10 Issues to Search for When Shopping for a POS System

Whether or not you’re increasing places and pursuing a extra sturdy system or searching for to improve to a platform with deeper insights that may future-proof your place available in the market, switching to a brand new POS system isn’t to be taken evenly. 

Trying to find a brand new POS system to your rising enterprise could be a difficult course of. How have you learnt what you have to ask? What options are completely essential to assist your corporation broaden and thrive?  

Having the suitable know-how will be make-or-break for gross sales efficiency. We discovered that 68% of shops stated adopting new know-how had a constructive impression on their enterprise.

Earlier than you decide and threat investing in one thing that is probably not what you want, do your analysis. We’re providing some recommendation on what to look out for when embarking on this hunt.

Ensure that to ask these 9 questions that define what to search for in a POS system:

How does the POS deal with stock?
How does the POS system sync your on-line and retail retailer?
Does the POS system empower your workers?
Are you able to supply a customized expertise?
Does the POS help your success?
Does the POS system supply reporting and analytics?
Does the POS system have embedded funds with an easy fee?
Can the POS system allow you to run focused advertising and marketing campaigns?
Will the POS system help your corporation’ progress?
What are the frequent inquiries to ask earlier than selecting a POS? 

As a retailer, your stock is the center of your corporation (alongside along with your customer support). You want a system that may sustain. Meaning whenever you’re shopping for a POS, it’s best to make sure the system has not solely organizational instruments but additionally built-in buying.

It’s best to be capable to deal with advanced stock, equivalent to serialized objects and merchandise with a number of completely different attributes—denims that adjust in colour and dimension, for instance. Past simply that, it’s best to be capable to add customized tags to merchandise so you may set up and handle objects which may be grouped collectively thematically if not on the categorical degree. Seasonal stock, for instance: you don’t need it cluttering up your POS when the season is over. Having the ability to tag stock means it’ll be simpler to search out for archiving.

Don’t accept inefficient buying workflows. Your new POS system ought to have buying instruments built-in, like permitting you to create and obtain buy orders with out leaving the purpose of sale again workplace. You also needs to be capable to set reorder factors—factors at which a report will inform you that you have to order new inventory earlier than you’ve an empty shelf.

Lightspeed buyer, Emily Linn, who owns and operates the Detroit-based Metropolis Hen alongside along with her brother, likes the comfort and visibility of the inventory management characteristic. As she describes it, “[It] has actually revolutionized our purchasing. We used to make use of spreadsheets with difficult equations to see what we would have liked to reorder and it could take hours. And utilizing that perform, which auto generates quantities we have to reorder with, with numbers that you just set, has allowed us to create pre-orders of merchandise which might be promoting nicely and ship them in minutes.”

What to search for in a POS system:

Organizational instruments like product matrices, customizable classes and tags

An merchandise import device to get your inventory arrange rapidly

The flexibility to deal with serialized stock

Native buying features, like the power to retailer vendor info, built-in buy orders and reorder factors 

2. How does the POS system sync your on-line and retail retailer?

Think about a retailer that by no means closes—that’s the ability of operating an omnichannel retail operation. 

There’s little doubt that retailers promoting each on-line and in-store herald considerably extra income than those that promote through one channel alone. The truth is, in a current survey Lightspeed performed of retail companies around the globe, omnichannel retailers beat out single channel retailers for gross sales progress.

That’s why the suitable POS helps brick-and-mortar retailers construct and strengthen on-line shops and promote via any channel. It’s not sufficient to have two disconnected techniques. You want a commerce platform that may streamline promoting on-line. 

As Rachel Rosenthal co-owner of Myself Lingerie explains, “After we began speaking about including ecommerce to our enterprise and firming up plans for the second location, we lastly made the decision. It was really easy so as to add the second retailer in Lightspeed, it was a no brainer. I haven’t seemed again or regretted it as soon as.”

What to search for in a POS system:

Synchronization between the net and your bodily shops in the case of stock, gross sales and order requests

Consolidated studies on whole gross sales, gross sales per bodily retailer and gross sales out of your eCommerce enterprise

The flexibility to increase your model consistency between gross sales channels

3. Does the POS system empower your workers?

Clients have each useful resource at their disposal, from the web to their family and friends. Usually, earlier than really coming right into a retailer, they’ve already performed their analysis and are loaded up with inquiries to ask—prepared to return in and get out. The truth is, 81% of buyers analysis their buy on-line earlier than coming into the shop.

Retail workers have to really feel as knowledgeable as the purchasers they work with, and sensible cell applied sciences are the best way to perform that. 

A superb POS system shouldn’t eat up workers’ time or make them wish to pull their hair out. It ought to supply them the data they want, instantly, to allow them to serve prospects and transfer folks via the shop. They’re the ambassadors of your model; don’t go away them out of the equation when you think about your retailer’s know-how.

