Types of POS systems: A 2024 Guide for Retailers
The Point of Sale (POS) system is the heartbeat of retail. As we step into 2024, retailers face an array of Point of Sale options, each with its own unique features and capabilities. This guide aims to shed light on the types of POS systems available, helping retailers to make an informed decision between the various system options available, and understand which options will best enhance their business operations.
Types of POS systems: A 2024 Guide for Retailers
1. Traditional Terminal Systems
These stalwarts continue to dominate the retail POS market with their reliability and familiar interface.
They are ideal for most retail businesses with steady transaction volumes and limited product lines.
2. Mobile POS (mPOS) Solutions
Empowering retailers with flexibility, mobile POS systems run on smartphones or tablets. Although limited in their back office capabilities, they’re great start up systems for pop-up shops, food trucks, and other micro businesses requiring mobility.
3. Cloud-Based POS Systems
Harnessing the power of the cloud, these systems offer real time data access from anywhere in the world visa an internet connection.
These systems are well suited for businesses with multiple locations, enabling seamless management and analytics..
4. Self-Service Kiosks
Enhancing the customer experience, self-service kiosks speed up transactions, reduce queuing times and empower the customer when used alongside traditional check outs.
They are particularly beneficial in fast food restaurants, supermarkets, and busy small value, high volume retailers.
5. Subscription-Based POS / SaaS POS
Shifting away from traditional licensing models, subscription-based POS systems, including Software as a Service and complete Solution as a Service options, offer affordability and scalability.
Subscription services are ideal for small businesses and start-ups looking for cost effective solutions that can grow with them.
With retail businesses now utilising and providing so many third party functions and supports, integrated services are a crucial consideration. It’s important to bear this in mind when selecting your POS system, so that you can be sure your chosen integrations will run smoothly alongside your point of sale set up. The list of integration options grows every day, and these are just some of the services you might need working side by side with your POS.
Integrating online and offline sales channels, omnichannel POS systems provide a unified experience for businesses who sell on more than one platform.
Omnichannel integration is vital for retailers with an online presence seeking to merge their in-store and digital operations using a single warehouse, inventory or stock file.
2. Mobile Wallet
With the rise of digital payments, integrating payment options like Apple Pay and Google Pay is crucial.
This will appeal to tech-savvy customers and speed up the checkout process as more and more people add digital wallets to their payment options.
Loyalty schemes increase customer loyalty and satisfaction by offering deals and discounts to encourage repeat purchases.
They also provide useful data such as demographics and purchasing habits to allow strategic planning and tailored promotions.
4. Accounting software
Some larger businesses require specialist accounting software to automate their financial processes or to work alongside other businesses. Specialist integrated accounting software can use POS system data for seamless reporting and analytics.
Anything that involves your inventory will work better when it can be integrated with your POS. Whether you require vending machine capabilities or use an external stock taking company, the ability to link their software directly to your POS inventory provides speed and accuracy.
As retailers navigate the range of POS options in 2024, the key lies in aligning the chosen system with the unique needs and goals of the business. Whether it’s the stability of traditional terminals or the agility of mobile solutions, the right POS choice can propel a retail business to new heights. It’s also important to understand the integration options that are available to you, and what they can do for your business. Stay informed, adapt to emerging trends, and let your POS system become a strategic asset to your retail business.
Who are we?
Retail Solutions is a market-leading EPOS provider with over 25 years of business experience. Our leading sectors are forecourts, convenience stores, supermarkets, pharmacies, off licences, and coffee shops.
We are dedicated to providing your store with the most up to date and reliable point of sale hardware, along with software management tools to help you manage your business effectively.
Our self-checkout partners are NCR, who are global leaders in self-checkout technology.
Contact us to find out how a point of sale system can help you enhance your retail business.
About the author:
Susan McGuire is originally from London, United Kingdom, and has now lived in Galway, Ireland, for 16 years. She has been with Retail Solutions for 8 of those, and during that time has enjoyed various roles within the areas of Maintenance, Finance, & Marketing. You can follow her on LinkedIn!