Implementing an advanced cloud-based POS system allows businesses to access their data wherever and whenever to optimize productivity.
Point-of-sale (POS) systems are essential for retailers and businesses handling merchandise and providing direct customer service. These systems efficiently track all transactions and perform payment processing to account for funds and stock. POS software also handles employee management to track wages and schedules.
There are unique solutions available for every industry to streamline daily operations. However, all companies can enhance their profitability and visibility by utilizing cloud-based software.
What is a Cloud-Based POS System?
Cloud-based software is a POS solution that stores data online so the information can be accessed from anywhere with an internet connection. Unlike traditional systems, these solutions offer mobility as staff can use cell phones, tablets, or computers.
This allows managers to alter schedules, menus, prices, or layouts from work or home. While this system does require an internet connection, many businesses already offer free WIFI to their employees and customers.
Traditional, or on-premise POS systems, collect and store data on stationary terminals connected to local servers. Besides its lack of mobility, traditional solutions can cost between $30,000 to $50,000 a year plus any licensing or maintenance fees. Organizations are also usually required to pay extra for customer service if they experience any technical issues.
On the other hand, cloud-based POS systems are funded by monthly subscription fees that add up to anywhere from $600 to $10,000. This broad price range offers user-friendly software options for various company budgets. This modern solution comes with complimentary customer support available at the provider's website or toll-free number.
7 Benefits of Cloud-Based POS Systems
Many businesses are making the switch from outdated POS systems to cloud-based software because of their advanced features and benefits, including-
1. Ability to grow with the business
As companies continue to expand, their management software must have the flexibility to grow with them. Cloud-based solutions are equipped to handle high volumes of traffic from purchase orders to inventory control simultaneously.
Web-based software can report on demand forecasting, warehouse stock levels, and online ordering or bookings through integration with other management systems. This centralized data platform promotes business scalability by providing detailed reports on all operations.
Web-based solutions are more cost-efficient than traditional terminals because they have simple installation, less invasive maintenance, and affordable options. Traditional terminals are expensive because they require hard drives to store data, whereas the cloud has unlimited storage that can be accessed with data subscriptions. Users can pay month-to-month instead of yearly contracts, allowing sudden cancellations without hidden fees.
3. Easy updates
While traditional systems require extensive hands-on labor to update, cloud-based software automatically updates with an internet connection, at no additional cost. Guaranteed up to date POS systems ensure all company locations are working together seamlessly. Modern software also downloads new reporting and analytics features, allowing management to increase operational efficiency.
4. Increased data visibility
Businesses implementing cloud-based systems allow approved staff to access financial reports, inventory management, marketing tactics, and employee data from anywhere. Integrated software ensures that information is accurate and up to date, ensuring businesses can make educated production decisions.
5. Streamline restaurant management
This system minimizes the time needed to consolidate reports and data, allowing restaurant owners and employees to invest more time in their guests. Orders from the business website, third-parties, call-ins, and carry-out are managed simultaneously to ensure all requests are fulfilled promptly.
Cloud-based software can also be customized with a table map layout so employees can quickly assign guest seating arrangements. With mobile devices, waiters can send orders electronically to the kitchen, where a receipt printer alerts the staff. Owners can invest in portable checkout terminals that sit at every table where guests can perform their own transactions with a gift card or credit card. These mobile devices shorten wait times for both the customers and cash register attendants.
6. Modernizes the customer experience
In addition to self-service checkouts, web-based solutions allow guests to give instant feedback on their experience through surveys, quick ratings, and suggestion prompts. Management is alerted with submitted feedback and can immediately address the problem. By reconciling the issue personally with the guest or implementing a customer experience (CV) strategy, guests will notice the value of their opinions.
Retail businesses often offer loyalty programs to returning consumers to personalize their experience through the point of sale systems and exclusive deals. Management can also access this data to send marketing emails with offers designed for their demographic. This tactic enhances customer experience while increasing traffic, sales, and inventory turnover.
Mobile POS applications are available with most web-based software and provide endless opportunities for various business types. Handheld devices can offer quick service for waiting tables, helping customers locate products and card processing. Utilizing portable devices can limit employee training time and enhances interactions between workers and customers.
Whether it is a small business, restaurant, or large retail store, cloud-based POS software has the ability to maximize operational efficiency. Through advanced features, this solution can promote a company's profitability, transparency, expansion, and customer relationships.