Evaluating POS solution for your retail business
Starting a new business in the retail industry, which already has immense competition, could be very difficult. Entrepreneurs need to take care of setting up the right business model, creating awareness about the brand, hiring workforce, searching for and choosing the requisite hardware and software for business management, and the like. Using the right systems for business management and, consequently, enhancing customer satisfaction levels helps new retailers in marking their presence in the industry.
It is now a well-established fact that the point-of-sale is extremely important for any kind of a retail business. Various types of modern POS systems can be implemented - desktop POS, mobile POS, all-in-one POS, and much more. Moreover, there are umpteen solutions available in the market for POS management. The primary question that retailers have is - ‘which is the most suitable POS system for the business?’ The answer is that it depends on certain factors.
In this article, we would elaborate on these factors that retailers must consider before choosing the right POS solution.
1. Size of the business
Store sizes and types of stores impact the kind of POS that would be most suited for the business. If the retailer plans to launch large stores, they should ideally install desktop POS stations as well as various mobile POS units and self-checkout counters. In the case of pop-up stores, they need to invest in mPOS solutions like Zwing, as they are portable and could be used to complete customer transactions at these stores.
2. Product range
Retailers need to define a range of products that would be sold at their stores. In a scenario where the inventory is complex and involves multiple variants of products, such as brand, size, colour, model, and the like, it is wise to choose a desktop POS or even an all-in-one POS solution for the stores. These types of POS would have the threshold to monitor sales of such sophisticated inventories. Mobile POS solutions would be more suitable for retailers that offer a smaller range of products.
3. Processes and concurrent applications
It is necessary that retailers map out possible integration points for processes and other store applications before choosing a POS solution for their business. These processes would include stock replenishment, sales touchpoints, customer data acquisition, and the like. The POS should also be easily integrated with the inventory management system, product procurement module, customer loyalty application, eCommerce platforms, and the like. A POS software solution like Ginesys is an easy-to-implement application that supports all complex processes such as production tracking, procurement, stock replenishment, inventory management, sales and distribution, finances, and the like. It can also be easily integrated with third-party applications for customer loyalty, omnichannel retailing, mobile wallets, and much more.
4. Business roadmap
Before evaluating solutions available in the market, retail business owners need to have a clear understanding of their own business and plans for scaling it up. Some retailers plan to launch one store in the beginning and grow their business gradually. Some plan on launching multiple stores at multiple locations at one go. With a defined roadmap of the business, retailers would be able to narrow down their search for a suitable POS solution. POS software like Ginesys can be implemented in both the aforementioned cases, as it is an easily scalable and robust solution. Major retailers across India have implemented Ginesys POS to manage their multi-location stores. Most of them have also scaled up their business over time without needing to evaluate new solutions.