Boost your retail sales with the best POS system features

Staying competitive in the retail business isn’t just about having great products. It’s also about managing your operations efficiently and delivering an exceptional customer experience. To that end, a top point of sale (POS) system can be a big difference maker.

The right POS system streamlines and simplifies everyday retail tasks, drives more sales, improves the customer experience, and provides valuable insights that drive smarter business decisions.

In this guide, you’ll learn about the key features of a top-tier POS system and how you can leverage it to elevate your retail business to new heights. We’ll also explore some of the critical factors to consider when selecting a POS system for your retail business. 

What is a point-of-sale (POS) system?

A point-of-sale system is a computerized system that allows retail businesses to record and process sales transactions, as well as accept payments from customers.

The term “point of sale” was initially used to describe the electronic cash register that first emerged in the 1970s. However, over the last couple of decades, POS systems have evolved significantly. 

Modern POS solutions are sophisticated and integrated platforms that do more than just record sales and accept payments. In addition to these basic functions, they offer tools for inventory management, customer relationship management, business analytics, and much more.

For example, when a customer makes a purchase, a modern POS system processes the payment, logs the transaction in the sales database and updates the store’s inventory levels.

In a nutshell, POS systems are a key part of running a successful retail business today. They streamline operations, enhance customer experience, and provide valuable insights that businesses can use to improve performance and outcomes.

How POS systems enhance retail sales

The best POS systems offer many benefits that enhance your retail sales experience.

Inventory management and tracking

POS systems usually offer real-time synchronization of sales and inventory data. Each sale automatically updates stock levels, giving you an accurate picture of what’s available at any given time. This real-time visibility can help you avoid issues like stockouts, which can lead to missed sales opportunities and diminish consumer confidence. 

Some POS systems provide advanced features like real-time alerts for low stocks and reorder triggers which again can help ensure you never miss a sale due to insufficient inventory. Some systems also allow you to track product performance, helping you make informed decisions about which products to stock and promote in your store.

Faster checkouts

Long lines and delays at checkout can lead to abandoned purchases and angry customers. Research shows that up to 82% of customers will avoid a particular business if they think there will be a line. 

A modern POS system eliminates these bottlenecks by streamlining the checkout process with features like barcode scanning and contactless payment options. These features allow your staff to process transactions quickly and accurately.

What’s more, many modern POS systems support mobile checkout, which enables your sales staff to complete transactions anywhere in the store without requiring customers to queue for a traditional checkout.  This can be especially valuable during peak hours or special events, helping avoid one of the biggest painpoints of customers shopping in stores, which is waiting in line. 

The added benefit of faster checkouts is that they allow you to process more transactions in a short period of time, which can translate into a higher number of sales.  

Personalized customer experience

Modern customers expect personalized service. A POS system makes it easier to meet these expectations by capturing and storing important customer data and information such as their purchase history, preferences, buying patterns and so on.

With access to this data, your staff can provide more informed and personalized customer service. For example, if a customer frequently buys a particular product, the POS system can remind your staff to mention related products or inform them about upcoming sales during their interactions on the retail floor.

Some POS systems even allow you to integrate  loyalty programs that customers can redeem instantly at checkout. 

All these personalized experiences make customers valued, appreciated, and understood. These happy customers are likely to return for repeat purchases and remain loyal to your brand.

Upselling and cross-selling opportunities

Modern POS systems can prompt staff with real-time suggestions for upselling and cross-selling based on customer purchases. For example, if a shopper buys a pair of shoes, the POS system might suggest a matching accessory or cleaning product. 

These prompts help staff capitalize on in-the-moment sales opportunities, thus increasing the average transaction value. 

Flexibility for payment options

Modern consumers expect flexibility when it comes to payment methods. POS systems accommodate various payment options, including credit and debit cards, mobile wallets, and even buy-now-pay-later services. This flexibility caters to diverse customer preferences and ensures you are not missing out on sales opportunities due to the lack of an appropriate payment option for your customer.

Key features of a top POS system

Inventory management and tracking features

A top POS system comes with integrated inventory management and tracking features. This includes real-time synchronization of sales and inventory data as we saw earlier. When a sale occurs, the system immediately adjusts inventory counts. That means you’re always working with accurate data. Accurate inventory data helps you make more informed decisions and avoid stockouts and overstocking, both of which can be costly to your business.

Top POS systems also offer advanced inventory management tools, such as low-stock alerts, automatic reordering, and multi-location tracking.

Customer Relationship Management (CRM)

The best POS system includes CRM features and capabilities that allow you to capture valuable customer data (such as purchase history preferences and buying patterns) that you can leverage to personalize and elevate the customer experience. For example, you can use this information to develop tailored marketing campaigns, targeted discounts, and loyalty programs that resonate with your audience.

