Whether you’re a retailer or restauranteur, bringing customer experience to the next level is a linchpin when it comes to fostering your company’s growth. This is why implementing a powerful POS is crucial to unlock your business’s full potential.
While there are plenty of tried and tested POS solutions in the market, customer demands constantly change, which prompt developers to incorporate new functions that keep up with the times. Below are some POS software trends that you should watch out for and try yourself:
1. Cloud-based POS
One of the largest developments in pos technology is the ability to host your system via cloud. According to Forbes, cloud-based POS software is amassing the market’s interest and adoption, thanks to significant advantages in expenses, usability, flexibility and performance.
It’s true. A cloud-based POS system offers both mobility and versatility. For instance, you want to find out when your enterprise’s slow season falls. Your POS system can determine the exact dates for you, thanks to past sales reports stored in the cloud.
Because data is also saved online, this enhances your system’s security, making it more robust against the most dangerous mobile security threats. Information is saved efficiently and automatically on the cloud, so you no longer have to break a sweat about back-ups.
2. Integration with other systems
Integrated POS solutions fuse the advantages of a sophisticated cash register and completely combines it with the back-office system. A fully integrated POS system will oversee both transaction and inventory, which means that all related data to client and stock information can be retrieved from a central database, which is run and updated by an enterprise resource planning system.
As stocks are sold, levels are simultaneously updated, which results in more productive stock holding management. This trend also works for organizations with multiple branches. Such grasp over inventory dodges stock shortages, which leads to lost sales and customers. As a bonus, reports and analytics on stock sales can also be released with information regarding bestsellers, seasonal demands as well as other relevant information.
As for customer information, an integrated POS paves way for loyalty programs and special offers to be awarded to particular customers. Everything about POS is centred on enhancing customer relations. Connecting customers in the system also enable enterprises to extract consumer data, which leads to more effective advertising, enhanced company-customer relations, ensured customer satisfaction and customer retention.
3. Strategic staff management
Modern pos systems have cutting-edge features that provide advantageous gains on superintending staff. POS software trends that focus on mobility are vital since mobile apps exist to enhance staff interaction.
Empowering your employees to regulate their shifts and schedule through an easy-to-use platform grants them a better work-life balance. This is especially important since employee loyalty is declining. According to Tiny Pulse, 43% of workers are inclined to leave their jobs for a 10% salary raise, due to feeble company cultures.
Organizing staff schedules to keep up with peaks and valleys of customer flux will guarantee that you’re fully staffed during busy periods while seeing minimal inactive time during slow periods. This also makes distributing payroll easier and should provide you monitoring capacity to make sure there are no missed hours.
For restauranteurs, modern pos systems can easily integrate production metrics for staff, from working hours in comparison to serviced tables to transactions completed during their shift, which grants you a better grip on staff costs while encouraging them to exert their best performance.
4. Mobile or tablet POS
Of all POS software trends, this rises on top of the list, especially when it comes to restaurants. Driven by an increased motive to enhance customer service, expand sales and cut down costs, restaurateurs are applying mobile or tablet-based pos solutions to broaden service range and upgrade traditional terminals.
The future of POS terminals lies in tablet-based pos. When equipped with these devices, diners’ orders can be swiftly and directly transmitted from table to kitchen. Customers can also use these tablets to review their orders on their tables. Rather than handing their cash or card to a server and going through the front counter, patrons can also relish in the convenience brought by the pos solutions’ pay-at-the-table feature. Servers can also finish transactions tableside or diners can accomplish the task themselves if the tablets are integrated on their tables.
5. Increased control over inventory
One of the most important POS software trends includes inventory management. Most modern POS systems allow users to organize purchase taxes and construct divisions, inventory items, storage points and vendors. They also grant them the power to create and oversee acquisition orders, invoices, transfers, consumption, opening stock, file status as well as stock number. Besides this, stock posting processes and stock modifications can be done with a simple tap of a finger.
Don’t miss out
Old pos models are still useful, but because customer demands change, they can be quite restrictive for your business. Remember that your focus should be creating a unique customer experience so that your enterprise can only go nowhere but up. Make sure you don’t miss any of these trends and that you critically appraise and productively allocate your resources to prepare for them.
Are you looking for a most modern POS software for your restaurant business? Check out IvyPlex, a lightweight, Android POS based on the latest cloud technology and specially designed for restaurants and food courts.
