Retail store owners understand the daily hustle of managing a business. This means that reliable, industry-specific features that automate tasks and provide crucial support are essential to survive and succeed as a business owner. Thankfully, a well-designed retail POS system can streamline operations, enhance customer experience, and provide valuable insights into your business. 

This article explores the top 10 must-have features in a retail POS system and how they can benefit various businesses. We'll also discuss how to find the best features for your unique business needs.

Top 10 must-have retail POS features

With so many features out there, it’s hard to know what might be the most important to look for. While there are features that might be particular to your unique business, there are general features that you should always look out for in a POS system to be successful. 

1. Inventory management 

Inventory management is likely the most useful feature when it comes to a retail point of sale system. Your POS should offer real-time tracking, allowing you to monitor stock levels, receive low-stock alerts, gain insights into sales trends to optimize inventory, reduce overstocking and stockouts, and improve profitability. 

The following are some additional inventory related features in a POS: 

• Bulk product imports and easy searches: Simplify adding new products and locating items within your inventory.
• Stock reorder points and low-level warnings: Set alerts to reorder stock before it runs out.
• Product variants, returns, and exchanges: Efficiently manage different product variations and handle returns.

2. Accounting integration

Accounting is an unavoidable aspect of running a business. Establishing efficient processes from the start can make the tax season much smoother.

Some benefits of an accounting integration include: 

• Syncing with POS sales data: Eliminate manual data entry, reduce errors, and save time. An integrated accounting system keeps financial records current and simplifies tax season.
• Real-time transaction recording: Maintain accurate financial records, aiding in tracking sales, expenses, and overall financial health, and potentially reducing tax liabilities.

3. Scalability and growth

If you run a business, odds are you might want to grow or expand. You might want to add new locations or even expand your existing store, and your POS system should be able to grow with it. Look for a solution that can adapt to accommodate your changing needs, whether it's adding more registers, locations, or expanding your product offerings. The right POS will let you handle all of your locations with ease, simplifying operations and improving consistency.

4. Employee management and scheduling

A comprehensive employee management module allows store owners and managers to handle various tasks, such as scheduling shifts, tracking working hours, and monitoring performance. This functionality ensures that the right number of staff is available during peak times and helps avoid overstaffing during slower periods. 

Additionally, POS systems with integrated employee management features can track sales performance and provide insights into individual and team contributions, enabling better-informed decisions on staffing and training. 

5. Flexible and integrated payment options

Taking payments is a fact of life for any store owner. With so many different payment options available, every business needs to be equipped to accept a variety of payment options in order to keep customers coming in. From digital wallets to credit cards, it’s key to find a POS that will do it all. 

Integrated payment processing streamlines the entire payment experience, enhancing both customer satisfaction and operational efficiency.

6. Mobility

Mobile POS systems enable businesses to process transactions anywhere, whether inside a physical store, at a pop-up shop, or even at outdoor events. This flexibility can enhance sales opportunities and improve customer convenience. 

Mobile POS systems are compatible with a variety of devices, such as phones or tablets, making it easier to assist customers throughout the store and accept payments on the spot.

7. Omnichannel capabilities

In today's retail environment, where online and offline shopping experiences coexist, omnichannel integration is crucial. An effective retail POS system should seamlessly integrate with your omnichannel strategy, allowing you to accept payments online and in-store, offer options like buy online, pick up in-store, and run cross-channel promotions. A POS with omnichannel features can drive sales and build brand loyalty by enabling customers to engage with your brand on their own terms, anytime and anywhere.

8. Compliance and security

Security in a business is all about keeping yourself and your customers safe. It’s about protecting yourself against fraudulent transactions and safeguarding important customer information. Your point of sale will be key in both.  These are some of the security features your POS and payments provider should help with:

• PCI DSS compliance: Protect customer information with secure, compliant payment processing. Compliance with these standards is crucial for preventing data breaches.
• Additional security features: Ensure data encryption, user access controls, and regular updates to combat cyber threats. Robust security measures protect both business and customer data.

9. Customer and loyalty management

Customers are the lifeblood of a retailer, and fostering strong customer relationships is crucial for long-term success. Personalized experiences can enhance customer loyalty and drive higher sales. Planning to introduce new products? Offer your most loyal customers a sneak peek or an exclusive discount on upcoming items. For instance, if a customer regularly purchases your home decor products and you're launching a new seasonal line, reach out to them with personalized offers and communications.

10. Analytics and reporting

While personal intuition and anecdotal information are important in decision-making, they should be complemented with data. Sometimes, what you believe is profitable may actually be costing you money. Your best-selling item might not yield the highest profit margins compared to other products.

• Data-driven decisions: Use robust reporting and analytics tools to generate sales reports, track performance metrics, and gain insights into customer behavior. This information is invaluable for refining your business strategy and marketing efforts.
• Performance metrics: Monitor key metrics to understand what’s working and identify areas for improvement. Analytics can provide insights into product performance, helping you make informed decisions.

Ultimately, data is your strongest asset for making informed business decisions.

Finding the best features for your unique business

Investing in a modern POS system is essential for any retail business looking to streamline operations, improve customer service, and gain valuable insights into their performance. By prioritizing key features like inventory management, sales reporting, and omni-channel capabilities, businesses can choose a POS system that meets their unique needs and supports their growth.

Sekure Payment Experts specializes in assisting merchants in finding the perfect POS and payment processing solution tailored to their needs and save on processing fees. Schedule a free POS consultation today to discover how Sekure can assist your business.