Hallie Rae Ward, Enterprise Director at boutique gallery Artwork for the Folks, sought a system that may make issues seamless for workers and artists alike, sustaining a move of knowledge so all events are knowledgeable. As Ward describes it, “Lightspeed makes it straightforward for our workers to speak to and promote what’s on the ground, our administration staff to know what’s in stock and our artists to know what they’re owed. It helps us run easily on the gallery flooring and within the again workplace.”

What to search for in a POS system:

Safe logins for each worker

Dashboards that may be custom-made for each worker

Intuitive interface that minimizes coaching time

The capability to fill out detailed stock entries, together with photographs

Straightforward-to-use instruments that workers really feel snug utilizing

4. Are you able to supply a customized expertise?

Constructing off of the final query, you’ll wish to be certain the brand new POS system affords your prospects nearly as good an expertise as it may well supply your workers.

The system ought to retailer buyer profiles, together with buy histories so your workers could make tailor-made product suggestions. With these buyer profiles in hand, it doesn’t matter who’s on shift or how senior a gross sales affiliate is. Each buyer who walks within the door can really feel like a daily, encouraging loyalty.

Before you purchase a POS system, be certain it has built-in loyalty instruments, with the choice so as to add deeper instruments as wanted. On the very least, it’s best to be capable to arrange the power to earn monetary incentives via purchases—loyalty {dollars} for cash spent—to encourage repeat visits.

Tori Erikson founding father of Loyal Tee takes full benefit of the deep information of his buyer’s shopping for habits to strengthen the reference to clientele and sees the profit for each side. Erikson explains, “Lightspeed’s Omnichannel loyalty is superior. Clients can earn factors regardless of how they store and use these factors to get enjoyable items. Plus, it helps me know what they like, construct a relationship and personalize my service.”

What to search for in a POS system:

Constructed-in buyer profiles that retailer buy histories

The flexibility to make use of the POS on an iPad so workers can serve prospects anyplace within the retailer

Loyalty integrations that allow you to take advantage of your buyer knowledge

5. Does the POS help your success?

Persons are completely different. Retailers are completely different. The ideas could be the identical, however every retailer and workers have variations and include their very own most popular workflows, challenges, preferences, necessities and targets. 

Once you’re shopping for a POS system, vendor helps you determine if the software program suits your wants (if it is going to assist your retailer succeed) and can make it easier to with onboarding classes in addition to supply technical help for these occasions when one thing simply doesn’t make sense. You shouldn’t be left alone as quickly as the acquisition is made, so at all times be certain to ask about what sort of post-sales help your vendor affords.

Richard Shane, co-owner of Rocket Fizz, is aware of the challenges that include opening a brand new location and counts on Lightspeed for environment friendly launches, time saving and help all through. Shane explains, “It used to take 5 days to arrange a POS at a brand new location. Now it takes three or 4. That 20-40% of time saved is an enormous enchancment.” 

What to search for in a POS system:

A number of methods to succeed in the help staff, equivalent to over the cellphone, on-line tickets and dwell chat

Native channel companions—specialists who present on-site session, set up and troubleshooting providers

Number of coaching supplies, together with on-line assist and product info, programs, movies or webinars

Revealed buyer satisfaction rankings and on-line product evaluations

Onboarding classes for managers and workers

A web-based social media presence for speaking extra carefully with the group

With legacy techniques, retailers didn’t at all times have an correct image of their enterprise. Items got here and went, however enterprise managers had solely a imprecise thought of income and efficiency. Instances have modified. 

In as we speak’s extremely aggressive atmosphere, retailers can’t afford to take dangers. Many have turned to utilizing knowledge to make enterprise choices, however solely 16% say they’re specialists at utilizing that knowledge. 

That’s why POS will present you ways nicely you’re doing and the place you may enhance to capitalize on new alternatives and pivot when the retail winds change. It’s best to be capable to dive deep into the info your POS is processing each day to pinpoint finest sellers and general gross sales efficiency on the very least.

Limbo Jewellery thrives utilizing Lightspeed Reporting knowledge to drill down to what’s working. Proprietor Anne Rutt-Enriquez says the suggestions from suppliers,”They are saying we’re probably the most organized retailer they work with as a result of we’re in a position to pinpoint precisely what’s promoting, precisely what’s not promoting.”

What to search for in a POS system:

Stories that present your most worthwhile merchandise, top-selling merchandise, lowest promoting merchandise, top-performing gross sales associates, busiest retailer hours, prime manufacturers and on-line vs. in-store gross sales

Dashboards highlighting the data you want

Quick access to info for higher decision-making, equivalent to for stock buying and workers scheduling 

With Lightspeed Superior Reporting choices you may customise your house dashboard. And you may add further metrics for you and your staff together with common sale worth, reductions or prime merchandise bought beneath Issues to know. This enables your retailer managers to rapidly see a very powerful metrics all through the day and make knowledgeable choices.

7. Does the POS have embedded funds with an easy fee?

You can have probably the most superior stock administration system on the planet—and the very best buyer loyalty instruments—however in case you’re overpaying to your funds, or worse, in the event that they’re inefficient and unintegrated, your POS system isn’t doing sufficient for you.