IvyPlex is a complete restaurant POS system developed focusing on mobility and efficiency. This modern, cloud-based, Android POS system helps you with all the functions of running a restaurant business starting from ordering taking, order management, CRM and to billing and inventory management.
IvyPlex is a cloud-enabled Android POS system specially designed for restaurants and food courts.
IvyPlex uses the latest cloud technologies, making it one of the fastest, secure, reliable and affordable restaurant POS systems. Choosing Android as the platform for developing the product has helped us to meet our objective of offering mobility in the restaurant POS industry with a quality that is unmatchable considering the cost and features offered by the solution.
As a private technology firm that focuses on introducing innovative products in the market, the intention behind the development of IvyPlex or any other product could be profit. However, such product innovations are not driven by profit alone. As a firm that values a human-oriented approach and committed to making a positive impact in the industry, our products always have a touch of “Social Consciousness”.
The detailed study we conducted about the restaurant industry and the challenges faced by small to mid-sized restaurant owners compelled us to develop a comprehensive restaurant solution that focuses on mobility, efficiency, affordability and customer satisfaction.
In the US alone, there are over one million restaurants that are in operation today. While the food and drinks sales of the restaurant industry were somewhere around 42.8 billion in 1970, the figure crossed 745.61 billion U.S. dollars in 2015. The number of consumers who have visited a sit-down restaurant looks more promising and, the figures are close to 200 million in 2018 alone.
The restaurant industry has seen steady growth in recent years and, The Restaurant Performance Index (RPI) sits at 101.6 as of May 2019. Anything over 100 is considered a positive trend. Another study states, 91% of restaurateurs expect profits to increase in 2019.
A detailed study of these trends showed us that there is a growing market existing in the restaurant industry that we can explore. A further study revealed the number of challenges faced by restaurant owners and managers while running the business.
Since the restaurant industry is on the path of growth and projected to grow further in the coming years, over 80% of restaurant businesses are adopting technology to accelerate their pace of growth. However, scalability is one of the biggest challenges faced in the restaurant industry.
To help restaurants with this challenge, we decided to leverage the advantages of the latest cloud technologies and develop a restaurant POS system that is scalable, reliable and affordable at the same time. Choosing a cloud server had other benefits like helping us to meet our objective of making the product mobile and secure than any other product currently in the market.
Some restaurants are still facing difficulties in adopting the latest equipment that will help them with running their business. One of the major reasons is the cost involved in buying new equipment and upgrading the existing equipment to current standards.
A report by Toasttab states, 47% of restaurateurs would repair or update their equipment if they had extra money on hand. Due to the increase in running the business, 16% of restaurant operators have had to halt hiring efforts to lower labour costs. And the higher cost has compelled 65% of restaurants to increase their menu price.
A restaurant solution that is reliable and affordable seemed the need of the hour in the restaurant industry.
A report by ToastTab states, 95% of restaurant owners believe technology improves their business efficiency. To facility various services and improve their efficiency and service quality, over 80% of restaurants have already started incorporating technology into their operation. Technology helps them to facilitate a wide range of services and functions like online ordering, booking of reservation and inventory management, and report making and analytics.
Such trends and factors prevailing in the market were the major things we took into consideration while developing IvyPlex. Studying such trends and data helped us to brainstorm the features of IvyPlex and enabled us to turn the product into an effective and comprehensive restaurant POS system.
When someone dines out at a restaurant, the person is seeking an experience that he can enjoy the most. A study by Eventbrite states, 78% of Millennials are interested in spending their money on an experience like dining out at a restaurant than buying an item from a store. More and more restaurants are realizing this factor and they have started investing heavily on improving customer experience.
One of the objectives of the IvyPlex is to help such businesses who want to improve customer satisfaction. The mobility, speed and convenience offered by IvyPlex restaurant POS system are unmatchable in the industry. Since this modern POS system is developed focusing on mobility, the quality of customer experience is something that can be guaranteed without a doubt.
There are many ways to improve customer satisfaction. A study says that server handheld tablets help restaurants to improve the quality of guest experience. Facility for online reservation is another factor that determines the degree of customer experience.
As part of being a complete restaurant POS system, IvyPlex offers the option of a consumer app that helps the customers of a restaurant to reserve tables online, before arrival or on their arrival. The consumer app will feature the list of all services and products available at the restaurant and guests can order them directly from their smartphone.
