If you’re interested in lowering your processing rates, check this video below.
Customer Management Features
A retail management system will include a streamlined customer relationship management (CRM) tool so you can track all your customer data. Here are some of the features you should consider:
12. Point-based system
The software must be able to integrate a points-based loyalty program to reward your best customers.
13. Loyalty program
Full-scale loyalty programs will keep your customers happy and help grow your business. Look for a solution that integrates with loyalty program software, making it easy to implement. KORONA POS integrates with several leading loyalty software programs. In addition, the software tracks your loyalty program data to see which products are purchased most by your store’s regular customers and which promotions work best.
14. Integrated queue management system
Queue management is the process of improving your business by managing customer waiting. During the holiday season or promotional events, the likelihood that you will have long queues is high. Look for a POS solution that can integrate with queue management software to help you save time and improve the checkout experience. KORONA POS now integrates with one of the best queue management solutions on the market, LineupApp.
See related: What Is a Queuing System? Why Your Business Needs Line Management
Employee management is an integral part of running a successful retail store. The point of sale system allows you to define specific access controls for each employee and track transaction history through team reports. Here are some features that will allow you to better manage your employees.
15. Time clock
A basic time clock is a great place to start. Without a well-organized time-tracking system retailers can significantly impact their bottom line through wasted billable hours. A point of sale equipped with timekeeping software allows you to track each of your employees’ start and end times with little or no effort. The result is simplified timesheet evaluations and timely payroll.
Additionally, timekeeping software can track a specific staff member’s work history, alerting you to potential attendance issues before they get out of hand and holding your employees adequately accountable for the hours they claim to be accruing.
Payroll is another critical area to consider when looking for a new point of sale. This streamlines the payroll process and improves the accuracy of payments to your workforce. The POS system can be used to run payroll because it can keep track of the hours worked by each person. With online payment systems and direct deposit, many workers no longer have to worry about receiving a physical check and employers don’t need to worry about manually submitting checks each week or bimonthly.
Reporting and Metrics Features
Reporting and metrics features play an essential role in managing a retail store as they allow you to track the performance of your business. Here are some metrics you should look for in your store:
17. Sell-through rate
The sell-through rate measures the amount of inventory you sold in a month compared to the amount shipped to you. The sell-through rate is an important retail metric that allows you to monitor the efficiency of your supply chain.
KORONA POS’s retail inventory system lets you segment your sell-through analysis by individual product so you can see which products are selling well and which are selling poorly. Use this data to inform your inventory process and reduce the risk of holding slow-moving products.
18. Conversion rates
Conversion rates are another critical metric to key an eye on. A conversion rate records the percentage of users who completed a desired action. With point of sale software, you can see how often an interested customer makes a purchase to gain insight into your marketing and sales.
19. Return rates
The return rate is the annual income from an investment expressed as a proportion (usually a percentage) of the initial investment. Your point of sale software can help you identify problematic products by generating reports on return rates.
20. GMROI reports
Often shortened to simply GMROI, gross margin return on investment is an inventory profitability assessment ratio that analyzes a company’s ability to turn inventory into cash that exceeds inventory cost. It is calculated by dividing gross margin by the average cost of inventory. Use the GMROI inventory report to analyze your sales over time and view information that helps you analyze your return on investment to make strategic decisions for your business.
Franchise And Multi-location Features
These features are designed for retail store franchises and more enterprise level businesses and likely won’t be immediately necessary for smaller businesses though nonetheless important for those thinking about scaling in the future
21. Royalty management
Royalty management is the system used to create contracts, define usage rights, and determine what royalties will be paid to the owner, by whom, and how often. A retail POS system allows you to define a customized structure for paying royalties from franchisees to the franchisor. KORONA POS offers you this feature.
22. Franchise inventory management
You’ll also need more robust inventory management since there are more moving parts to consider. Having more than one outlet to manage adds to the complexity of the task. Maintaining an optimal amount of inventory keeps your business from running out of product and keeps your warehouses from filling up.
This is just as important because an overstocked warehouse prevents you from ordering more of your high-demand items. The right point of sale solution allows you to keep all inventory and consolidated reports in one system but still be able to measure the performance of each store.
23. Multi-location promotions
Be sure to find a system that enables promotions for multiple locations. You should be able to run unique promotions at individual stores, while also running larger marketing campaigns across all locations.
Retail Loss Preventions
Retail loss prevention refers to all the steps a company takes to reduce theft and fraud. Shoplifting and employee theft make up most of a $61 billion annual problem for the retail industry. And as a retail store owner, it’s imperative to find solutions that can help you avoid these problems.
24. Inability to cancel a receipt
Start by managing it at the cashier level by limiting permissions. Don’t allow cashiers to delete items on a ticket if the customer pays in cash. This makes internal theft too easy and can lead to significant losses in profit.
25. Blind cash drops
This feature prevents employees from seeing the amount of their cash deposit before they count their drawers. This helps detect recurring discrepancies.
26. Line Voids
A line void occurs when a single item is removed or voided from the transaction that was not completed. This can happen when a customer changes their mind about a purchase or when the cashier makes an error during a transaction. With KORONA POS, you can define your own customer settings by specifying who can access a single item on a ticket.
Reviewing the features above should give you an idea of which solutions are right for your stores. Now, use this knowledge to build a list of your top choices, and then contact the software providers to see if they can help you with more information.
A great retail management system will provide all of these features, allowing you to focus on growing your business rather than worrying about what you can’t do. Don’t settle for less.