Embedded funds, like Lightspeed Funds, scale back the chance for human error, as a result of the quantity to pay is routinely pushed to your cost terminal. That additionally reduces the period of time spent at checkout, and cuts the quantity of receipt paper you want in half. 

You’ll need these embedded funds to have an easy charge scheme as nicely, so that you at all times know what you’re paying. Interchange plus charges will be murky and complicated, as you don’t at all times know what charge a selected buyer’s card can have. With a flat charge construction, precisely what to finances for.

Lastly, when your cost processor and your POS system have been developed by the identical firm, you’ll by no means have to bounce between corporations in case you ever have a query.

What to search for in a POS system:

Embedded funds that prevent time

Stories in your cost knowledge out of your POS

A straightforward-to-predict charge construction

A 24/7 help staff that’s educated about your funds and your POS each

8. Can the POS system allow you to run focused advertising and marketing campaigns?

It’s a usually accepted indisputable fact that present prospects are extra worthwhile—and extra prone to make a purchase order—than new prospects. Because of this, as we speak’s main entrepreneurs are not sending out generic electronic mail blasts to everybody who has ever interacted with an organization. They’re crafting shopper conversations and pinpointing what their prospects really wish to learn about. 

Shopping for the suitable POS system helps enhance relationships along with your buyers and ship related communications tailor-made to your prospects’ preferences. 

You’ll need to have the ability to combine with loyalty instruments that may use the client knowledge you’ve in your new POS system to ship out tailor-made promotions, like birthday rewards. 

What to search for in a POS system:

Buyer database for capturing title, contact information, the popular methodology of contact, favourite manufacturers, walk-in or on-line shopper

Integrates with electronic mail advertising and marketing software program for emailing prospects and monitoring click-through charges

Options for segmenting your buyer database, and tailoring promotions to suit these segments

9. Will the POS system help your corporation’ progress?

In terms of shopping for a POS system, take into consideration the long-term prices and what you might want sooner or later. 

Whereas it may be tempting to go for the most affordable and easiest system whenever you’re getting began, you’ll remorse it whenever you outgrow it in a 12 months’s time. Retailers want scalable techniques that may develop as their enterprise does.

Mainly, in case you don’t finances for a POS outfitted for long run success now, you’ll pay in money and time down the road when you have to change.

Rabee Ikkawi, co-owner of the Children Atelier, is aware of it’s not simply what’s occurring within the second however the assets at your fingertips as you develop your corporation. And with over 9 places, Ikkawi is aware of it begins at retailer degree: 

“What I like about Lightspeed is that it affords the simplicity a mean cashier wish to see. And within the backend you’ve enterprise depth to the info.”

What to search for in a POS system:

Registers which you could add as you want, whether or not it’s for a everlasting new location or for a pop-up store

Assist for a number of places, integrating stock reporting

Integration with frequent and helpful software program, equivalent to MailChimp, Google Analytics and QuickBooks

Open know-how so impartial builders can simply develop apps which you could add to your POS

10. What are the frequent questions when selecting a POS? 

How do I select a POS?

Selecting some extent of sale system is a essential step in any enterprise. There are a selection of issues in the case of deciding on a POS that’s proper for your corporation together with: 

What you are promoting and trade wants
Vary of options and performance
Ease of use
Compatibility 
Ease of integration
Scalability
{Hardware} necessities
Cost processing
Safety
Buyer help and coaching 
Prices & pricing construction 
Evaluations & suggestions
Offline capabilities 
Customization 
Updates and upkeep

What makes POS?

In deciding on the suitable POS (level of sale) for your corporation you need one thing the optimizes effectivity for your corporation wants and supplies a extra worthwhile expertise to each workers and prospects. When doing all of your analysis it’s best to take a look at quite a lot of traits like a user-friendly interface, environment friendly transaction processing, stock administration, integration and customization choices, offline capabilities, reporting and cost processing choices. 

Are you able to run a POS system with out the web?

Sure it’s potential to run a POS with out the web. Some level of sale techniques are designed to work offline to offer enterprise house owners flexibility and continued clean operations even within the absence of the web. Methods that enable this sometimes have an offline mode and native knowledge storage for transactions. Confirm that the POS system has safety measures in place to guard knowledge throughout offline transactions and provide you with a set of back-up procedures. 

Purchase a POS system that matches your retailer’s wants

As you implement a brand new POS system inside your retail retailer (or a number of shops), you have to ensure that it’s one thing you gained’t have to replace in a month. A enterprise administration device that helps you progress on-line and add places as you want is a device that you just’ll be completely happy coaching your workers on and be capable to use for a protracted whereas shifting ahead.

Lightspeed is perhaps that device for you. With superior stock administration, built-in buying and CRM instruments, an intuitive system to your workers and extra, we simply may need what your corporation must thrive. 

Prepared to search out out? Watch a demo right here.