Point of Sale- Key Components, Types, and Features

Operating a retail store requires a bunch of activities including administration, marketing, and above all, the marketing. Functioning through an efficacious Point of Sale (POS) system can lead to a way long in running operations smoothly. We, here, bring some key components, types, and features of a POS system, you should bother about, before implementing one for your retail store.

Components of POS

Hardware

POSmachine’s hardware typically consists of the physical setup such as server, PC, cash register, etc. Some cloud-hosted machines have portable devices like tablet or smartphone. Other devices like barcode scanner, printer, weighing machine, etc. are the add-ons serving special purposes.

Point Of Sale System Development

Software

POS machine has a special database to store vital records. Some software are integrated with 3rd party software including book-keeping, accounting, e-commerce, and email marketing.

Types Of POS

Type of POS, from being simple to complex, depends upon the needs of an organization. We typically categorize them in 3 types:


Mobile POS

Mobile POS system uses smartphones or tablets, attached with a credit-card reader, as its terminal. They are portable and enable you to attach other peripheral devices too. They primarily process payments but can also provide other services like loyalty programs, inventory management, sales monitoring, etc.

Terminal POS

POSterminal system is the foremost choice of retail stores having cash dedicated cash wraps. It is a hardware/software-based machine carrying peripherals like cash drawers, printer, barcode scanner, and credit-card reader. Advanced functionality, ability to handle enormous database, ease to use, minimum complexity, easy maintenance, and affordable prices, etc. are never late to attract multiple industries like grocery shops, restaurants, salons, and bookshops.

Cloud POS

It is a web-based Point of Sale system that can be integrated with available hardware; a computer, printer, tablet, etc. It functions the way a terminal POS does. The sole difference is that a web-based system is installed in data centers while terminal POS is installed on a server. Cloud POS benefits start-ups who are looking for advanced functions under a low budget.

 Features of POS

So, now when you know the types and components of a POS system, the time has come to know the key features of this machine. From billing to gift cards, we’ll discuss each to get a better idea.

1.   Ordering and Billing

POS is fundamentally used for billing and ordering at retail stores. The machine scans item for its ID and price, and capture multiple payment modes. Invoice generation, prints, email marketing, customer detailing, additional remarks, etc. are done using the system.

2.   Sales Monitoring/Reporting

POS should have the capability to frequently report on the hourly, daily, weekly or monthly sales. This way, merchants will be opened to the easy way of monitoring and tracking their sales activities. Advanced POS machines are capable of predicting sales’ stats for a certain store.

3.   Stock and Inventory

A Point of Sale machine’s inventory management feature must be accountable every day. It should efficiently store and reveal SKU transactions, inbound and outbound inventory, and lot-wise inventory. A machine making stock adjustments while viewing inventory is the foremost choice for many merchants.

POS System Development

4.   Cross Channel Returns

Ability to accept returns, to do refunds, and replacement is common to all POS machines. An august system will also be able to capture the reasons behind the actions and necessary information.

5.   Customer Experience

POS can play an impressive role in retaining your customers. It should be able to store data and purchase history of all customers. This feature can help a brand give a personalized experience to their clients. You can use customer data to get an insight on whether a client of yours is interested in the upcoming sale.

6.   Employee Management

It may be astonishing for you know that a POS system can manage your employment records too. The data is typically recorded for their hours of work, sales performance, and staff levels. Their activities can be tracked by associating them with each transaction. The system, therefore, allows you to take suitable actions to enhance their productivity.

7.   Gift cards and Loyalty Programs

Gone is the era when you used punch cards to track clients’ loyalty incentives. Today, the Point of sale systems allows you to do it in an automated manner.


Final Thoughts

We got a better idea of how impressive is to use Point of sale systems for your brand, retail store, restaurant, hospital, grocery store, etc. Planning to move to the advanced level of operations at your stores? Consult our experts regarding the positive change you’re thinking to bring to your business. Skilled developers at Infosty Technologies will bring you a set of feasible solutions which can solve numerous management problems related to your inventory, customers, employees, and products. Our smart approach to each problem is what makes us achieve 95% client retention. Hence, be a part of our globe to experience what you really desire.
Location: Pakistan

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