What is POS or Retail management software and why it is required?
Infact, a few good POS software works as a complete retail management system and does one or more of the following:
· Point of Sale
· Inventory / Stock maintenance
· Financial Accounting
· Customer Relationship Management
· Scheme & Loyalty Programs
· Management Information System
· Supply Chain Management
· Store Management
· Automatic Order Generation
· Planogram / Space Management
· Electronic Data Interchange
and much more...
Now you must be thinking that one or more of above listed features are easily available in any general business application or any standard accounting software. They simply track inventory and maintain financial books. They’re all same.
Every system is designed to suite specific need. There are some features or benefits in common because they share a common business model. But when you start evaluating you will find:
1. POS software is designed to suite your business
A retail or pos software is designed to suite the needs of a retail atmosphere where as a generic business application targets mass and do not cater to specific needs of retail.
2. Fast, Accurate and Time saving
Another advantage of retail software is they use barcode technology which makes checkout faster, accurate and there is minimal scope of human errors.
3. Integrated system saves time and money
Retail management software has add-on modules like loyalty programs, decision-making tools and reports and third-party integration. Integrated system often keeps financials in place. This saves your time as you have to record each transaction in only one system and also helps you in fast retrieval of information as and when required. Hence scope of human errors is minimized.