How To Choose Right Point of Sale Software

Tip #1 - Choose Epos Software First 

There are many instances I've heard a retailer say, "I just bought new systems and printers and I have everything ready to go. Now I’m looking for EPOS software."

These retailers could have saved a lot of time and money by choosing POS software first!

 Why? 

Your EPOS software needs to have hardware and an operating system requirement. For example, most of the software will require a specific version of Windows, Unix or Linux. Moreover, each program may function only with certain kinds of printers, scanners, cash drawers and card readers.

In case if you install your system first, you will limit your POS software choices. The EPOS system that you choose is important. It will have the huge impact on the productivity of your business! You may also find that the printers and scanners you just purchased aren't compatible either.

You can avoid frustration and save money in case if you choose the EPOS Software first. You can get some information about their recommended hardware and compatibility either. 

Tip #2 - Buy From One Source 

If you purchase hardware and software from different companies you could run into some frustrating situations.

In case if, when you have an issue and call for support, 'blame game' starts. The hardware company and software company blame each other.

It can be seen many times. It's best to buy your hardware and software from one provider. You may pay a little more by and large, but it’s worth it if you have a problem. Also they can pre-configure the PC system and save you time! 

Tip #3 – Search for Industry Specific Software 

If you observe this article, I hope you learn how important is to look for software that is tailored for your industry. Why? 

Each retailer has different needs such as...

• An apparel store requires a special "matrixing" feature so they can track various colors and sizes. Not all Pos systems may have this feature which can save a lot of time. This is a compulsory feature for apparel stores.
•  A motor cycle parts and service retailer needs in depth work order features, integration to Parts Catalog systems and more. These industry specific features can save up to 1 to 50 hours every day, depending upon the size of business.
• A few retailers have specific E-Commerce/site needs. This can save much time.
• A structure materials retailer needs to get stock by the "board foot". Their POS couldn't run effectively without this.
• Furthermore, the list...

Tip #4 - Buy Name Brand 

Many systems will have a 1 – 3 year warranty and perhaps on site service. Your POS hardware (ex: receipt printers, cash drawers, etc) will have up to 1 year warranty.

To avoid issues with your warranty, it's better to purchase from a branded company. In case if the company you purchased goes out from the business, you still have full support from the manufacturers. 

Tip #5 - Don't Forget the Miscellaneous Items 

When you analyse and compare price quotes you need to consider the different items. They can quickly include! A few POS companies will include everything and others will let certain things out of their quote.

Here's a checklist of items to consider:

• Training fees 
• Support fees
• Software update / maintenance fees
• Receipt printers
• Barcode scanners
• Cash drawers
• Till roll, label printer and many more…

How To Use Categories In Retail POS Software And Get The Best Results – Part 2

Let us continue where we have left in the first part...
 

When you have categories assigned to your merchandise, you can use your retail POS software to quickly create some very powerful reports.

First you should look at your sales and profit margin for each category on a daily, monthly and yearly basis. 

Check for the following questions:

If the profit margin is high then...

• Why is my profit high?
• Are my sales totals high or low?
• Should I allocate more floor space to this kind of merchandise? Will I sell more  if I do?
• Is training required for my employees how to sell and push this merchandise?
• Am I running shortage of stock and losing sales of any product?
• Which product lines are making me more profits?
•  Should I order more of a specific product line that is profitable?

In case if the profit for this category is low then...

• Why my profits are low?
• Are my sales totals to high or low for this category?
• Should I need to stop ordering these types of merchandise and eliminate it?      Shall I replace the empty floor space with something that is more profitable?
• Should I need to switch product lines?
• Can I find a better supplier with better prices?
• Can I negotiate better prices with my existing suppliers?
•  Has the profit margin in this category change from yesterday or last month?

I can't stress how essential to analyze your financials every day. Small adjustments can have a huge impact on your bottom line. You have to consider other factors that might skew the numbers, including over-stock clearance sales, lost pioneer discounts that get customers in your store, and the best possible product mix to keep customers coming back. 

In addition, you have to collect enough historical data to make accurate decisions. That is the reason it's so important to categorize your merchandize right away and start collecting information. That is one of the main things you should set up in your retail POS software.

Whether you have a POS system or not categorizing your merchandize is an important retail management crucial that successful retailers have used for a long time. You can implement this idea in your business regardless of whether you don't have a POS system. However, a great POS system makes it a lot easier, saves time and gives you the reports in real time.