Must-Have Integrations to Optimize Your POS Inventory System for the Future

SoftwareSuggest

SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: May 2, 2021

Smart Inventory Planning & Optimization logo

Smart Inventory Planning & Optimization : No. 1 In Inventory Management Software

For a retail business, a point-of-sale (POS) inventory system is an inevitable investment. At present, a POS system is not just about sales and accounting. Instead, it follows an integrated approach, facilitating operations like inventory management, sales, accounts, data analysis, and employee management. Therefore, a POS system assists business owners to assume greater control over business operations.

Looking for Inventory Management Software? Check out SoftwareSuggest’s list of the best Inventory Management Software solutions.

The rapid technological evolution is changing the dynamics of retail business and inventory management. The human intervention is diminishing and at the same time, the efficiency of operations is on a constant rise. Every year, new technologies, applications, and software are being implemented in the POS inventory system.

If you are planning to install a new POS system or optimize an existing one, you must check out following technological trends that can transform the way a POS system works.

Latest Integrations for POS Inventory System to look forward to:

1. The Cloud Effect

Gone are the days when you had to manually perform the majority of functions, such as updating inventory levels or maintaining the accounts register. With the introduction of POS systems, sales and inventory management were partially automated. The data was stored in local hard drives, accessible to the designated users.

Now with the integration of cloud computing, it is possible to create a centralized environment. This facilitates the effective management of all operations, even if you are sitting in a remote location. For example, you can monitor inventory levels at all stores using your mobile phone. At the end of the day, you can take appropriate decisions regarding inventory, thanks to the real-time data gathered from the inventory management software.

Also, Read: 8 Inventory Management Practices to Streamline Your eCommerce Store

As the staff scans items and updates inventory count in real-time, the data synchronizes with the data stored in the cloud. This induces transparency in the workflow, reducing the chances of false reporting.

2. The Mobile Payments

If your POS inventory system is still accepting payments via credit and debit cards, you must optimize it for mobile payments. Nowadays buyers prefer carrying cash in mobile wallets rather than in their pockets. There are multiple mobile payment methods that offer convenience and a secure gateway while making a transaction. These payment methods utilize different technologies to complete a purchase within a few seconds, sometimes in microseconds.

Mobile payments

Most of the mobile wallets use Quick Response (QR) code for making payments. According to Juniper Research, QR code payments via mobile will amount to $5.3 billion by 2022, up from $1.3 billion in 2017. The customers can either pay by creating their own QR code by scanning product codes using their mobile or simply scan the Merchant-produced QR code to make a payment.

Some of the mobile wallets, like Apple Pay, incorporate near-field-communication (NFC) technology for contactless payments. Just wave your mobile phone, integrated with NFC technology, in front of the reader to facilitate easy and secure payment. It doesn’t require a PIN code or any type of authentication.

3. Data Analytics

As cloud computing becomes an integral aspect of the POS inventory system, data analytics also comes into limelight. The business operators should also adopt a data-driven approach while making decisions. Whether its customer’s preferences or employees performance report, you can leverage data to generate maximum profits.

Since data is synchronized in the cloud, it becomes easy for the POS software to generate reports pertaining to all the operations. The data visualization tools project information in appealing formats like graphs, charts, and infographics. You can analyze the data before finalizing a suitable course of action.

The use of big data, artificial intelligence, and machine learning enhances the decision-making capabilities of the authorities. For example, if you are into the restaurant business, you can analyze ordering patterns to create a customized menu that will incite customer’s taste buds, and bring in more orders.

4. The Beacon Technology

Imagine you are checking out leather jacket collection in the store, and you get a notification to check out leather jackets placed on the opposite shelf, available at a discount of 50%. This is possible when the store is integrated with beacon technology.

The beacon technology sends out radio signals that are detected by the mobile phones. Based on the current status or preference of the customer, or predefined settings in the menu, information will be displayed in the smartphone.

The POS inventory system can be integrated with this technology to showcase recommended products to the customers. Moreover, it can inform customers about the store location or the exact route based on their current location. For successful implementation of beacon technology, there should be a receptor and an interface, generally an app, in the customer’s mobile phone.

5. Omnichannel Retail Support

A customer may walk into your store not just from the door but from diverse channels. It is crucial to integrate your POS inventory system with omnichannel retail support. The software should be able to manage inventory based on the orders placed via different channels. Similarly, the sales operation should also be optimized to register purchases coming in from multiple sources.

The social media has an immense influence on retail business. 30% of online buyers are likely to shop via social media channels like Facebook, Twitter, Instagram, Snapchat, Pinterest, and others. As smartphone penetration and internet usage are on an exponential rise, buyers are opting for convenient and interactive means of shopping – mobile apps and mobile shopping websites.

Seller platforms like Amazon, eBay, Alibaba, and others also bring in potential customers. The POS inventory software should be integrated with these platforms as well.

The Bottom Line

The ultimate aim of the POS inventory system is to automate and organize your retail business operations. But if the software lacks the latest technological integrations, the efficiency may get compromised. Therefore, before it’s too late, you must identify the right set of integrations that will enhance the functioning of the POS inventory software.

SoftwareSuggest
SoftwareSuggest empowers businesses to discover top business software and service partners. Our software experts list, review, compare and offer a free consultation to help businesses find the right software and service solutions as per their requirement. We have helped 500,000+ businesses get the right software and services globally. Get a free consultation today!

Recent Posts

No posts found.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Captcha loading...