It’s 2021 and more industries across the world are leaning on modern technology to ensure operational efficiency and also offer unforgettable customer experiences. From everyday management of the stores to planning futuristic brand strategies – there’s a software for everything. So, if you are one of those retailers who is still buried under bundles of paper receipts and tedious manual inventory checks, it’s time to jump on the bandwagon and revamp your business. A great way to start with this is with your Point 0f Sale (POS) system.
If you think that POS systems are here just to replace your cash registers, then you are in for a surprise. A robust POS system, on the one hand assists the owner by providing the data needed to scale up their business, and on the other hand, it also helps customers take informed purchasing decisions. It’s really a dilemma to make a choice between traditional POS and a cloud POS. But, with limited access and flexibility in the traditional POS, it is no doubt that a ‘anytime, anywhere’ cloud POS out-trumps the former.
Let us look at some of the differences between traditional and cloud POS in detail.
The Traditional POS
A traditional Point of Sale software refers to a legacy system that functions by being connected to a local on-premise server. In a traditional POS, all the data is stored in one particular location. Primarily, the traditional POS consists of a computer, a barcode scanner, a receipt printer, and card machines. It is used by retail store staff to process sales and billing easily, manage inventory better and increase productivity instead of using a calculator like in the old days.
There are many benefits of a traditional POS.
- It accelerates payment processing and lets customers opt for a cashless payment mode.
- It generates sales reports at the end of the day and gives data on profit, cost savings, products sold and KPIs.
- It generates detailed receipts and streamlines accounting.
The Cloud POS
A cloud POS runs on the internet and cloud computing. The software is not hosted on one single server, unlike the traditional POS. Instead, the POS is present on the cloud, and it is accessible from several systems.
A cloud POS has a plethora of benefits for a retailer :
- It is accessible from anywhere at any time. A massive amount of data is safely stored in the cloud and it can be easily operated with cloud log-in credentials.
- It helps in giving real-time updates on inventory, sales, vendor management and supply chain.
- Many added flexible features of cloud POS help generate customised experiences for customers.
- It can be easily integrated with other payment gateways and digital wallets, providing a hassle-free checkout process.
- It is cost-efficient, as it helps reduce the Total Cost of Ownership (TCO) of the business.
Cloud POS is the Future of Retail
Today, with technological growth, cloud POS is gaining momentum in the retail world. In April 2020, 51% of US consumers used the contactless payment method while shopping. The rise of online shopping has also propelled the adoption of cloud POS because of its easy integration with multi-payment modes.
Why should retailers move to cloud POS?
Cloud POS is designed to ensure ease of use for your retail business. If you have a brick-and-mortar store, it is time for you to take the leap from traditional POS to a cloud POS. It is easily integrated into the legacy system, while also optimising cost. By leveraging the real-time data generated by cloud POS, you will save an ample amount of time to boost your business strategies. It will help reduce time consumed by paperwork and vendor errors, offer a better customer experience and lower the Total Cost of Ownership (TCO). Whether you are into FMCG, healthcare, supermart, food chain, fashion or lifestyle, it’s time to switch to cloud POS and leverage tailored inventory decisions, forecast products demand and customer preferences better, and be ready to fasten your pace with customer demand.
You can experience our advanced and modular cloud POS, iRetail Nxt, and accelerate your business transformation. Book a demo now!