Features of POS software development and its cost

Customers are changing how they interact with businesses in response to the changing dynamics of the market. Organizations are facing severe consequences if they fail to adapt to technological innovation. POS application development is one of the most crucial needs of the hour to overcome these problems and stay relevant in the competitive marketplace. 

Businesses can conduct sales at brick-and-mortar and online stores through the POS system, also known as the Point of Sale. POS system helps companies centralize their business processes and operations by facilitating seamless and easy transactions at all retail stores. According to a survey, it is estimated that the global POS software market will grow by 9.5% CAGR from 2021 to 2028, which was USD 9.29 billion in 2020.

Since it is one of the very few industries that integrate new technological solutions and products, retail has always witnessed some of the best technology use cases and practices. There are several innovative yet simple revolutions that technology plays in the retail sector, and one of them is the point-of-sale (POS) system.

Well! In this article, we will walk you through the key features of POS software development and its cost. In addition, we will also discuss some of the factors you must consider when choosing the right POS system for your business. 

So, without adding much ado, let’s get into it!

What Is A Point-of-Sale (POS) System? 

The POS system is an automated system that consists of hardware and software that automates the process of sales and services. It is the goal of POS solutions to simplify and speed up service, internal business processes, as well as personnel's work. Moreover, the purpose of the POS system is to ensure that employees of a store, restaurant, or other similar establishment have all the tools they need to perform their duties quickly, efficiently, and accurately.

Types Of POS Systems

There are different types of POS software, and each of them differs from one another, including;

1. Mobile Point Of Sales (mPOS)

The mPOS system is set up so that devices like a card reader or bar code scanner can be integrated into it from mobile devices, such as smartphones, tablets, and other related gadgets easily and quickly. mPOS system is widely used for inventory management, facilitating real-time sales monitoring, and many more to help companies better manage their sales processes.

2. Cloud-Based POS

A cloud POS uses vendor-provided data centers to maintain the POS system and runs on a cloud system. You can integrate this POS system into your existing frameworks to work flawlessly. Since this type of POS provides a range of features, it is suitable for any type of business.

3. Terminal POS

The POS system used in stores & outlets, including grocery stores, restaurants, and other similar stores called terminal POS. Terminal POS comes up with advanced services that help companies deal with critical issues more efficiently. As a result of their standards, terminal POS systems are easy to integrate into different frameworks, while they are also affordable compared to other types of POS systems.

Key Features of POS System

Your needs and the features you will add will determine how much it costs to develop POS software for your business. When you are planning to build a next-gen POS system for your business, you must consider the following features that will take your business ahead of your competitors. 

Easy Payment Feature

Syncing the transaction will make billing easier, as the business can receive payment in any mode. As a result, it helps improve the ability to track payments across different payment methods. 

Product Search

The POS framework must have the capability to deal with an exceptional case where the standard identification scanner isn't able to read the code of an item. The POS administrator can quickly find items by having the choice to search by class, name, and item code. 

Client Relationship Management 

It is not uncommon for POS frameworks to request names and contact details for clients who purchase something simply because they want to, with birthdays, anniversaries, and other special dates being requested as well. CRM makes it possible for businesses to improve the client experience by using the data collected within the framework.

Integration

The POS system you choose should perform several functions. Many features are included, such as bookkeeping, inventory management, and employee management. POS software needs to be developed in a way that can integrate easily with different modules that speed up the system so it can benefit from all these features.

Customer Management

Identifying and actively increasing the number of high-quality consumers is the main objective of this feature. As a result, you can obtain valuable customer information based on their spending.

Accessibility 

You can manage things seamlessly when POS software is accessible by mobile devices and tablets in a physical store. Moreover, a remote access option makes it possible for you to manage your POS system from anywhere in the world.

Security

PCI DSS is a data security standard businesses use for their POS systems. CC numbers and phone numbers are more easily protected, as well as sensitive customer data. So, ensure that the POS system that you choose delivers robust security solutions for your business and customers. 

Reporting

It's easier to keep track of the performance of every department of a business when you have proper reporting. Trend analysis helps discover bottlenecks and growth opportunities and helps identify trends. A comprehensive analytics tool allows you to see inventory at the SKU level so you can better understand the sales.

Barcode Scanner

With this feature, you or your staff no longer need to enter barcodes or search for items manually. Many POS systems can also automatically generate barcodes. As a result, they can speed up the process using the barcode.

Credit Card Reader

Many people don't carry cash around regularly, so a credit card or card reader can be useful for your business. Nowadays, people generally prefer to use mobile payment methods, such as Apple Pay/EMV, so you may want to have an Apple Pay or EMV reader.