Customer Relationship management
Studies show that more than 45% of diners eat outside multiple times a week. 20% of diners eat at a restaurant at least once a week. But, this doesn’t mean that people go to the same restaurant every time they decide to dine outside. They want to try out a new dish or enjoy a new experience every time they go outside, and it is for that experience they are spending their hard-earned money. However, there are means for a restaurant to attract repeated customers. Customer relationship management is one of them.
A study by Accenture finds that more than 83% of people are ready to share their personal information if it helped them to get personalized service. IvyPlex restaurant POS system lets restaurants collect personal details like name and contact number and use it to send special offers and discounts to their loyal customer directly from the product interface.
The restaurant industry has one of the highest turnovers. Training the new staffs every time someone leaves is a task that is heavy on resources. A study by Toasttab states that staffing is a major challenge faced by the majority of the restaurant while 35% of restaurants say training staff is a top challenge.
IvyPlex try to solve these challenges through its user-friendly interfaces and a workflow that can be followed by anyone who has read the basic instructions at least once.
31% of restaurateurs update their menu every month. 24% of restaurants do it seasonally. The business-friendly approach adopted by IvyPlex restaurant POS system makes it easy for any types of restaurants to customize their menu on the go.
Reports generation and analytics
68% of restaurant businesses review sales reports regularly. 45% of them review labour reports regularly and, 32% regularly review menu reports.
The inbuilt features of IvyPlex POS system make it easy for restaurant owners and managers to generate automatic reports on sales, inventory and staff performance during any time of the day.
IvyPlex restaurant POS records the shift details every time a shift commences and closes. The shift details include the amount of cash in the drawer, sales statistics, date and time of the shift and the person in charge of the shift. This innovative feature helps management with accounting and bookkeeping.
Staff perforce report
IvyPlex is an advanced restaurant POS system that can generate real-time reports on staff performance. This helps the restaurant management identify and reward their best performing staffs who are dedicated to their work.
IvyPlex is one of the few restaurant POS systems that come with inbuilt inventory management. This Android POS system keeps a track on inventory all day long. It helps the management to identify the fast-moving items in the menu and restock them before it’s run out of stock.
The automatic sales report helps the restaurant management to know much crucial information like real-time data on sales, what times of day they are busy etc. If a business can identify during what time of the day they have a maximum crowd, they can deploy an extra workforce to take care of the extra demand.
IvyPlex makes it easy for a restaurant to split bills and improve customer satisfaction. This modern restaurant POS system also has the feature to merge bills. Spilt bills can be paid using different modes of payment, cash for one bill and card for the other.
Different payment modes
Make payments via cash, credit/debit cards and mobile money. In the case of cash, POS staff can enter the amount collected and system prompts the change to be returned to the customer.
Kitchen Display System
IvyPlex is a dedicated restaurant POS system. It features a powerful Kitchen Display System (KDS) that can be used to display customer orders elegantly in the kitchen, bar, or at the location of your choice. This user-friendly KDS system also offers an option to print KOTs (Kitchen Order Tickets), complete orders just with a touch of the finger, and map orders to different stores based on category.
Have you seen cashiers at the supermarket making settlements so precisely at the billing stations?
Have you ever wondered how he does these operations so fast?
How he gets information about each and every item that we buy at the same station?
The answer is simple.
It is all done with the help of Point of Sale systems set up at their counters.
What is a Point of Sale System?
Point of sale system is an ultimate solution for every business owner to know which product sells the most, which customer buy frequently, how much inventory is on hand, what method is preferred by customers when paying (cash, credit card, debit card or mobile money) and how much is actually sell on a particular day.
Any retail-based operations require a Point of Sale (POS) System to record the customer and product activity. The purpose of every point of sale system is to provide this information to the business owner.
History of POS systems
The history of POS systems can be dated back to 1879 when the cash register was invented.
The first POS systems were introduced by IBM in the 1970s. Two of the early users of POS were the Pathmark supermarket stores in New York and New Jersey and the Dillards department stores in California. But, most retail establishments were still using old fashioned cash registers, or the new electronic cash registers, which were in the form of electric typewriters combined with calculators. In 1986, Gene Mosher explored the technology for his deli with the first graphical point of sale software. His invention featured coloured widgets and a touch screen interface. The EMV standard was established in Europe in 1993.
The first cloud-based POS system was introduced in the United Kingdom in 2002. In 2003, Mc Donalds, America’s largest restaurant chain, started to accept credit and debit cards.
