Gather, examine, and act on customer suggestions and reviews to constantly improve the quality of your service.
• Loyalty Ledger: Monitor and record customer loyalty points management in a systematic and thorough loyalty ledger.
• Digital Invoices on SMS with Feedback Link: Send digital invoices over SMS with a feedback link for instant customer responses and reviews.

Accounting

• GST returns: Computerise hassle-free GST return calculations and filings, perfecting timely and appropriate compliance.
• Bank/Cash Entries: Facilitate tracking of financial records by effective bank and cash entry management.
• Expense Management: Manage and control expenditures with simple expense tracking, and achieve cost management efficiency.
• Audit Trail: Ensure transparent and traceable financial statements, protecting against vandalism.
• General Ledgers: with cloud base accounting software systematically document all transactions, easing the analysis and reporting of financial records.

Purchase and Procurement

• Supplier/Vendor Management: Garner effective relationships and conveniently manage all supplier details.
• Purchase Order: Enhance the efficiency of the procurement process by placing easy orders and overseeing the purchase activities.
• Material Inward: Maintain smooth inventory management ensuring incoming goods are in check.
• Purchase Invoices: Record and generate detailed receipts of supplier invoices to uphold organized financial transactions.
• Purchase Tracking – PO to PI: Effectively track the purchase cycle within the organization—from placing orders to processing invoices uninterrupted retail performance.

Reminders and Alerts

• WhatsApp, SMS & Email Alerts: Notifications and alerts to customers for important updates sent through these different platforms.
• Payment Reminders: Timely reminders for pending payments.
• Stock Alerts: Notifications of inventory situations—low or no stock.
• Daily Report/Summary on WhatsApp, SMS & Email: End-of-Day briefed synopsis sent through various communication mediums

Support and Other

• On-Site Implementation: Personalized installation and setup of the POS software at your retail location.
• Call Center Support: Customer support over the phone throughout business hours.
• Easy On-boarding: Effortless process for organizing and integrating the POS.
• Help Center + Video Tutorials: Immediate access to self-sufficient resources and guiding videos.
• Email, Chat & WhatsApp Support: Multiple platform support for troubleshooting and query assistance.

Are the Advanced Features Worth Your Money?

Looking to improve the safety of your store and elevate customer experience? Advanced POS system features—facial recognition or perimeter security help you seamlessly achieve this. How easy would it be for you to run your retail business with these at your disposal? Let’s find out how they make retail business a breeze.

Camera Recognition: It helps with facial recognition to get alerts for known shoplifters and VIPs as they enter the store, amplifying security and customer satisfaction.

Customer Count : Knowing how many customers enter and leave your online store ensures business intelligence, helping you keep tabs on foot traffic. This helps align the revenue metrics with an actual store.

Intrusion Detection: Intrusion detection helps in sensitive areas like backrooms or warehouses. Receive notifications if someone enters an unauthorized area or lingers suspiciously to maintain security.

Queue Manager: Optimize your retail space with analytics monitoring POS channels and beyond. Long queue wait times will trigger alerts to notify staff, further streamlining customer service and reducing lines.

Store Conversion: It provides insights into sales performance by monitoring those visitors who purchase and those who do not—this is extremely valuable in gauging customer behaviors.

Traffic Map: Create a Traffic Map to visualize the flow of customers around your store. Understand where customers spend their time and with what products or services to help you better position and place your products. These features are present in a smart retail software.

Cloud-Based Vs On-Premise: Which is the Right Model for You?

You never know which model best aligns with your retail business and can strike the right balance before you use it. But, suggestions and insights may sometimes be all you need to decide and get going. Here’s what we brief:

Cloud-Based POS

With cloud-based solutions, your data is stored on remote servers. You can access this from any device provided with the internet. Such flexibility is ideal for multi-location retailers or pretty much for those who want convenience and wish to operate their businesses from anywhere. You access your sales data in real time, updates come automatically for your software, and the upfront costs are generally much lower.

Moreover, the ease of scaling and easy integrations with other systems, together with reduced IT maintenance, make Cloud-Based POS attractive to many retailers. Fortune Business Insights reported that in 2020, over 60% of PoS system purchases occurred on cloud platforms, due to the rise in acquisition by the retailers and restaurant sector.

On-premise POS

They are installed at your store on local servers. They will give you more control over your data, helping with special security requirements or when your internet connection is spotty. However, they often bring higher upfront costs and require ongoing maintenance, factors to take into consideration when you would like to minimize your long-term IT management.

Cloud-based solutions provide flexibility, real-time access, and lower upfront costs, hence best suit the need of retailers to operate remotely and upscale easily. On-premise systems give more control but with higher initial costs and ongoing maintenance. For many, cloud-based options are the more convenient and cost-effective pick.

