You know you need to set up a point-of-sale (POS) system to keep your inventory and retail management in order, but where do you start? Don’t worry! Here we’ll help you make the right decision by walking you through the differences in POS systems.
What is a POS system?
An efficient POS system has many components that help you manage and monitor business performance. Point-of-sale systems include hardware and software options designed to streamline your business. They manage customer data, inventory location, and sales information while also monitoring employee performance. There are different POS systems. It’s important to know the differences, as some are geared toward the food service industry because restaurants are some of the biggest users. Other POS systems are used in retail and service-based businesses.
Where POS systems are usually used
Businesses with multiple locations, such as chain restaurants and retail stores, often use POS systems. These systems help with location management, customer management, employee management, and sales performance. Keeping track of which employees are clocking in at which store or when they’re doing their rounds can help managers pinpoint staff training requirements. Each POS system is designed to serve the particular needs of the customers in that domain.
Here’s a look at four different types of POS systems.
1. Restaurant POS systems
A restaurant POS system provides important information about what is selling and what isn’t, cutting down on food waste and ensuring sufficient inventory levels. It also provides a seamless payment experience for customers by providing multiple payment options. With the help of POS systems, many restaurants offer rewards programs to their regular customers to inspire loyalty. According to TouchBistro’s State of Full Service Restaurants Report, 67% of restaurant operators changed their POS system during 2021 to include some form of contactless payment. Additionally, the report calls all-in-one POS solutions an emerging trend, and that upgrading to a new full-service POS system is a “must-have,” rather than “nice-to-have.”
2. Bar POS software
These are generally used in bars and restaurants because they’re tailor-made to suit the food and beverage industry’s requirements. Along with all the standard POS features, a bar POS software comes with unique features.
For the merchant, it provides the ability to quickly change the prices of the items on the menu, depending on the time of the day and week. Several bars have happy hour timings, and this feature comes in handy during those.
For the visitors, it allows them to order directly from their table using a QR code. Some bar POS software also allows customers to split a check among themselves. No more credit card roulettes!
3. Retail POS systems
Ensuring your retail business has a solid POS system is essential to running your business efficiently. As your retail business grows and becomes more complicated, a POS system can track every sale, monitor inventory, and manage customer information. These are essential aspects of any well-run company.
Choosing the right POS software for your business
With POS, there’s no one size fits all. You need a POS system that fits into your budget and streamlines your sales process. To select an appropriate system, you need to:
- Analyze inventory needs of your business.
- Evaluate what your storefront looks like.
- Determine what type of orders your business takes.
- Review whether your costumes takeout or dine in (for restaurants).
- Determine whether you will offer drive-thru or curbside pickup.
Once you have answers to these questions, you can choose the best suitable POS software for your business.
Key benefits of POS systems
Here are just a few of the benefits of implementing a POS system for your business.
1. Valuable business insights
You can gain valuable insights through shared information and industry trends. Some POS systems allow you to share best practices, struggles, and solutions within your industry. You can subscribe to feeds from experts in your field, and subscribing to business insights allows you to always stay on top of industry trends.
2. Streamlined workflow
The best part about POS software is that it will make your life easier. It helps you track and manage your inventory and sales, as well as streamlines workflow to save time on busy work. Once an item is sold at the counter, the software will deduct the item from the inventory and update the count automatically. Instead of juggling multiple spreadsheets and documents, you’ll be able to complete all your bookkeeping with one software solution.
3. Increased loyalty
In business, loyalty pays off. In fact research shows that repeat customers spend 67% more on average than new customers, meaning most of your profits come from people loyal to your organization. When you have an efficient POS system with multiple customer-centric features like easy checkouts or loyalty programs, your customers will always keep coming back for more.
4. Employee satisfaction
POS systems can increase employee satisfaction by improving efficiency and training. Having employee management systems set up correctly from day one makes sure employees are well trained and understand their responsibilities. Employees who are properly managed also tend to be more loyal and stay with your company longer than employees who are thrown into a job without training.
Retail POS software by DEAR Systems
DEAR Systems’ retail POS software comes fully loaded with features that are sure to boost your business. From easy refunds and returns, to loyalty programs – it has a lot to offer your visitors so that they always keep coming back for more.
With DEAR POS by your side, your customers are in for a rich shopping experience every time they shop from your business. If you’re as excited as us about unlocking the true potential of your business, schedule a call with us today!