In 2013, Papa Johns and Dominos pizza attributed over 40% of their sales to orders made online. In 2014, Panera bread allows guests to order through to self-serve kiosk systems. In 2015, the United States introduced EMV chip card technology.
Modern-day POS systems make it possible for businesses to complete and track store transactions.
How is POS set up?
The components of a POS system can be categorized into two.
The first is the hardware. Typically, this includes a cash drawer, a computer, a scanner and a credit card reader.
The second part is the software. The software is programmed to meet respective needs. In general, a database of the inventory is loaded into the software and tell the software the cost per unit and the number of units on hand.
In addition, if there are regular customers, their respective data can be loaded into the software too.
Once the hardware and software are installed and the databases updated, the system is ready to be used.
The Importance of POS
Points of sale are considered as strategic points in a business since it is where consumers make their purchasing decision.
Generally, POSs are set up at store exits to improve sales by persuading the leaving customers to make a purchase. However, marketers can change the location of the POS if they think doing so may attract more sales.
For example, it is usual for department stores to have POSs for individual product groups, such as appliances, electronics, and apparel. The staff at POS can assist the customers to choose the products that fit the customer needs along with helping them to complete the purchase.
Types of POS systems
There is a wide verity of POS system available in the market that varies from small POS units that can be used in a local store to a business that has stores across the country.
Smartphone Point-of-Sale (Mobile POS)
Smartphone POS services are a popular choice for businesses who need to be mobile. Some smartphone POS also offers basic inventory management and collecting customer information. Most of them are compatible with a receipt printer. The receipts can also be mailed directly to the customer.
This form of application can be used by street vendors, fair or event vendors, contract services, farmers market vendors or any other mobile services.
Android and iPad based point-of-sale systems are increasingly popular since they are more affordable and you can often use a tablet that you have already invested on. When it comes to credit card processing, some tablet POS services offer it for “free” while others require you to pay a low monthly subscription fee. But the latter allows you to choose your own credit card processor. Many support compatible hardware such as bar code readers, cash drawers and tablet stand.
Terminal point-of-sale systems are one of the most common POS systems. It is widely used by various types of businesses and people are most familiar with it. Even though most of the terminal POS systems use traditional hardware/software, they may still require access to the internet. They can also leverage the advantages of Cloud.
The businesses that use terminal POS mainly include large scale restaurants, retail chains, grocery stores, boutiques, electronic stores, antique stores, bookstores, salons of all kinds, spas etc.
The advantage of online POS is that you can use your own hardware. Hardware might be a PC or a tablet. The startup costs are minimal in this case. Online POS is most suitable for businesses that are low-volume and high-ticket-price.
Common users of online POS: small retailers, art galleries, salons, small cafes, pet groomers, consignment stores, high-ticket retailers
Self-Service Kiosk POS
Most kiosk POS systems are designed with a specific purpose and are considered as specialized solutions. Businesses may use such self-service kiosk as a complimentary service to help their customers purchase movie tickets or booking parking space.
Common users of kiosk POS: transportation passes, patient check-ins, grocers, ticket sales, parking, product look-up, human resources
Android POS, IvyPlex
We have developed an app for POS solutions named IvyPlex.
With Ivyplex, we can take orders to tables, takeaway or delivery, and instantly display the orders at Kitchen Display Systems (KDS) or print KOTs (Kitchen Order Tickets) in the kitchen, bar or wherever it needs to be produced. We can also easily handle variations in the ordered items and tables to orders, collect customer details and offer discounts or promotions that drive sales and revenue. IvyPlex also has options to split bills, merge bills and make payments via cash, credit/debit cards and mobile money. Ivyplex POS system continues running even when the internet connection is down. Data is stored locally, and then automatically synced to the cloud as soon as the connection is online.
This Android POS app can handle operations in large food courts and bars, restaurants, hotels, coffee shops and ice cream parlours.
With the backend website, we can keep up to date by, stock level management, inventory management, and view real-time reports on daily sales and stocks. This Android Point of Sale system keeps a track on all your sales in real-time – so you can see which products are selling, the busiest time of the day, and the best performer among the staffs.
Ivyplex is a POS system which can be used at terminals and in tabs.
Advantages of Modern POS systems
Cloud-based POS systems, also referred to as Software-as-a-Service (SaaS) or web-based, are Web-hosted solutions that store data on remote servers and make information accessible online. Some of the advantages of such modern POS systems are
1. Integrated Systems
Restaurants etc mostly need integrated POS solutions that can manage everything from online ordering to generating financial reports. Such demands can only be fulfilled by full-featured cloud-based POS system that has the potential to support all components of a business.