What Integrations and Add-Ons Could Fit You?

Integrations and add-ons are core to POS software as they expand the functionalities of the system by linking it with other programs/services already used. Here is why they are important:

Accounting and Finance

Tally: Tally is a third-party software application that integrates into your POS and makes accounting a piece of cake, syncing sales data, stock changes, and financial transactions. Now, make billings and financial reporting effective with every transaction!

E-Way Bill System: The integration mechanizes the generation and management of e-way bills, allowing your shipments to comply with measures—where keeping tabs is a no-brainer.

E-Invoice Systems: E-invoice system integration makes invoicing a breeze by generating and sending electronic invoices directly, intermingling accuracy in records and compliance in business.

E-Commerce Markets

Shopify: Linking your POS with Shopify optimizes your online and in-store store sales offering constant inventory updates and a single view of customer’s data, hence a smooth retail experience.

WooCommerce: The integration of WooCommerce with the POS creates a bridge between online stores and physical retail—it synchronizes sales, inventories, and customer data to present one harmonized retail experience.

Payment Integrations

Pine Labs: Linking Pine Labs into your POS system enhances payment flexibility through card transactions and digital payments, processed seamlessly to help improve checkout efficiency and customer satisfaction.

EzeTap: EzeTap integration brings secure payment processing to your POS, handling card transactions and mobile payments without glitches, hence making your checkout process not only secure but also a cakewalk.

PayTM: This will integrate PayTM into your POS, smoothen the digital payment cycle, and hence allow customers to pay their bills with ease, while you stay ahead in managing transactions and keeping financial reconciliations at ease.

Razorpay: Integrate Razorpay into your POS as a payment processor for various digital transactions. From credit card transactions to digital wallets, Razorpay ensures that the payment experience for your customers will be seamless, smooth, and hassle-free.

Communication Tools

WhatsApp: Connecting WhatsApp with your POS sends instantaneous order confirmations, updates on promotions, and tailored messages, increasing customer engagement and experience.

Msg 91: Integrating your POS with Msg 91 enables sending order updates and special deals through automated SMS, allowing for effective and prompt customer communication.

Shipping and Logistics

ShipRocket: Merging ShipRocket with your POS lets you automate and optimize all the shipping operations—from tracking deliveries to handling logistics, so your clients get their orders quickly and safely.

Online Marketplace

Interkart: Integrate your POS with Interkart, and let inventories and orders be synchronized across an online marketplace to facilitate ease of management and expand retail reach beyond the brick-and-mortar store.

Can You Create a Custom Website with a POS?

Thinking if you can build a website of your own for a dazzling online retail presence using your POS? While it’s rare, it’s possible!

An integrated, robust-capability POS can take your retail to the next level by compiling all the essential features into one strong and efficient platform. Systems like this simplify processes by integrating themselves with a variety of e-commerce platforms, payment solutions, and accounting tools, managing sales both online and in-store. This helps in a smooth process of maintaining inventories and tracking finances while continuing to offer customers a worthwhile experience at every point of sales.

Besides that, building an e-commerce website based on your POS solution can work wonders for you. A custom website allows you to extend your online branding, personalize customer communication, and manage e-commerce operations with ease while maintaining consistency with physical stores. That means your digital presence will be fully integrated with your POS system for seamless operations and far better conversions.

Although most POS systems boast strong integrations, VasyERP’s V-Commerce stands out as being an incredibly great custom website solution. Using V-Commerce, you can create a personalized website just as you please and effortlessly manage it. It can be integrated seamlessly with your POS system, thus offering a flawless and superior retail experience.

What are the Pricing Models and Cost Considerations?

Pricing Structures: Which is Better?

You must know the pricing structures of POS systems to make informed choices owing to your pocket and retail demands:

Monthly Subscription: In this model, the upfront costs are smaller, with ongoing support, updates, and maintenance all covered. This is perfect if you like the idea of a predictable monthly cost without having to make a significant upfront investment.

One-Time Purchase: With this model, there is a much higher upfront charge, but no subscription fee. This model is suitable for anyone who wants to own their software outright and can manage all the maintenance and updates required.

What are the Hidden Expenses?

Besides the main costs, always be wary of some additional expenses that your POS system would need. They may include:

Payment Processing Fees: A majority of systems entail a payment processing fee for transactions. These vary depending on the payment mode and the provider. Learning the fee charges before a commitment is the best course of action.

Installation and Maintenance Costs: Cloud-based POS solutions do not require any upfront installation costs, so you can begin using the software without any initial charges.

