Things are changing with time. Everything from production to retail, technology has changed the way we work and we think. Years ago, retailers used the old method to maintain business records. However, they still use the same, but less in comparison to old times. With the introduction of POS (Point-of-sale) application, the retailers or manufacturers have become smarter as they have changed the way of working and increasing business operations effectively. And in today’s time, the POS system has become the most essential tool among retailers or companies to run business operations successfully.
The use of this application can be seen at the billing counter of shopping malls and small & mid-scale departmental stores. With the growing popularity of e-commerce and doorstep delivery and payment services, mobile POS solutions have emerged as a powerful tool to meet the desired business growth.
What is POS (Point of Sale) system?
It is an application that is designed to streamline complex business operations. This solution is actually said to be faster and easy to use as everyone can use this software without getting any tanning. POS system not only helps retailers in generating invoices for the product or services that the customers have taken but also enables the retailers to identify sales trends, manage inventory, suggest product re-purchases, etc.
Are you running a retail business (online/offline) then this blog is what you need to read. Here in this article, we will discuss the benefits of POS mobile application, its features and POS system development cost & time.
Types of POS System
As per the requirements of businesses, this solution can be classified into the following categories.
1. Mobile POS
Mobile POS, also called mPOS, is a credit/debit card reader that is attached to a mobile device and operated by a mobile application. With this, you can configure the device with the app and can make payment easily with the card. Apart from that, it lets you manage other activities such as inventory, monitor sales, generate reports, etc.
2. Terminal POS
Terminal POS is a combination of hardware and software that works with commands to perform various tasks such as invoice generation, barcode scanner, debit/credit readers, sales/purchase reports, etc. The use of this solution we can often see at the pharmacy store, garment store, grocery store, etc.
3. Cloud-Based POS
A cloud-based POS or web-based POS system provides a significant way to operate all business operations effectively in real-time. This system has become popular among large retail eCommerce companies and startups as it provides a wide set of benefits with flexibility and simplicity.
Advanced Key Features Of A POS System
The complete POS system is a combination of software and hardware. Thus, hardware comprises of mobile device, touch screen display, programmable keyboard, Cash Drawer, Card Reader Machine, Receipt Printer, and barcode printer (depending on your requirements). And, the software is used to make them functional. However, different businesses may require a different set of features. There are various common features that you can look across all POS systems.
1. Receipt Generation
This feature lets you prepare and print the receipt with high accuracy for the products or services to the customers. And it is vital to the store owners to enhance the quality and services for better customer experience.
2. Item Search
This feature allows the retail store owner to search for products easily by product name, brand name, and category. It is easy to track and provide the best experience to your end customers.
3. Inventory Management
While using POS application you can effectively manage inventory of your store chains. It allows you to monitor and generate reports of dead-stock, available stock, sold products, etc.
Getting business insights is very important for companies to make better business decisions. This feature will help you get all the stats on a single screen through which you can make plans for the business operations.
5. Client Relationship Management
Having said that client relationship is very important to retain the existing customers. By providing them with instant support and services, you can build long term relationships with customers.
6. Client Points and Rewards
Various POS applications provide a reward and loyalty program for each purchase that can be further redeemed during the payment.
Advanced features that you can consider while developing POS application-
Here are some advanced features that you can integrate into your application to make your system robust and performance-oriented.
- Employee Engagement
- Sales Reports in all formats
- Offline/Online Access
- Cloud Storage
- Multi-store monitoring through remote system
- Database Security
- Account & Finance Management
- Auto Tax Calculation
If you are interested in knowing how much would it cost and how much time will it take to implement your POS application? Then consult us. Well, our team is ready to consult you with the detailed development process and the quotation with an approximate app budget.
How Much Does It Cost of POS Software Development?
However, the Point of Sale System design and development cost depends on the size and type of business. It also depends on your needs and the features that you want to include in it. The basic and average cost of building a POS application with basic features and setting up it with the system is between $5000 to $7000. If you want to integrate advanced features in it then the increased cost might be around $13,000.
We recommend you choose the custom POS application that meets your requirements and value for money. Hire a POS system developer or renowned POS app development company that could help you to create your own POS software.