Cloud computing is an excellent option for midmarket retail businesses when it comes to data security. Cloud computing is a flexible solution that can bolster endpoint and network defenses and increase efficiency. It doesn’t cost extra hardware and gives you any time access to critical apps so your business is always connected.
We’re assuming you already know what POS software looks like. Just in case you don’t know what POS software is, it’s a system that cashiers use for processing transactions and much more as customers purchase products from your company. Cloud computing is a term that refers to the use of remote servers on the internet to store and manage data. This is different from a local server or personal computer.
Why would you choose to combine POS technology with cloud technology over any other system? Cloud-based POS software offers amazing benefits for your business and is a major upgrade to cash registers.
What Does a Cloud-Based Point of Sale Software Do?
Many business tools today include cloud technology, including phone services, email, and many other features. Your Point-of-Sale software is one of the most important tools that you can improve with cloud technology. POS software makes it easier to checkout and allows you to gather valuable sales data that will help you manage your business.
Cloud-based POS systems store the software that is associated with them in what is often referred to as the “cloud.” However, this term is not a widely used one. Cloud-based systems access data or software stored in remote data centers via the internet rather than on your hard drive or server.
Cloud-based software allows developers the ability to offer software as a subscription (SaaS), rather than as a product. The software provider keeps the software on their servers and not on individual computers. This allows them to update it as they discover ways to improve it. These updates will be automatically applied to all users of the cloud-based software. Your cloud-based POS software will continue to improve with each new update!
Merchants can use a cloud-based POS system to store their data, which includes sales analytics and inventory tracking. The software is not tied to physical POS terminals. Merchants can access and manage their data remotely via cloud computing. Remote access is not possible with traditional POS software that are installed on the merchant’s server. The data is also stored in the cloud, so even if the POS system is down, it can still be retrieved.
Cloud-based POS software has a number of impacts
Web-based POS systems store data in the cloud, making them accessible to authorized users at any time. This allows them to pull reports and manage inventory from anywhere they are located. Traditional, installed software, on the other hand, requires that managers be present to access important business information like sales reports and inventory reports.
A well-designed cloud POS system gives retailers the ability to run their POS software on any device, from iPads to Windows computers. Retailers aren’t tied to any particular operating system. Traditional POS software can be used by retailers who want to switch to the cloud. They can use their existing hardware to do this.
Remote Access and Integration
You probably know that social media accounts and web-based email accounts can be accessed from any device with an internet connection. Cloud-based POS software is also eligible for the same access. You may be able to log in from any internet-enabled device to view your data, just like social media or webmail. An app may be available that allows you to access your POS account from anywhere.
You can view your data and use the software to reorder inventory, enter promotional prices, and do many other things. You can view important information, manage your store, and more from any location. This also means that if you have multiple stores, your POS terminals can share data in real-time so they stay seamlessly integrated.
Efficient Inventory Management
The retail industry faces many challenges, including efficient inventory management. Large retail chains that have multiple locations can’t manage or check their stock in real-time. Cloud computing allows retailers to have a wide view of their stock. Cloud computing allows retailers to have access to real-time information, cloud architecture, and analytics platforms that can build prescriptive and predictive inventory forecasting. This greatly reduces stock shortages.
You don’t have to manually sync the inventory of multiple stores. Instead, you can access data and stock information anytime, anywhere, to see real-time stock availability.
POS software can automate sales and inventory management. It can also be installed on multiple workstations and integrated into internet-connected mobile devices like Windows tablets.
This is a double convenience for you and your team, as well as your customers because you can now access your data and create invoices, and order even if you’re not participating in an event.
You can, for example, create an invoice at a sidewalk sale organized by your local retail organization and then accept payment without ever having to return inside. The same benefits can be enjoyed at a trade show or convention. Log in to your account using your tablet or laptop.
Many people are very familiar with modern technology, so employees don’t have to be trained to use this technology to run their business and help customers.
In the past, employees had to undergo weeks of training before being able to use POS software. This is not the case anymore. Your employees will soon be able to understand and adapt to the new POS system after only a few hours. This modern system will allow you to hit the ground running.
Less Upfront Cost
SaaS has one advantage: it is an ongoing service that requires a recurring fee, rather than a large upfront cost. The monthly fee for cloud-based POS systems is typically between $50 and $100. However, you can get a fraction of that cost if National Retail Solutions (NRS) partners with you. Our recurring fee ranks among the lowest in the sector.
You will also be charged an upfront fee for the hardware required to run the software. Cloud-based systems tend to have a lower cost because it is offset by ongoing fees. This is great news for small businesses that are worried about their ability to afford modern POS software. Although mobile systems are typically the most affordable, they can only be used for specific types of retail shops and pop-up shops.
Improved Customer Service
Customer behavior is constantly changing, as you can see. It is easy to see the differences between the needs and wants of millennials versus other generations. Companies must be able to use technology to appeal to all customers and keep their loyalty.
The speed of customer service in-store is one of the most important things you can improve using today’s technology. Customers used to have to wait while the cashier entered details about their purchase into the machine. Consumers today don’t have the patience for that.
This shouldn’t be a problem if your POS system is modern. These systems allow you to enter the information much faster.
Customer experience also means being able to meet customer needs. If a customer would like to receive an invoice copy by email, how can they do that? A good POS system will have this feature. The customer won’t need to keep another receipt. This is often a problem when they want to exchange or refund their purchase.
POS systems are a great way to serve your customers thanks to digital technology. Technology-oriented customers prefer simple processes, and they are more satisfied when a business has point-of-sale software.
Cloud-based POS software allows you to respond quickly to customer needs. Regular updates are available to adjust certain features to changing behaviors.
Cloud-Enabled Disaster Management
Data is the most precious resource in today’s digital age. It is important to take all precautions to ensure its protection. Data was traditionally recovered manually. This was tedious and required support. The cloud disaster recovery model allows one to store data and have it accessible from any place at any time. You can automate every step of the backup and disaster recovery process in the cloud.
Cloud computing has been the most popular option for enterprises due to its reliability, cost-effectiveness, and scalability. This cloud type of disaster recovery uses remote cloud data centers to support business operations when they are interrupted by a variety of factors.
POS software has advanced technologically in recent years, and there are many opportunities for continuous development thanks to regular and automatic updates. This makes managing a business easier.
Akshay Bhimani is a Software Analyst at Techimply, India. With experience in the technology-driven field, he has mastered his knowledge on How(s) and What(s) to be done for a business. Also, he’s keen to share his knowledge on a few technology-related topics such as cloud technologies, POS, ERP, School management software, and data security with readers that can assist any kind of business.