Omnichannel capabilities

Today’s customers expect a seamless shopping experience across multiple sales channels, whether it's in-store, online, or through mobile apps. A POS system with omnichannel capabilities connects your in-store and online operations, creating a unified retail experience.

With omnichannel integration, you can offer services such as buy-online-pickup-in-store (BOPIS), curbside pickup, and easy returns of online purchases in-store. 

The ultimate result is a smooth and cohesive experience for customers, which can provide a significant competitive advantage for your store and brand. 

Data and analytics

Data is a powerful tool for making informed business decisions. 

Top POS systems provide advanced reporting and analytics tools that give you deep insights into sales trends, product performance, customer behavior, and more. You can then use these insights to make data-driven decisions that improve your operations and overall business outcomes. 

For example, you can identify top performing products and peak sale times in your store and then use this info to tailor inventory and staffing accordingly. 

Some POS systems even provide predictive analytics, helping you anticipate future trends and plan accordingly.

How to choose the best POS system for your business

There are numerous POS solutions in the market. So how do you choose the best one for your needs? Here are a few useful pointers.

Consider your business needs and circumstances

Before you start comparing POS systems, it’s crucial to evaluate your specific business needs. Every retail business is unique, and the ideal POS system should align with your specific requirements or circumstances. Consider factors like the size of your retail operation, the complexity of your inventory, the volume of transactions, and your target customer base.

For example, if you run a large store with a high volume of sales and a complex inventory, you’ll need a POS system with advanced features like multi-location inventory tracking, robust reporting, and support for a variety of payment methods. On the other hand, if you own a smaller boutique or a mobile business, you may prefer a simpler, more affordable POS system with the flexibility to work on a tablet or smartphone.

By identifying what’s most important for your store(s)—whether that’s speed, inventory control, customer relationship management, or integrations—you’ll be able to focus on systems that meet your needs.

Scalability and flexibility

As your business grows, your POS system should be able to scale alongside it. When choosing a solution, consider whether it can handle an increase in sales volume, an expanded product range, and multiple locations (if applicable) without requiring a complete overhaul or significant capital investment.

Additionally, look for a POS system that allows you to customize it to your specific business model or workflow, or that allows you to add or remove specific modules or functionalities based on your business’s requirements.

Integration with other business tools and systems

Look for a POS system that integrates with your other business tools and systems including accounting, ecommerce platforms, and inventory management. 

For example, integrating your POS system with accounting software can automatically update your financial records with each sale, eliminating the need for manual reconciliation. Similarly, linking your POS system with your ecommerce platform ensures that inventory levels are synchronized across both systems, helping you avoid issues like overselling or artificial stockouts.

When evaluating POS systems, ask about their compatibility with third-party software and whether they provide APIs or pre-built integrations with the tools you already use.

Customer support and training

In a retail environment, downtime or technical issues can hurt sales, so it’s important to have access to responsive customer service.

Choose a POS provider that offers reliable customer support channels, such as phone, email, and live chat. It’s also helpful if they offer 24/7 support, especially if you operate round the clock, or during late hours and on weekends.

Additionally, check whether the vendor offers training resources for both you and your staff. Some vendors provide video tutorials, live training sessions, and comprehensive documentation to help your team get up to speed quickly and make the most out of the system.

Security features

Security is another important feature to consider when comparing POS options. Ensure your system is PCI DSS-compliant, meaning it meets the security standards for handling credit card information. Look for a system with additional security features such as encryption for transactions, secure login methods, tiered staff access, and real-time fraud detection. 

A secure POS system protects both your business and your customers from data breaches and fraud, which can have devastating financial and reputational consequences.

Price and value for money

POS systems vary widely in price. Take into account the overall cost, including setup fees, monthly subscription charges, transaction fees, and any additional charges for hardware or software upgrades. 

While you may be tempted to go for the most affordable option, it’s important to focus on value for money. Low-cost systems may meet basic needs, but they might lack advanced features or flexibility for future growth. Consider how the system’s features will help improve your overall retail operations and your customers’ experiences.

Final thoughts: Why choose Cin7 for retail POS

Choosing the right POS system is crucial for any retail business looking to improve its operational efficiency, enhance the customer experience and increase sales. 

Cin7 offers an advanced POS solution, as part of its inventory management software, for small and medium-sized businesses with powerful features such as real-time inventory tracking, omnichannel integration, detailed analytics and reporting, loyalty programs, tiered staff access, and many more. 

One of Cin7’s standout advantages is its ability to seamlessly integrate with other popular POS platforms. For instance, if you’re already using a preferred POS app like Square, Cin7’s inventory management software can integrate with it, allowing you to enjoy the benefits of Cin7’s advanced features without the need to switch systems.

Start a free trial today to see how Cin7’s POS solution can optimize your retail operations and drive growth.