Almost every Aussie and Kiwi retail business needs an excellent point of sale (POS) system if they want to grow and succeed. A good POS system makes it easier for you to do and sell more. In so many ways. You can please your customers by giving them what they need, manage day-to-day sales tasks and enjoy a convenient array of automated functions.
What’s more, you can access easy-to-read, actionable reports, so you can make better, data-led decisions.
So if you’re looking for a new POS system (or wondering which is the best POS system in Australia for your business), read on.
Retail POS Systems: a quick summary
What is a POS (point of sale)?-
The point of sale is the place where you complete your sale — it’s where the transaction happens, either online at your eCommerce shop or in-store.
What is a retail point of sale system?
A retail point of sale system is the entire software system that accepts payment methods — and further — tracks purchases, products, order history and more. Your retail POS is not just the POS till system — the place where you ring up sales to customers (online or in-store).
FYI: Years ago, a retail point of sale system was the humble cash register with simple cash register software. The ‘point of purchase’ took place at the cash register. The customer would go to the store cashier, hand over their cash, then receive their goods. But things have gotten a lot fancier now that retail has gone digital, especially with cloud technology.
What is retail e-point of sale software?
Today, retail e-point of sale software (electronic point of sale or ePOS software) is an extensive term covering a variety of retail activities and processes. It includes the front-of-house hardware and the place you process customer transactions. It covers various functions like inventory management, online store integration and loyalty programs.
And a huge advantage is that today’s software can integrate the data from your physical store with your online store, combining bricks & clicks.
Next, let’s take a deeper dive into the reasons your Aussie or Kiwi retail store needs good, cost-effective ePOS software.
The 8 Reasons Why Small Businesses Need an e-Point of Sale System
1. Cloud-based POS Systems are safe, precise, streamlined & scalable-
Cloud EPOS systems allow you to access live, precise data without suffering annoying data delays or corruption.
Having a cloud-based system means you no longer need to spend time and money managing servers and other IT infrastructure. You'll reduce the cost of ownership and your IT team can focus on adding value rather than managing infrastructure. Cloud-based systems are easier to integrate with other business software applications (via the cloud and API).
Plus, cloud systems are more scalable, so it's easier to expand your stores. There’s no need to install software or on-premise servers in each new outlet. And, you won't have to call in your IT team with each new store setup, saving you valuable time and money. Cloud technology can also seamlessly take on the latest system updates without annoying downtime. The latest upgrades will also happen automatically, giving you the best performance and longevity.
Cloud ePOS systems are also more secure. Storing your data locally can be extremely risky, but a cloud system removes the need to store sensitive data on your computer's hard drive. Instead, it will be safely stored in the cloud in enterprise-grade data centres based in Australia, making it an extremely secure option.
2. Instant online or offline access to your retail business-
A cloud POS system allows you to access your data anywhere. This is a huge bonus for retailers who often work remotely or while travelling. Plus, you can work online or offline, so there's virtually no time you can't work.
With an electronic point-of-sale system that has an offline POS mode, you can continue making sales even when the WiFi connection is lost. So if, for example, there’s a nasty storm and you lose your WiFi, you can keep selling. Once you’re back online, all your data will be synced correctly — without any dramas.
3. Cloud POS dramatically reduces admin time-
With the click of a mouse, effective e-point of sale software will quickly give you relevant, real-time reports, automatic processes, and algorithm-based stock allocations. So there’s no hunting for numbers or spending hours on tedious, time-consuming tasks.
Retail business owners often waste precious time on admin when they don’t have to. But with retail ePOS software, many manual tasks are taken away. So, you can get back to working on your business (focusing on ways to profit and grow), not in your business.
4. Access to more features increases your retail business’s profitability-
Retail Express ePOS (electronic point of sale) solutions are jam-packed with features to increase your turnover, such as inventory management, supply chain, and buyer behaviour features that you can use to maximise your stock usage, target retail customers with personalised marketing and increase profits.
These features are possible due to one central, fully integrated view of your business. This integration allows you visibility of stock allocations across stores and channels (think eCommerce, physical stores and marketplaces), customer data and accurate ETAs on incoming orders. So, you can focus on the stock you know sells well and sell it anywhere your customers are.
“A powerful e-point of sale system has built-in inventory management software, ensuring you’re stocking the right inventory in the right stores at the right time.”
5. Stock control systems make ordering inventory easy-
Inventory ordering is far easier and more accurate with automated stock-control systems. For example, Retail Express’s cloud-based e-point of sale system has built-in inventory management software. And it’s highly popular for a reason. It ensures you’re stocking the right inventory in the right stores at the right time.
Such automation is a massive advantage, as overstocks and understocks can be costly — especially for small businesses that might not have the capital to fall back on if you make the wrong call.
Inventory management systems do the thinking for you, so you feel more confident about your decisions. They can tell you exactly what customers are buying, show you what your inventory turnover rate is and supply automated purchase orders based on data, so you can set up smart repurchasing methods.
Men’s fashion manufacturer and retailer Rembrandt did just that. By leveraging automated purchase orders and inventory management reports on sales, Rembrandt was able to order the right stock across each store and channel without the arduous admin work. And, our team helped them set up our software in less than 10 weeks.
6. Quick loyalty program set-ups for retail customer convenience-
Customer loyalty programs are a great way to make customers feel valued. They can be hugely beneficial for small businesses — with the help of electronic point of sale systems.
Online POS systems allow you to create loyalty programs quickly, based on the numbers and loyalty style that suits you — points, credits, vouchers, free delivery, etc. Plus, they can segment your customer base extremely well, and effortlessly. These programs help grow small businesses, encouraging repeat customers, larger basket sizes and giving shoppers a great customer experience.
You can then leverage loyalty programs to monitor customer behaviour and trends. Using this incredibly insightful information, you can send out ultra-personalised marketing campaigns. Not only that, you’ll be better informed to make stock purchasing decisions.
7. Centralised business intelligence-
To compete in today’s challenging market, your retail business needs to function as an omnichannel system. This means that all data is integrated into just one central database where you can see real-time, automatic updates on your stores, sales and suppliers — and access smart reports.
The right ePOS system should have the ability to provide meaningful reports on your inventory, supplier delivery times and costs, customer behaviour, finances and omnichannel performance. Reports that give you actionable insights let you make better-informed business decisions from the get-go. So you’ll no longer have to go back and fix decisions made on hunches.
The sooner you start, the sooner your retail business will prosper.
Retail Express, offers most AU and NZ retailers the best point of sale system for their retail store. With more features and integrations than cheaper retail POS systems on the market, there’s less risk and set-up time than traditional enterprise options. It’s simple to use yet with the power to handle complexities. Plus, you’ll get more Australian-based customer support than any AU/NZ competitor could offer.