Accessibility To Mobiles/Tablets

It is easier to manage things efficiently in a physical store without being present at the physical location when the POS software has mobile and tablet access. Thus, you can access your POS system remotely from anywhere you have an internet connection. 

Inventory Management

Managing on-site inventory quantity can directly tackle inventory shrinkage, which is a problem that every business faces. You can see your inventory at all times with this inventory management system. So, a POS system must provide exact inventory data to all buyers since 82% of buyers request this information.

Stock Management

Your most critical information will be monitored, allowing you to put more hours back into your week. With bulk management, you can see your best-selling items, set up sales triggers for items, scan items anywhere, and filter down to the exact ingredients. You can automatically order and calculate your supply levels without spending time on manual calculations using this feature. 

Content Management System

Content management is the process of adding columns and fields according to a company's type of business to POS software. So, ensure that your POS system offers the best CMS solution for easy content management. 

Employee Management

Integrating this feature into your POS software can help you manage your employees across all departments. In addition to checking an employee's in and out time, schedule, and payroll, you can also access their records.

Advanced Billing System

This is another yet most popular feature of modern POS systems that you should never ignore. POS software needs to have a billing system to print bills and invoices quickly and more efficiently.

Loyalty Programs and Discounts

It is important to enhance POS software solutions with loyalty programs to enhance customer experiences. When the point of sale software recognizes the previous purchase history of customers, it can offer unique discounts based on their purchase history, which will make them more likely to return. In addition, it helps businesses attract more new and loyal customers. 

Now that you have understood what a POS system is and the key features of an ideal POS system, let’s take a look at some of the factors you should consider for your POS software. 

Things To Consider For Your Next POS Application Development

You must consider the following factors carefully and analyze them before you make any decision about building any POS system for your business.

Scalability

The mobile POS application or solution you choose should be flexible enough to fit the needs of your venture. It is a good idea to develop a mobile app that supports several devices over the years as your business grows and revenue increases. Cloud-based POS software is becoming more common, and cloud systems are flexible compared to OS-specific software. However, to run your business, you still need internet access; an interruption means your business is out of business.

Performance and Ease of Usage

The use of mobile POS software is very common in businesses and doorstep deliveries, so your app should be fast and easy to use. The system will be difficult for both staff members and customers to use if both are unable to access it. POS systems used in big shopping malls that are slow will decrease productivity and create a poor customer experience as customers have to wait several minutes before they can process transactions. 

Security Protocols

Although businesses and their customers benefit from the use of POS devices and apps, they should not overlook security protocols. The latest encryption protocols and online security should be supported by POS software, regardless of which device it is used on. Hundreds of transactions are processed using these devices daily, so their security is of the utmost importance.

Platform Support

IT infrastructures differ from company to company. However, some companies use Windows-based PCs and LAN, while others may use Mac or Linux-based computers and different networking systems. For POS mobile applications to work properly, they should also be compatible with your company's IT setup.

Daily Updates

For your POS software to function properly, it must be updated frequently. Your app needs to be updated regularly with security patches, improved stability, as well as new features.

How To Choose The Best POS System For Your Business

The tablet POS system is a good option if you have a limited amount of space; the smaller size and configuration of the tablet POS make it easier for you to place it in your store. mPOS systems have the advantage of being flexible, which makes them a more appealing solution for closed spaces. These unique setups are used for mobile and stationary setups. 

You would, however, benefit more from a traditional point-of-sale system if you have a larger retail space with multiple checkouts. They come with peripherals typically found at checkouts, so they are ideal for larger setups that offer bundled solutions. This way, you will save the most time and energy by adopting or updating your systems in this way. 

How Much Does It Cost To Create A POS Software?

The cost of POS development depends on several factors, including the app development platform, the size & complexity of the application, the number of basic & advanced features, third-party API & platform integrations, the deadline to complete the project, and the location of the software development partner. However, to give an idea of the costs involved, typically the development of a POS system with basic features costs around $5000-40000. If you want a POS system with advanced features that are easy to customize and mobile-friendly, it will cost around $55000-850000.

Therefore, the cost of your POS system will solely depend on your custom business needs and the features you want to add to your POS software. If you want to create the best and most cost-effective POS solutions, a leading software development company in India can help you provide the most out of POS systems to make your business grow like a pro. 

Conclusion

Digitalization is taking over traditional settings, causing many changes to the way things work in the world. Today's Point of Sale (POS) systems are essential since physical payment and acceptance of money are no longer common. Therefore, It is currently necessary to maintain business records properly with a POS system to keep pace with the current trend.

If you are looking to create high-quality POS – Point of Sale Software for your business, then consulting with a custom POS software development company can scale your business, accelerate your sales processes, and make your business move forward in the next-gen world by leveraging all of the benefits of the best POS system.