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.

Your Point of Sale is the Hub of Your Store
Good Read5 Features the Best POS Software Solutions Have in Common
The Importance of POS Software

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-Premises 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-premises, 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.

Good ReadHow to Choose the Best POS Software for Your Retail Chain
On-Cloud
The software and data are stored online and accessed through any internet connection.
Key Elements
Automatic software updates
Access data from anywhere
30% increase in click and collect usage to save time and money
Tend to have a lower total cost of ownership
Subject to internet connectivity
Hardware flexibility
On-Premises
The software and data are saved on the store server and accessed on the local network
Key Elements
Software updates must be installed manually
Data can only be accessed from a terminal
Less data security risk of external breaches
IT support needed to maintain and service
Hybrid
Combines aspects of cloud-based and ground-based point of sale solutions.
Key Elements
Allows you to run transactions whether your system is online or offline
Less reliance on the internet
Remote access to data still possible
Good ReadFour Reasons to Reach for the Cloud While Keeping Your Feet on the Ground
Integration

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.

Good Read4 Steps to Improving ERP Integration in Retail

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

Enterprise
Management

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.

Having a Scalable POS Software Allows Your Retail Operations to Grow

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Greater Efficiency with Mobile POS

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

single-stock-pool whitepaper

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.

Loyalty Programs and Your Point of Sale

Good ReadLoyalty Cards – Don’t Leave Home Without Them

4 Types of Loyalty Program Structures

Purchase Points

Purchase Points

When customers buy products, they earn points to redeem or save.

Tiered

Tiered

Customers earn their way up to greater rewards and VIP levels.

Visit Credits

Visit Credits

Give your customers credit for simply stopping in your store.

Hybrid

Hybrid

Some loyalty programs allow you to combine all of the above and offer rewards based on points, tiers and visits.

Interested in learning how iVend Retail can accelerate your retail success?

 

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