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Integrating Inventory Management for Retail Businesses with POS Software

Retail e-commerce is gaining ground in the UAE as more people find it easy to get everything delivered right to their doorstep. Some of the latest POS Software in Dubai come packed with innovative features to help retail stores manage their business processes better using efficient inventory management.

A large part of retail business is about maintaining inventory efficiently so that the right products are available at the right time. Integrated inventory management in POS systems makes it possible for businesses to handle their stock better across multiple channels, allowing better control over the physical goods. Let us get to know more about this.

Why you should manage your inventory?

It’s quite simple: customers flock to your store – offline and online – when you have the products they need. If you have low stock of those products, you stand to lose a lot of potential customers who could have earned you profits.

Good inventory management allows you to know what these products are based on how much they sell over a period. This will allow you to keep track of products from the moment they come in, so you are able to monitor stock amounts and initiate re-orders more efficiently.

POS Apps for Retail Business

Retail business owners used to manage their inventory with just receipts and notes on paper. The latest innovation in POS software’s made it possible to handle vast quantities of products and maintain consistency in inventory databases. POS apps now come with user-friendly tools to integrate sales across multiple channels – storefront operations and online sales are run side-by-side under a common, centralized inventory system.

Dashboard View

Stock management can be accessed with a simple dashboard feature on most POS apps. This allows retail managers to get detailed metrics on stock movement and profit projections for different products. This makes it possible to effectively organize inventory right from the app.

Simplify Sales Operations

Making sales on ecommerce platforms through a POS app makes it easy to sync up sales data with the physical stock information. The POS app will automatically make changes to your catalog so that the information in the system accurately reflects the physical quantity of the products that you have in the store. Regardless of product types, the POS app would also be able to integrate inventory with accounting and customer support modules.

Eliminate Human Errors

A POS app would be able to update inventory records automatically based on the sales, so there is no need to make manual inputs to the inventory for each transaction. This makes it easy to track changes in real-time. Since all this is done automatically, there is no risk of discrepancies – like when different employees update changes to the inventory resulting in inventory value errors.

The How-to of Inventory Management

There are different ways by which retail businesses implement POS solutions to organize their inventory. Having learned all the benefits of keeping track of inventory in retail business, we can look into the ways in which inventory is managed when using a POS app.

Updating and Retrieving Items

A retail product catalog contains all the information related to the products including name, description, price and product number. Products are entered into the system and retrieved during checkout using a barcode that contains all this information and more. This is usually done using a barcode scanner. Handling Ecommerce with POS apps is even more easy – simply scanning the product with the smartphone or tablet device will sync the information with the inventory management system.

Stock Reordering

The POS app would also be able to streamline the product purchase and delivery process by automating the whole process with the inventory management system. Sale patterns of stock products – especially high-sale ones – would be analyzed and purchase orders initiated by the POS app automatically. And when the new stock is delivered to the store, it is automatically updated into the system.

Inventory Discrepancy

Generally, items are added to a POS app individually or uploaded from spreadsheets, with potential room for human error. Either way, physically counting the stock once in a while is a good way to double check if the data in the POS app is accurate. It is recommended that retail businesses engaged in Ecommerce with POS apps schedule stock inspections regularly to rule out any discrepancies or errors.

Analytics and Reporting

A POS app that offers a good analysis and reporting system would provide effective stock management for your ecommerce. This will enable you to track best-selling products, products that bring the most profits, low-stock items and dead stock through automated inventory reports. This information can be quite valuable when you choose what products to order and when to introduce promotional offers, or even drop items from sale.

Sales Performance Updates

Up-to-date sales reports would be generated by the POS app to help retail owners get a comprehensive view of how well their business is doing – by week, month or year. Moving ahead with this, it would be possible to analyze sales performance of your employees and offer bonus rewards based on this performance.

Building Customer Relationship

Understanding what customers need is made possible by analyzing their purchase history and buying patterns. The POS app uses CRM to keep track of all this information and suggest changes to inventory based on customer preferences. This will also allow retail businesses to better market new products to customers.

