Consider a footwear retailer that has both online and physical locations. A customer browsed its online store and liked one shoe article. However, the customer did not finalize the order since their size was out of stock. A few days later, the customer enters into a retailer that had just gotten the desired shoes in their size. This online hassle can be entirely eliminated using NetSuite retail POS system.
With an omnichannel POS system, staff might have mobile devices that connect to current inventory and offer to locate the shoes in the backroom. That benefits both the customer and the salesperson, as well as the business. Even better, a customer-oriented mobile application might allow customers to browse available sizes and styles as they walk into a store, eliminating the need for salespeople to scurry back and forth to check stock.
What Is Point of Sale (POS)?
A few years ago, when you bought something at a store, the cashier would ring you up to a cash register. This was the point of sale (POS) where you completed your purchase. Nowadays, most stores use computerized point-of-sale terminals instead of cash registers. This has happened because of technological advances. These new technologies can even accept credit cards, debit cards, online transactions and, of course, cash too.
Consider a POS system to be the brains behind a store’s checkout system. It could be a physical device found at the counter or an online checkout point on a website. The software that powers these devices is constantly becoming more powerful. It allows business owners to keep track of how many of each item they have in stock, analyze what consumers are purchasing the most, and even ensure that prices are correct. This information is valuable to businesses because it allows them to manage their operations more smoothly and efficiently.
What Is Point of Sale (POS) Software?
POS software is the engine that enables POS devices to conduct transactions. At the very least, this software calculates the price of the products and services being purchased, plus any applicable taxes and fees, processes credit card payments, and generates receipts either physically or electronically. In addition, today’s POS software can monitor and report on sales patterns, inventory levels, and employee hours. Some services collect client information, such as email addresses, which can be put to the customer record and utilized in marketing campaigns.
Omnichannel NetSuite retail POS software improves business efficiency and profitability by centralizing order management regardless of origin and organizing fulfillment from many locations. You have to look out for some capabilities of the software including; tracking and updating inventory levels, modifying price depending on sales or discounts, fulfilling B2B customers’ needs, and recording loyalty data.
Some POS software can even work with back-end business systems of companies, to generate accurate and up-to-date financial information.
Types of POS Systems
Businesses come in many forms and sizes, and their sales strategies reflect that. Whether you manage a small coffee shop or a bustling apparel store, there is a POS system, customized for the business needs. Let’s look at the types of POS systems.
On-Premise POS:
On-premise POS, also known as classic POS or legacy POS, saves and processes data on local servers, which can be found on your computer’s hard drive. Most of the time, POS vendors have to install and configure proprietary hardware. Traditional POS systems have different advantages over their cloud-based competitors. Ideally, it is an excellent choice for major businesses and restaurants. QuickBooks, NCR Counterpoint, and Paladin POS are some of the examples of on-premise POS systems.
Cloud-Based POS:
A cloud-based POS system connects to the internet and can handle payments for all types of businesses, including the hospitality industry. To accomplish this, it makes use of both hardware and software. It is frequently referred to as ePOS because the system can be deployed simply by connecting to the internet via a web browser. ConnectPOS, Vend, and Lightspeed POS are good examples of cloud-based POS systems.
Introduction to NetSuite Retail Point of Sale
Assume you own a store with many locations. NetSuite retail POS is like a powerful cash register solution created exclusively for businesses like yours. It runs on a computer and assists your employees with everything they need to do at the checkout, from processing transactions (cash, credit cards, and more) to handling refunds and keeping track of customer information. They can even generate sales orders if a consumer requires a certain item.
NetSuite retail POS is unique as it connects to a larger system called NetSuite. This connection provides the store owner with a clear view of everything that is going on in all of your locations. Imagine having all of your sales numbers in one location! Furthermore, NSPOS makes it simple to handle your finances inside the same system.
Another benefit of NetSuite retail Point of Sale is its flexibility. It is compatible with a wide range of equipment, including barcode scanners for speedy item retrieval, credit card processing processors, and receipt printers for bill distribution. Your employees may also utilize the system using a touchscreen, mouse, and keyboard, and there’s even an on-screen keyboard for entering in information.
The Key Advantages of NetSuite POS Integration
NetSuite retail POS systems increase consumer happiness, save employees time, eliminate errors, simplify tax accounting, and reduce fraud. Additionally, it helps stores become genuinely omnichannel. Today’s customers prefer individualized experiences that provide some consistency whether they shop online or in-store. To build an experience that improves consumer loyalty, omnichannel businesses must coordinate inventory and price while also including order history, support issues, and preferences.
With technological advancements, even the smallest retailers can use NetSuite retail Point of Sale systems to add indicators for real-time visibility into inventory and customer history, which provide store associates with the information they need to make a sale or make smart product recommendations.
NetSuite retail POS system allows retailers to acquire information into individual shop performance, customer purchasing habits, team member performance, which SKUs are growing in popularity, and inventory issues that may signal supply chain interruptions. They can maintain a tight eye on the most important inventory KPIs.
Data from NetSuite retail POS systems can be synchronized to track in-stock items, pricing, and store performance, as well as with customer relationship management (CRM) systems to track buyer preferences, lifetime value, and other metrics. This maximizes investment in business systems.
POS FAQs
Q1. What is a POS system and why is it needed?
A POS system helps businesses to process transactions, manage returns, track customers, and manage product inventory. Some POS systems can also connect to other applications and give a comprehensive view of your business’s finances and sales patterns.
Q2. What are the categories of POS systems?
First category is retail POS systems. They are designed for in-store purchases. Second category is restaurant POS systems. They are built for managing orders, tableside payments, and kitchen operations. These categories function on cloud-based systems that run online and software-based systems that need to be installed on computers.
Q3. How much does a POS system cost?
It totally depends on what sort of business you have and what are the specific needs. You can find monthly subscriptions for cloud-based systems, whereas software-based systems may have upfront costs for the software and hardware.
Conclusion
NetSuite retail POS systems are regarded as the foundation of the entire retail business management process. Cloud POS systems outperform on-premise POS systems in terms of mobility and affordability. This is also proved by research of Forbes that revealed 61% of merchants prefer cloud-based POS systems.
If you want to maximize the NetSuite implementation success chances, consider bringing us onboard to support your in-house team. Be confident because we have the expertise and experience for NetSuite integration with a plethora of clients.
You can get in touch with us and check out our resources at Folio3.
