Benefits of Shopify POS for the Retail Industry

Introduction

Shopify POS is a point-of-sale system that provides numerous advantages to businesses in the retail industry. These benefits involve an integrated inventory system, capabilities to integrate with the Shopify online store, omnichannel selling, and quick payment processing, easing business operations.

Shopify POS features excellent inventory management, efficient staff management, multi-currency management, multiple location management, effective tracking and control, and many others. These features are truly helpful as they let businesses streamline operations with optimal accuracy and efficiency. 

While the attributes above are some of the benefits of Shopify POS, they aren’t all about them. It has numerous benefits for the retail industry. So, before you hire Shopify development services, explore the benefits of the Shopify POS system for retailers!

What’s Shopify POS?

Shopify POS tends to be a point-of-sale system. It simplifies sales management, inventory management, and data management for retail businesses. It features staff performance tracking, intensive analytics & reporting, payment acceptance, etc. The system provides completely integrated hardware and a customizable POS application suitable to your unique business requirements. Shopify POS hardware includes a tap & chip reader, retail kit, receipt printer, etc.

It allows businesses to manage inventory efficiently and streamline sales procedures with ease. It results in delivering an exceptional shopping experience to customers across different channels. If you use Shopify POS Pro and a customer makes a purchase online, the inventory syncs across the sales channels and eliminates any risk of selling a product that has sold out previously. 

The Shopify POS pricing starts at $29 per month. However, users who need advanced features will need to have a Shopify plan that costs $79 per month. 

Retailers using Shopify POS can:  

• Accept credit cards, and debit cards, and allow mobile as well as cash payment options. 
• Manage online and offline transactions from a centralized dashboard.

Core Features of Shopify POS

Following are the top Shopify POS features that you should know as they help you understand the benefits very well: 

• Smart Inventory Management— Shopify POS inventory management provides tailored recommendations based on data to help you keep your inventory updated. With this, you can simply create purchase orders, get alerts when stocks start getting lower, and keep track of the inventory across multiple locations.  
• Product Management— Allows you to monitor and control the access and performance. You can particularize permissions by restricting and permitting to whom you want, adding and managing staff accounts, and assigning specific roles to them. 
• Multi-Location Management— It enables you to manage multiple stores in different locations. You can monitor and manage inventory, staff, and sales irrespective of location. 
• Multiple Currency Support— Provides you with the ability to sell to customers worldwide by displaying costs in their preferred currency. 
• Customizable Checkout— Allows you to exchange products, manage carts, and specify printed receipts according to your store’s information. 
• Excellent Tracking & Control— Eases the procedure to add, organize, and keep track of inventory. Businesses can simply categorize their products, add variations, and allocate inventory to various locations and channels. 
• Advanced Tax Calculations— Simplifies tax calculation by automating tax calculation and accurate report generation.
• Reporting And Analytics— Allows you to view and analyze sales data, keep track of orders, and manage chargebacks.

Benefits of Shopify POS for The Retail Industry

Shopify POS app provides many features and benefits to the retail industry, and the following are some of them. The benefits it provides are the reasons to choose Shopify for Building eCommerce Stores.

Integrated Inventory System

Shopify POS eases inventory tracking for your store. It empowers you to manage inventory in real-time, keeping you in line with the exact number of products in your inventory over a specific period.

When you receive inventory, if the products are already registered in your catalog, you can scan them, enter the quantities, and record them in your POS inventory. This saves you precious time compared to manual inventory tracking. 

Besides, sold items are automatically deducted from the inventory. This helps you remain informed of the available items in your inventory, and the system mitigates the feasibility of inventory errors. 

Integration With Shopify Online Store 

Shopify POS integrations with Shopify online stores benefit the retail industry the most. With this, you’ll be able to manage various operations relating to sales and inventory in a single place. Whether it is in-store or online, the ease of integration capability allows you to keep track of your inventory and circumvent overselling or stockouts. 

Omnichannel Selling 

Shopify POS provides a new standard in omnichannel selling. It allows businesses to build and nurture their online presence using digital tools available in every Shopify plan. It provides a drag-and-drop website builder, enabling businesses to create their own online stores. The system lets businesses sell online, on social media platforms, and through digital marketplaces.  

Moreover, the system empowers you with digital marketing tools to drive traffic and elevate sales and overall business growth. 

Quick Payment Processing 

The POS system ensures faster payment payment processing. When a customer wants to buy a product, the employees select it, and the system calculates the cost automatically. The bill either gets printed with the product receipt, or sent to the customer’s email. Customers can make payments through credit cards, debit cards, or cash as per the integrations and terminal. Shopify POS payment methods immensely simplify the payment process, reduce waiting time for customers, and allow employees to be more efficient in transaction completion. 

Business Analysis Using Data

Shopify POS allows you to examine your business’s different aspects such as market trends, customer behavior, business performance, etc. It provides crucial insights that you can use to make informed decisions for your business growth, driving traffic and boosting customer satisfaction. It may include competitor analysis, financial analysis, and operational analysis. 

The competitive analysis involves growth rate, market share, customer revenue, customer retention ratio, and profitability. Financial analysis may include assessing total sales cash flow, sales trends, and customer metrics. Operational analysis involves reviewing supply chain efficiency, inventory turnover, inventory management, traffic, and conversion rates. 

Strengthened Marketing Strategy

The system lets you document customer’s information in the inventory system. The customer information involves the customer’s name, contact number, email ID, etc. The access to the customer’s data allows you to overview your target market and customers. It helps you keep track of each customer, enabling you to send promotions and incentivize them to visit your store directly. This way, you can have a proper understanding of the customers and provide tailored solutions to them. 

Easy to Use 

The user-friendly interface makes Shopify POS an easy-to-use system. However, it has limited customization options. Businesses that need a generic eCommerce store may like the simplified setup and accelerated checkout procedure. Besides, the integrated payment processing system enables you to accept credit cards from major providers with no need to set up a specific merchant account. It lessens the third-party dependencies and the complexity of setting up a payment system. For more, you should look at the Shopify POS reviews. 

Robust Security

Shopify POS provides various security measures to protect sensitive information. It offers industry-standard SSL encryption to ensure secure data transmission between servers and devices. Furthermore, the system has built-in fraud prevention tools to detect and prevent fraudulent activities..

That’s all about the features and benefits of Shopify POS software! If you have a Magento app that you want to migrate into Shopify, follow the steps suggested in our previous guide, “Magento to Shopify migration.” If you need any assistance, you can hire Magento developers to help you do so.

Final Thoughts!

Shopify POS provides numerous features and functionalities beneficial for the retail industry. These include an integrated inventory system, the ability to integrate with Shopify online stores, omnichannel selling, quick payment processes, and so on. With these benefits, the Shopify POS app empowers businesses with excellent control and management abilities. 

If you’re a retail business owner, you can take your business to the next level by leveraging the benefits of Shopify POS. You just have to contact a custom Shopify app development company like BiztechCS that provides comprehensive solutions relating to Shopify app development with optimal convenience. Contact us for further information!