10 Must-Have POS Features for Multi-Channel Retailers

Multi-channel retailers are always looking for ways to improve their customer experience. This means finding innovative ways to sell products and services, as well as increasing the efficiency of their overall operations. 

Point of Sale (POS) software is an important tool in achieving these goals. However, choosing the right POS software can be difficult, especially if you run a multi-channel retail operation that includes pop-up stores, mail orders, and more. 

To help, here’s a POS software features list that multi-channel retailers can harness and use to their advantage. 

1. Point of Sale

From the name itself, POS software must have a point of sale feature if the business is looking to increase sales. This feature allows businesses to manage their inventory, track sales totals, and receive customer feedback. 

Additionally, a POS management system with a point of sale feature can integrate with other systems in the business, such as accounting and marketing departments. It can help businesses keep up with the competition and sell their products and services more easily. 

2. Customer Relationship Management

In today’s business world, having a customer relationship management (CRM) feature in your POS system for retail is essential to keep your business running. CRM helps multi-channel retailers manage and track their relationships with customers, as well as keep tabs on customer data and trends.

Other things you can do with your POS software if you have the CRM feature include:

• Recording customer information such as name, address, and other contact details
• Staying updated on the customer’s activities by tracking past orders, payments, and communication 
• Communicating with the customer in a variety of ways, including email, phone calls, or text messages 
• Keeping track of changes to the customer’s information over time

3. Inventory Management

The ability to manage an inventory is essential for any POS software. A well-designed inventory management feature can make your life as a multi-channel retailer much easier, by ensuring you always have the supplies you need in stock and eliminating the need to constantly run to the store.

Additionally, inventory management will allow you to track what you have in stock, how much of each product is left, and what orders are pending. This information can help you make smart decisions about which products to stock and when to order more of something.

If you're not using any features of inventory management software on your current POS software, it's time to upgrade.

4. Financial Performance Monitoring

A business needs to be able to track its expenses to make smart financial decisions. A good way to do this is through POS software that has a financial performance monitoring feature. This would allow users to see how their spending is affecting their bottom line, and make changes as necessary. 

Some of the benefits of using a financial performance monitoring tool include: 

• Improved decision-making when budgeting and spending
• Better tracking of where money is being spent on behalf of the business
• Easier identification of areas where costs are going up or down
• Quicker response time when identifying cost overruns or underruns

Zoho Expense is one great integration if you want to monitor your financial performance. It’s a cloud-based expense management software that offers several useful features, such as automatic categorization and tracking, easy exporting to various financial institutions, and flexibility in terms of budgeting. 

5. Reporting and Analytics

POS retail features that involve robust reporting and analytics capabilities can help businesses identify where they’re losing sales, what products are selling well, and where they could be optimizing their marketing efforts. By understanding customer trends, businesses can create more effective campaigns that resonate with target consumers.

Furthermore, data-driven insights can help businesses make key strategic decisions. For example, if a business notices that sales of certain products are declining on certain days of the week, it may be wise to adjust marketing strategies accordingly. By tracking data over time, businesses can identify patterns and make informed decisions quickly and easily.

6. Mobile POS

A recent study by Business found that more than 40% of businesses are using mobile POS apps. Of these businesses, 79% are small and midsize businesses, and over 60% have a mobile app used to manage inventory and sales.

There are several reasons why a business would want to use a mobile app for its POS system. First, customers love convenience. They don’t have time to stand in line at the register or wait for someone to finish ringing up their sale. 

Second, businesses can keep tabs on inventory and sales from anywhere in the world. And finally, if something goes wrong with the computer or register system, employees can quickly reset everything using a mobile app.

7. Online Ordering

If you want to compete in the current market, your POS software must have an online ordering feature. According to a study by Retail Consulting Partners, order management system features or integration is a priority for 67% of retailers. 

Many customers prefer to order products online and then pick them up at the store. And the online ordering feature is a big advantage for retailers because it reduces customer wait times and increases sales.

Additionally, online ordering allows customers to review their orders before they’re shipped. It can be done from any device, making it easy for customers to buy products on their way home from work.

8. Tax Compliance

A business should have a tax compliance feature in its POS software to ensure all taxes are paid and accurate accounting is maintained. Tax compliance features can include automatic filing of tax returns, automatic payment of taxes, and tracking of tax deductions and business licenses. 

These features can help keep the business organized and compliant with government regulations. It’ll also save businesses time and money by helping them comply with tax laws.

9. Finance and Insurance Integration

POS software must have a finance and insurance integration to provide streamlined transactions for customers. This is because the two industries are closely linked, and without a seamless connection between the two, it can be difficult for customers to complete their transactions. 

A good finance and insurance integration should allow customers to view their account balances, track their payments, and find out about available discounts. Additionally, it should allow merchants to input insurance rates into the software to automatically generate quotes for customers.

10. Cloud Accessibility

The popularity of POS software is on the rise, and with good reason—POS systems offer an efficient way to manage business transactions. But what if your POS system isn’t accessible from the cloud? That’s a problem if you want to use online tools like order management software or reports that require access to data stored in the cloud.

Fortunately, there are ways to make your POS system accessible from the cloud. One option is to use a remote desktop application. This type of application lets you access your computer remotely and use its features, including your POS software. 

Another option is to set up a virtual private network (VPN). A VPN connects your computer to a remote server, providing security and privacy while allowing you to access your computer’s files and applications from anywhere in the world.

Boost Your Retail Business with These POS Features and Benefits

As shown in the research by The Insight Partners, the global POS software market will generate $42.49 billion by 2027. With this, retailers must ensure their POS software has the features necessary to support multi-channel retailing. 

These include powerful inventory management, easy customer data entry, accurate pricing and promotions, and robust reporting capabilities. With these features in place, retailers can increase sales and lower costs while providing a superior customer experience.