Advanced SaaS systems also feature customer relationship management (CRM) for restaurants solutions that allow restaurateurs to record and use the history of customer data to personalize loyalty programs, online ordering, and email marketing.
2. Data Accessibility
SaaS POS systems store data in the cloud. The benefit is that you can access the data and make changes from anywhere with internet access.
The other advantage of SaaS POS systems is that the workforce can be managed more easily. The number of staffs needed to be deployed at a site can be reduced since registers, reports and inventory etc. can be accessed without visiting the site. It also enables real-time viewing of data which means the number of uncertainties in hand is less.
3. Frequent Updates
Legacy POPS systems are updated manually. Since manual updating involves extra labour, the cost of maintenance of legacy POS system is on the higher side. This forces businesses to upgrade POS software only once in a year at best.
SaaS POS systems are hosted centrally. This helps the provider to implement updates remotely with little disruption to the end-user. Cloud-based solutions get bug fixes and updates faster than legacy systems.
4. Cost Efficiency
Web-based POS systems are more affordable and require fewer upfront costs than their legacy counterparts. The less complex installation, remote maintenance, inexpensive hardware etc. have helped to bring the cost to an affordable range.
5. Innovative Hardware
Mobile technology has revolutionized worldwide commerce. Food and service industry is no exception. Mobile POS systems 0pen up possibilities for restaurants and nightclubs to modernize their service. Cloud-based POS systems are more advanced than legacy POS systems as they can support mobile devices to perform more than one task at the same time as sending orders tickets to the kitchen while storing customer information in the cloud.
Future of POS systems
Cloud-based POS systems provide countless advantages over traditional POS systems. An increasing number of retailers are switching to cloud-based mobile point of sale solutions (mPos). These systems are hosted on the internet and have the capability to store all kinds of data. Remote accessibility offered by cloud-based systems helps businesses by managing all their operations from anywhere, at any time. This type of POS software is great for getting instant software upgrades, In-depth data analytics, data consolidation, and it integrates easily with third-party applications.
Biometrics are in use for at least a decade now. With the use of biometrics, signing into your bank account and unlocking our phone has become more simple and safe. The retail industry has gone one step ahead by businesses deploying biometrics technology as a way for their employees to logging into the POS system and enable self check-outs for customers.
Biometrics, along with fingerprints, voice recognition, and retinal scans, is becoming increasingly popular as a way to verify identity and confirm transactions in a secure manner.
This advanced technology reduces theft as employees can use only those cash register, they are authorized to access. Any errors or unauthorized access can be traced, and the culprit can be easily punished.
2. Employee Time Management and Payroll Reporting
Modern technology is a powerful tool for workforce management. Using the latest technologies, a business can easily identify the busiest hour of the day and deploy additional manpower if necessary. Similarly, labour costs can also be calculated at the backend, whenever needed. In this day and age, employees can clock in and out with a simple tap on a screen without the need for a punch clock. Payroll reporting is becoming increasingly automated as well.
3. Payment Security
The modern payment terminals have plenty of built-in security features. One of the biggest and most important features in recent years has been EMV card readers. EMV is the acronym for Europay, Mastercard, and Visa and enables safe and secure payments. EMV has become the worldwide standard for cards with computer chips.
The benefit of making payments using chips cards is that every transaction creates a unique transaction code, and these codes can be used to identify transaction/transaction during the event of fraud or theft.
Summary: Point of Sale System
A good POS system provides great information to a business owner. From daily sales volume to inventory information, all this data helps the business owner increase profits and reduce stress. With this information, a business owner receives many benefits including highly specialized intelligence. Along with processing customer transactions, modern POS systems help businesses to build a meaningful relationship with customers and ensure they are happy and loyal.
Nowadays, retail businesses integrate Android Point of Sale with the other technologies, including payment terminals, accounting software, employee scheduling tools, loyalty programs and expands their overall business and consumer relationship. One of the most liked features of POS system is that they help businesses to does away with the need for price tags. Each product will have a product code that is linked with a selling price so that by simply scanning the code, the cashier can help the customers to complete the purchase.
If you are in a search for a modern POS system for your business, check out IvyPlex, a cloud-enabled Android POS system designed and developed by AlignMinds.