Add-On Modules and Integrations: While some On-premises POS systems may require add-ons with additional cost, incurring extra costs, cloud-based POS systems like VasyERP offer free add-ons and integrations.

Why Should You Utilize Trials and Demos?

Benefits of Free Trials

Free trials are a witty option when purchasing a POS system. You are allowed to use the system for its extensive features, understand its suitability for your business, and assess its performance in practical situations.

Hands-On Experience: Experience the software operation with its elegant design and user interface.

Risk-Free Evaluation: Know if the POS serves your retail purpose without risking any money.

Live Demonstrations

Live demos present the opportunity to view the POS system in action. Look for:

Interactive Experience: Interact with the features of the system and ask questions for a better understanding of how it works.

Detailed Overview: Learn the attributes of the system and how it can meet your specific retail demands.

User-Friendly User Interface

A user-friendly interface is remarkable in ensuring that your staff takes the least time getting used to the new system. During trials and demos, look for:

Ease of use: Evaluate how comfortable your team feels using the system and navigating around.

Training Requirements: Assess if there is a need to procure intensive training on the system or if it will be easy to learn and use

Does the POS System Guarantee Security?

Importance of Data Security

Data security is the prime concern of each POS system operating in the market today. Protecting your business and customers’ information against a breach or unauthorized access has become an absolute necessity. Pay for a system that offers complete security features such as:

Encryption: Sensitive data should be encrypted by the system to prevent unauthorized access.

Secure Login Processes: The system should maintain secure authentication methods to protect user accounts.

Security Features Review

Evaluate the security features of the POS to meet the set standards and regulations in the industry. Look for:

Routine Security Updates: A robust POS software gets routine updates to patch vulnerabilities and enhance security.

Access Controls: Permission features in a POS solution allow the administrator to set permissions and restrict access based on individual roles.

Fraud Prevention

Fraud prevention tools are helpful features to have in a POS in minimizing risks related to fraudulent activities. Some key features include :

Transaction Monitoring: Ensure that the software monitors the transactions for fraudulent activities and all sorts of suspicious activities.

Secure Payment Processing: Check whether the system can process a payment protecting it from fraud and theft.

Is the POS Compliant?

Compliance is key as far as POS solutions are concerned. The question is—is your POS compliant? A POS system needs to meet the relevant regulations and standards that help your business run seamlessly without hitches. Here’s what to check:

GST Compliance: Confirm whether the POS system provides for compliance with GST by generating invoices and reports that are GST-compliant. Indian retailers must invest in a GST-compliant POS.

Payment Compliance: It is in the interest of the system to implement any payment security standard, such as PCI DSS, for the safe processing of payments.

What Support and Resources Should Your POS Provide?

Customer Support

Reliable customer support is essential in case you need to troubleshoot and resolve issues for smooth operation. Determine whether the POS solution vendor provides:

• Phone Support: This lets you connect directly over the phone when you need instant responses for technical problems.
• Chat Support: It lets you use live chat for your urgent and immediate questions.
• In-Person Support: On-site support allows for comprehensive consultations and resolution of queries (if any), particularly crucial for installation or complex issues.

Training and Onboarding Resources

Effective training and onboarding resources will help your team get up to speed with the POS system. Key assistance offered in this are:

• Online Tutorials (Video): Access to video tutorials on the features and functionalities of the system.
• On-Site Training: Training sessions for hands-on experiences, tending to questions your team may have one-on-one.

Industry-wise POS

POS that is designed for specific retail segment is better than generic ones. For instance, industry-specific POS systems for retail sectors like supermarkets, gift stores, and hypermarkets offer significant advantages over generic solutions. These specialized systems come equipped with customized features tailored to each retail environment, such as integrated weight scales for supermarkets, and multi-department management for hypermarkets, image-based billing for sweet shops, etc.

Why Should You Choose an Integrated POS Software Like VasyERP?

Selecting an inclusive POS software like VasyERP is certain to bring a lot of positive outcomes to your retail business. VasyERP is your go-to with a package of all the solutions discussed in this Buyer’s Guide to Retail POS Software article —-with smooth integration of e-commerce systems, secured payment gateways, and accounting systems.

VasyERP’s POS integration helps you organize your operations in one place while making it more manageable, both for online and in-store sales. With V-Commerce by VasyERP, you can build a custom website, and extend your online exposure without losing the possibility to manage everything from within a unified management interface.

The POS gives strong importance to security safeguarding your business and customer data. You can improve efficiency, increase customer engagement, and ignite the overall growth of your retail business by using its all-in-one capabilities. VasyERP’s powerful and flexible POS is developed to comply with the diverse demands of retailers/ We highly recommend it if you yearn to propel retail operations and be a leader in your industry.

Avail your free demo now!