A Point of Sale(POS) software is much more than a transaction gateway. To be competitive in this growing complex retail market business owners needs better tools and applications to strive. These optimizes their process operations and let them to connect with customers in a better way. Many retail brands are using powerful POS applications for operations. These are integrated with various tools and functionality so that they can be used as a coordinated application with other process operations such as stock management, logistics, and so on.
Inventory Management: Managing stock and inventory is a primary feature for a POS Software. Sales persons can update information regrading stock or products. SKU, serial numbers with related price and any ongoing discounts or promotions. This helps in maintaining stock or replacing them according to customer demands or market trends. Inventory control needs to be integrated with the POS system because, this is where sales of any stock is updated first. This would make the stock update process more traceable, faster and error free.
Customer Relationship Management: This feature helps in building better customer relationships. As a customer who bought from a retail shop online or offline becomes a potent customer for the feature. Maintaining customer profiles with details such as contacts, address, birthdays, anniversaries and so on can be used for marketing. Companies can grow more intimate with customers by providing them discounted or customized price on their special occasions such as birthdaysautomatically.
Maintaining Communication and being more Tech Savvy: A POS system can provide a retail chain a large platform of business. Applications deployed in the internet could connect chains of retail stores and maintaining effective communication among them. Web based POS applications paves the way for online retailing. Moreover, this would enable to make the business to reach out for more customers. Online presence can be also achieved through social media and online communities. This would enable better productivity and business growth.