Retail POS System in Sri Lanka: 10 Things To Consider When Choosing

Looking for Retail POS System in Sri Lanka? A reliable and a well organized POS (point-of-sale) system can be helpful in so many ways for high performance in any business in the current world of marketing.

Choosing a POS system which is right for you would be quite challenging. So here are some points for you to consider before choosing one that will match your preferences.

Wide Choice of Payment Options

The payment methods in Sri Lanka now keep evolving as people are modernizing with the newest trends. Cashless payments have become the trend now.

So with a good retail POS system, it is better to consider that it allows a wide variety of options such as QR code scanning, credit/debit card reading, vouchers, invoices etc. This will expand the business into a huge customer base including local and international.

Suggested Read: Pharmacy POS System in Sri Lanka

Mobile Support

Any person has a smartphone or tablet with them nowadays and they carry it wherever they go. So it is very convenient to choose a retail POS system as it supports both ways; to the merchant as well as the customer. The merchants can accept online payments and customers can process payments from anywhere at any time.

And for booking and reservations, this will work the same way as mentioned.

Suggested Read: Billing Software in Sri Lanka

Accounting

With a good retail POS system, financial entries can be synced on a daily basis. The time for this will be less than balancing the account books. It tracks every completed payment, discounts, returns, vendors etc. And it will accurately update everything to your accounting system.

It will be convenient to update the ledgers accurately and automatically. Each and every entry will be added without duplicates which will minimize the risks.

Considering all these matters, it is important to choose a retail POS system that ensures to have an up to date recording of financial matters.

Inventory Management

In order to meet high demands, you’ll have to have enough product with you. If you lose this, your customer base will break down and they will move towards the competitors. A retail POS system will help you with this.

POS can automatically adjust the inventory levels and this will reduce the time where employees have to check the stock physically. There will also be rare amounts of counting errors.

You can learn about the best sellers, profitable items and slow moving products and change or restock them accordingly. 

You can also manage your inventory remotely without having to go and check physically. 

Employee Management

With a retail POS system, a digital system can be used to make schedules for employees. This way, it will be easy to track availability of employees. It also lets you in and out checking times and decide on payrolls accordingly.

Also this system can check the sales performance of each employee individually. It will benefit the company by identifying high performing individuals and honest employees. 

Customer Management

Any business will rely on strong customer relationships. Building trust with the customer enables the repeat business. 

With a POS, a database of customers can be built up with their information. It can track what customers like the most. The automated system can build discounts and promotions for each customer according to their shopping frequency and loyalty.

Sending receipts and broadcasting marketing promotions through emails will keep the customers attached to your business, and a POS can easily do these for you.

Reporting

Every time when you make a sale or get a reservation, this system will store data about every single detail. This data gathering is known as reporting.

The reports mainly provide you detailed insights of the performance. It also gives you an idea on where you should focus on for the future growth of the business. 

The reporting will therefore help you in many ways to bring one step ahead for your business.

3rd Party Software Integrations

Third party softwares are individually designed tools which you can integrate with the retail POS system. It can help in marketing, accounting, payments and ecommerce.

You can evaluate your business needs and integrate these tools accordingly. This will allow the POS to access the real time information and automate the tasks for you.

Both customers and businesses look for simplicity and convenience. So if you need this to be in action, focusing on integrations is highly recommended.

Multiple User Accounts and Permissions

Consider using a retail POS system that will allow you to create different accounts with specific permissions to each identity.

You can always take control of employee authorizations and assign specific assignments by having this type of a system. You are able to decide on how much access that you are going to give each person such as, manager or co workers. 

This will prevent void sales, fraud limitation, tracing orders and limiting access to sensitive data. 

Barcode Scanning

Barcode scanning helps a business a lot on inventory management; monitoring, stock taking and organizing. It provides customer relationship management features for connecting with customers. You can monitor a customer’s purchasing behavior and history.

This feature can also avoid the human error possibilities as the POS will check and adjust the inventory at each and every barcode scanning. Therefore, when receiving goods from suppliers, store owners may swiftly update product counts while automatically keeping track of their supply.

The best POS system will help you on the overall management of your business or the restaurant. It will increase the sales and improve the customer service. You can also track accounts, how much money you have made, what are the products on demand, what products you should discontinue selling, as well as understanding the busiest and the slowest days of your store. 

With the future of technology innovation, most of the exchanges are about to happen contactless. People are also getting used to these methods and therefore, if you integrate a retail POS system which is suitable to your needs to your business, it will definitely increase your business growth and help you on making positive and better decisions on your business in the future.

Contact Blue Lotus 360 to implement retail POS system in Sri Lanka.