A Point-of-Sale Application (POS) allows business store owners to enhance their sales process and optimise checkout and returns. Similarly, it helps sync sales data from multiple stores and displays it on a central dashboard. In addition, this allows you to view the database and track multiple store sales in real-time.
The Point-of-Sale Application (POS) is created with Magento and our Digital eCommerce Platform, as they work together. Thus, offering seamless integration for these solutions using our Consnet Digital Platform.
Our Point-of-Sale Application (POS) can be tailored for your business. Magento POS system is a checkout technology used at the POS and/or returns. This system streamlines the ordering, returns and payment processes. Additionally, the Magento Application is open for development and enhancement to make it work specifically as your business process flows require.
The POS system adds the product cost, sales tax, and barcode scanning. Similarly, the system can also process discounts or loyalty points during checkout. Thus, the POS system speeds up the checkout. It tracks all product transactions real-time. If a product is out of stock, you can be notified from the system’s records.
POS features include:
Sync order and customer data in real-time.
Reduce manual data entry from stores.
Manage transactions from one admin panel.
Personalise checkout options for customers.
Monitor employee actions.
Customise your business invoices.
Analyse all the sales reports.
Keep track of your inventory.
Types of POS Systems:
1. On-premise POS System
On-premise POS system are installed on a server at your facility. Thus, they are also called legacy or traditional POS system. Hence, they probably look like a touchscreen monitor or a desktop computer.
2. Cloud-based POS System
A cloud-based POS system is installing on remote data centers. Therefore, you can access the stored data from anywhere. Ideally, the software can be updated remotely and automatically. You don’t need to maintain the system or servers on-site.
3. Other types of POS System
Mobile POS accepts payments on a mobile device. It can be smartphones, tablets, or iPads.
Similarly, Mobile POS is a part of the cloud-based POS system. Thus, offering better mobility for on-the-go businesses.
Retail POS systems are designed for brick-and-mortar stores. It lets you manage orders and process payments quickly.
In addition, you can also manage customer profiles and staff activities for retail.
Multichannel POS systems can work with many points of sales. It can integrate with your website and social media.
The software is compatible with all channels. Hence, this is helpful for merchants that have omnichannel brands.
The POS Software keeps track of all transactions. Thus, also collects customer details and order history.
Advantages of POS System
Data Collection and reporting:
A POS system collects sales and customer data in real-time.
The data collection workflow includes:
- Employee ringing up a sale
- Inventory is scanned
- Product and customer details
- Recording taxes and discounts
You can use the combined data to optimise the sales channels daily. Therefore, the POS system reduces the manual tasks of creating sales reports.
Increased Efficiency:
The POS system reduces time per transaction. Therefore, it does not require manual data entry. Thus, the system helps minimise human errors during checkout.
Employees do not have to memorise pricing for each item. In addition, the POS admin dashboard shows the list of products with individual prices.
Thus, you can serve more clients per hour and improve checkout speed. Hence, the transactions are calculated precisely using a POS solution.
Inventory Management:
POS allows you to manage your inventory in real-time. You get to know the number of available products and track inventory. Without a POS system, you would need to physically check the stock every day.
POS systems support automated inventory tracking via a screen. In addition, you can scan and enter the product quantities during checkout.
Hence, it can display the inventory updates from multiple warehouses. Thus, with data synching, the shoppers can also see the accurate stock available.
Quick Transactions:
A POS system processes payments faster than manual transactions.
The employee scans the products, and the system automatically calculates the price during checkout. The invoice or receipts are generated quickly.
Thus, for online stores, the product prices are added to the cart directly.
Customers can pay by cash, credit or debit card, depending on the terminal. Similarly, it makes it quick and easy to complete the sales transaction.
The POS system ensures the waiting time is reduced for consumers. Therefore, cashiers are also more efficient in completing transactions.
Payment Options:
Mordern POS systems allow multiple payment options for customers. In addition, you can include options such as:
- Cash
- Credit cards and debit cards
- Contactless payments
- Mobile wallets
- Gift cards – redeemed in store or online.
Payment options give shoppers more flexibility to finish the purchase.
Optimised Checkout:
The POS system lets you create a frictionless checkout process. Thus, you can reduce the number of steps required during checkout.
- Single-click checkout – the ability to add one-click checkout options for registered customers.
- Localise checkout – ability to add the local language, currency, and payment options for customers from various regions.
- Customer profiles – POS records customer transactions and creates order history. Create personalised sales channels and add rewards and gift cards.
- Auto-fill checkout fields – POS saves customer information. Therefore, registered users do not have to re-add their information to the system at every checkout.
- Guest checkouts – Customers can check out a store without creating an account.
Multi-Store Functions:
Omnichannel selling leads to 80% higher rates of incremental store visits. Similarly, the modern POS system allows for multi-store functions.
Some of these features include:
- Ability to add multiple physical outlets to your system
- Real-time sync data from many stores
- Apply product prices to stores
- Personal login credentials for each admin
- One admin panel for multi-stores
- Connect multiple barcode readers to the system
In addition, you can also categorise data based on location, sales agents, and more. The POS system gives you a unified overview of every store’s sales reports.
Analytics and Reports:
Each transaction via the POS system is added to a reporting tool. Ideally, you will not have to view the sales data on separate platforms.
With POS, you get a complete overview of brand sales. In addition, you can add filters to sales channels based on categories such as:
- Online and retail store sales
- The sales data over a period of time – day, week, month, year, or custom
- Average sales by the employee – average order value or items per order
- Different sales by different channels – online store and multiple store locations
- Location of sales – geographic areas where online stores are located
- Sales by product – sales volume, profitability, stock quantity, and percent of inventory sold
- The number of orders – fulfilment stages such as paid, unfulfilled and fulfilled
Advanced POS systems also produce visual reports. You get real-time trends in sales and order volumes.
POS lets you analyse the performance of your stores. Thus, it helps improve your sales strategy quickly.
Improved Customer Management:
POS has integrated CRM tools that record customer data. Similarly, it provides insights into customer behaviour during checkout.
You can use CRM data for your marketing campaigns:
- Purchase history – used for selling related products and cross-selling.
- Customer details – name, age, birthdays.
- Phone number and email address – send email notifications or SMS about discounts and new offers.
- Personalised selling – enhance the shopping experience for each customer.