How iVend Point of Sale Works
Retail POS Software That Sells
Your Point of Sale is the Hub of Your Store
A point of sale, (POS) system, is the evolution of what was originally the cash register for brick and mortar retail stores and retail store chains. While the cash register remains an important component to the point of sale configuration, software developers have taken the basic functionality of ringing sales and accepting payments and increased capabilities like inventory management, customer management, loyalty programs, reporting and analytics, mobility and eCommerce options.
The Importance of POS Software
Retail POS software is the program that processes sales transactions, houses the data related to inventory and sales and provides the interface for your employees and store associates. It’s the nerve center of your retail ecosystem and as such, your point of sale needs to be able support your business and operational goals for success and growth into the future.
On-Cloud POS vs On-Premise POS
There a variety of options when it comes to point of sale software as it relates to data storage. You will see terms like, cloud, on-premise, server based, online, traditional, etc. The key to remember is that there are two basic types of retail point of sale software: cloud-based and ground-based. It’s important to note that most POS software solutions used in retail today are some sort of combination of the two.
Integrating Your ERP Systems with Your POS
A benefit of newer point of sale software systems is the ability to integrate with your other business systems like your ERP. Not every POS software out there does this, but looking for one that does will give you a substantial foundation to build your retail enterprise on and position you for growth.
Too many retailers simply accept the fact that their most important systems don’t share data. The administrative inefficiencies that surround this type of environment, however, ultimately end up being costly time sucks. Redundant processes and double data entry are two of the top complaints from retailers with disparate ERP and POS systems.
Benefits of ERP and POS Software Integration
Integration allows visibility across your entire operations without having to aggregate information from separate store locations.
Single Stock Pool
All your inventory, across locations and sales channels is pooled together in one so you always have accurate inventory counts.
Updates to Inventory in Real Time
Forget syncing your data. With an integrated system your inventory levels are always up to date.
Elimination of Redundant Processes
Your most important sales and inventory data automatically populates both your ERP and POS when have an integrated solution.
Having a Scalable POS Software Allows Your Retail Operations to Grow
One of the most important features of your point of sale software in regards to your ability to expand your business and retail chain is its ability to grow with you—its scalability. Scalability is not just about being able to add more terminals to your in-store configuration. It’s also about being able to:
- Work across your enterprise in multiple locations, regions and countries
- Allow you to add new technology like mobile point of sale, eCommerce, mCommerce, kiosks, and self-checkouts
- Give you potential for unlimited expansion of your retail chain physical footprint
To determine whether a POS software is truly scalable, look for one that has open APIs. An Application Programming Interface (API) is the technical term for the platform that allows you to customize, configure and connect to your point of sale software. An open API refers to a platform that is flexible and adaptable and “open” to connecting to other technology, software, and systems.
Managing Inventory with Your POS Software
Managing inventory levels is an integral feature of a point of sale system. POS software that can provide you a single view of your inventory, referred to as a single stock pool, regardless of the channel or location the product was sold from, is a game changing benefit to retail stores and chains.
According to our 2018 shopper survey, 66.3% of consumers left a store empty handed because the store didn’t have the items they wanted and 67.3% said they didn’t have the items they needed. Likely, a large majority of these issues were related to stock levels.
Either stores were out of stock or not stocking what they needed. This highlights how important a single stock pool is and how important real-time visibility into your inventory levels are for everything from merchandising to purchasing.
Moving to a Single Stock Pool for All Channels
Our Whitepaper talks about the requirements of Omnichannel solutions for single stock pool, shifts in stocking merchandise, stock statuses, pre- and post-allocations to fully utilize the power of omnichannel.
Enhancing the Customer Retail Experience with Your Point of Sale
You might not immediately see how your POS software enhances the customer experience, but if used correctly, the point of sale can be a powerful tool to connect with customers and increase average sales transactions with upsells or cross selling.
The point of sale transaction leaves the final impression of your brand on your customers. They cannot complete their transaction without interacting with your POS software, whether it’s in one of your store locations or online. This gives you the biggest window of opportunity to provide the customer service and customer experience that will keep them coming back to buy from you again and again.
Around the Globe Shoppers Want Convenience and Personalisation
We surveyed over 2,000 shoppers around the globe from Dubai to Los Angeles and put game changing insights into one comprehensive report for you.
Loyalty Programs and Your Point of Sale
Retail loyalty programs are a strategic way for retailers of all sizes to build a loyal following, communicate with customers, and ramp up your marketing and promotional efforts. A digital loyalty program literally puts you in the palm of your customer’s hand by residing on their phone. The instant connection you gain combined with heightened brand awareness increases their likelihood of shopping in your store. Studies show that over time, loyal customers will spend 67% more.
Loyalty Programs as a Marketing Tool
Retailers win when they use loyalty programs combined with customer data to deliver hyper targeted coupons and promotions. Digital coupon and digital pass usage is on the rise and shoppers are happy to get rid of paper coupons. The convenience of having the mobile application that links their rewards and promotions hits two sweet spots in customer preferences: convenience and personalisation.
4 Types of Loyalty Program Structures
When customers buy products, they earn points to redeem or save.
Customers earn their way up to greater rewards and VIP levels.
Give your customers credit for simply stopping in your store.
Some loyalty programs allow you to combine all of the above and offer rewards based on points, tiers and visits.