Features and Capabilities a Good Retail Management System must possess

A capable retail management solution must be able to digitize all your business processes. From sales to inventory management as well as customers, it should be your one-stop solution for viewing and handling all business data. For this, you need a reliable POS system for retail store. 

While choosing your POS billing software, you must thoroughly inspect your options and your needs. For example, a business may need to send estimates to their clients while another may have fixed prices for everything they sell. This means one needs estimate-related features in its POS while the other doesn’t. 

Here, we have listed the most crucial Retail Management Software features that your POS billing software must have:

  • Inventory Management

Automate inventory management implies better and faster customer service and deliveries too. A POS system for retail store must be able to enable your inventory team to track all products in the inventory, check their status, see if something is reaching the repurchase time, and project demand/need for buying.

Product variants management, bulk import or export of products data, products bundle management, inventory counting, and discounting/promotions are a few more inventory-related efficiencies that a retail business might need to use. Besides that, stock and auto-filled orders management might be your requirement too.

Before finalizing a POS tool, make sure it has all needed inventory-related features as listed above or as the ones your retail store needs to use.

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  • Invoicing and billing

If you are going to buy professional billing and invoicing software separately for your retail business, a big part of sales management will be kept out of the POS system. So, either you must be able to ingrate your invoicing/billing tool with the POS, or your POS itself should have the needed invoicing/billing characteristics.

Now, the latter is the best. Therefore, look for a retail POS with invoicing and billing capabilities. 

Your retail management system should be a full-fledged invoicing, estimate, and billing tool i.e. a professional billing and invoicing software. Additional capabilities, such as sharing digital receipts through email will be a plus here.

  • Barcode Printing and Scanning

When you initiate your process of finding a good POS system for retail store, barcodes are probably the first thing on your mind. Barcodes make the tracking of products in the inventory and store very easy. You need to scan the barcode when a product is added to stock and when it is sold.

In short, it is very obvious that your POS must be able to print barcodes and other types of labels that your business uses. Barcode scanning for invoicing should be possible through your POS too.

  • Multi-store Management Facility

If not today, you still must have plans or dreams of expanding your retail business. So be wise and make a visionary decision. By this, we mean that you must buy or take a subscription to the retail POS billing software that arms you with a multi-store management facility. 

Taking this simple step at present will save you from migration and many other hassles in the future. And if you already have more than one retail store, it will simplify your cross-store operations and improve data mobility.

  • Popular and Reliable Payment Gateways 

As per analysts working in the retail industry for a long time, the unavailability of a suitable payment gateway is among the top reasons for abandoning sales. In other words, having all the most-used payment options integrated into your retail POS improves your chances of making sales. 

Select a POS solution for your business that accepts and supports almost all popular payment gateways being used in the regions when you sell.

Additionally, your POS must be able to manage operational transactions too.

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  • User Access Management

In the POS software, you might want to have different types of users with different access & usage rights. For example – Administrators, managers, and cashiers could be there in your retail store, so your POS must be able to let you define their access level as well as rights. This will make the POS well-aligned to your store’s access levels for the available user types.

  • Interactive Reports

To monitor the business growth as well as to plan better for the retail store, you need interactive reports with good insights related to sales, inventory, and other POS operations. With a POS software that could log all such data in and create reports, decision-making for your retail store can be improved too.

  • Multi-Currency support

If your retail store is operating at the international level with multiple branches and locations, it is important that your POS operates as per the regulations and needs of all your branches. In this case, mere multiple-store capability won’t be enough.

Your retail management system must be able to accept data in multiple currencies and perform all needed operations on the collected data. Be it billing, invoicing, or report-creation, all POS features must be able to perform operations with multi-currency data.

  • Thermal Printer Support

Thermal printers are used for label-creation, barcode printing, wayfinding marker printing, safety signs, and other such operations. So, it is needless to say that your retail store needs to have a POS that supports thermal printers. You must keep it in mind when picking a tool for retail management.

  • Multi-language Support

To localize your retail store well for the states/countries that have various languages and ethnicities, it is a good idea to enable operations in multiple languages for your employees as well as in the receipts/labels and so on. In order to do so, you will need a retail management system with multi-language support capability.

If the above condition resembles that of your retail store’s scenario, choose a multilingual Retail POS Billing Software.

The Final Word

To attain better outcomes and generate more revenue, a POS system for retail store could help you a lot. It helps you in recordkeeping, operations, access management and more such things. Using a good POS like Moon POS, retail businesses can significantly improve your productivity, and speed of operations.

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