The accelerated growth of cloud technology and the changing business & consumer needs in the 2000s resulted in the evolution of POS systems to their current form. Small and medium retailers, in particular, are switching to cloud-based POS systems for its obvious pros over legacy POS systems in terms of cost, flexibility, scalability, and ability to customize.
The scope of cloud-based POS systems is not limited only to the parameters mentioned above. When plugged in with an optimal technological ecosystem, your web POS platform takes on the role of an ERP system for your retail business.
Still not convinced about the utility of web-POS over legacy POS systems?
Let’s get the truth directly from people who would be directly affected – retailers such as yourself. We interviewed about 300 small & medium retail partners and collated their top five reasons for switching to a cloud-based POS below:
1. Spend less for more
Cloud-based POS platforms cost lesser than their legacy counterparts due to lower upfront costs and reduced installation costs. Moreover, storage costs are eliminated in a web-based POS system. Maintenance and product updates are done via cloud which makes it easier to upgrade the system without incurring additional charges. Most POS providers offer monthly/pay-as-you-go/subscription payment plans without the imbroglio of long term contracts. The ease of payment also makes it all the more easier for small & medium retailers to customize the features as required by business (for example adding a new store location) up to a great extent.
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2. Think long-term with integrated modules
Web-based POS systems come with a few integrated modules out-of-the-box, like customer relationship management (CRM), loyalty programs, inventory management, etc. It also allows you to integrate with third-party software and modules. These modules and apps help enhance and customize the features of your POS system as per your business needs. For example, the CRM feature allows you to build customer profiles, view purchase history, membership details, etc. This data can be used to design and implement successful loyalty programs.
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3. Leverage the power of data anytime, anywhere
Since data is stored in the cloud, you can easily access your store data at any time, from anywhere. The risk of data loss is minimized as well, as data can be easily backed up from the cloud if the system crashes. Data is also protected using robust data security architecture and stringent protocols to reduce the risk of data theft and loss of business or goodwill.
4. Stay on top of your business with intuitive reporting
Do you know who your most profitable customers are? Do you have insights into their buying behavior? Are you able to track employee performance? Cloud-based POS systems come with some neat reporting features that allow you to drill-down into your data and identify trends or problem areas. Standard out-of-the-box reports help you keep a track on important business metrics such as sales per sq. foot, conversion rate, stock turn, GMROI, shrinkage, etc. which will help you improve store performance and weed out operational efficiencies.
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5. Streamline payment processing and reduce checkout time
Since most modern POS systems come with integration capabilities with 3rd party apps and solution providers, you can use it to streamline payment processing and reduce checkout time. For example, web POS systems can integrate with the new payment methods that are being invented and released by the day. This also helps in creating delightful shopping experiences as consumers are readily adopting these payment methods for making purchases.