Mastering Ecommerce with POS app

Apart from in-store and online sales, inventory management using a POS app can be used to open up more sales channels.

Omni-Channel Sales

Social media platforms like Facebook and Instagram allow businesses to build their catalog and showcase products directly to customers. This means that users can directly access your store from the apps. POS apps can directly integrate with these platforms so that multi-channel sales are easily managed and customers receive a seamless store experience on multiple platforms.

Customer-oriented Inventory

Even small stores can enhance their online presence with a handy POS app. Shoppers check out products online even before coming into the store, so it would be a good way to let them know what products are available beforehand. Real-time inventory can be displayed on Google My Business with an integrated inventory management module that updates records accurately and displays the product catalog to customers.

Go Trendy with Smart Tech

The buy online and pickup at-store option is one way that customers can remain attached to the physical store while enjoying the convenience of making the purchase and payment online. For retail business with this sales feature, a POS app would be able to automatically complete transactions and update inventory.

Even at the store, the hassle of waiting in a queue at the check-out counter is being phased out with smart check-out solutions. Quick and convenient processing using QR code scanning and cashless payment modes have made it increasingly vital to have a POS app that tracks inventory accurately.

Manage your ecommerce with the best POS

SingleCart offers the top-rated POS Software that integrates dynamic inventory management for retail ecommerce business. Get your inventory properly organized and ready for multi-platform sales with our innovative POS Software with VAT billing features. Come grow your business with us and find your business opportunities flourish!

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FAQs of POS: Ultimate Guide to Choosing a POS Retail Software in Dubai

FAQs of POS: Ultimate Guide to Choosing a POS Retail Software in Dubai

A majority of retail businesses these days use a POS system to perform their day-to-day store operations. Far from the simple billing and receipt printing processes, POS software can handle complex tasks such as accounting and inventory management with unerring accuracy. 

Choosing a POS app for your business takes a little effort – you need to understand how it will help you achieve your business goals, and this requires understanding what it can actually do. Let us answer some of the common questions regarding a POS app and help you find the right one for your retail business.

Why do I need a POS app?

The way you do business is key to how successful your business will be. A POS app will be able to help you conduct a whole range of business operations with just a smartphone device. It would be quite tedious to handle billing, update inventory and manage customer information manually. But with a POS app, all these and more can be organized effortlessly.

What hardware do I need?

With a conventional POS system, you would need peripherals like a barcode scanner, card machine, printer and cash drawer. A POS app allows you to forgo cumbersome hardware requirements – most of the functions of peripheral devices can be performed by the POS app itself. 

Will a POS app be easy to use?

A POS app would be quite simple and easy to figure out. The fact that you can access everything on a smartphone or tablet device means that it does not require a tech-wiz to make it work. Its user-friendly design and interface would allow you to run your business right off the bat without having to consult the instructions manual or get on the line with tech support at every turn.

What payment modes are supported by a POS app?

Increasing use of e-payment modes has made cash registers more or less obsolete. POS apps are rightly suited to handle a range of e-payment modes just as easily as conventional payment modes. Mobile payment and checkout makes it more convenient for customers, and allows you to maintain all transaction records on the app.

What is PCI compliance and do I need it? 

Secure payments are essential for small businesses and their customers. Payment data security is ensured when your POS system is compliant with Payment Card Industry (PCI) guidelines. Any business that accepts and processes credit card transactions needs to ensure this, so look for POS Retail Software in Dubai that is PCI compliant. 

How can I increase my sales with a POS app?

The latest POS apps come with omnichannel integration – they allow you to sell on online channels like a web store or social media platforms. Customers take to the internet to seek information on products they seek, and many social media users actively look for products that they find online. Increasing your online presence is just one part of the solution. Integrating the physical store with online sales capabilities will let you reach more customers and grow your business.

How will a POS app help my business gain competitive advantages?

There are a variety of tools in a POS app that help you increase efficiency in all business processes. Automating the repetitive tasks of billing and accounting, workflow management, employee supervision and inventory management are just some of the key features that help you gain an edge over competitors. By delegating these tasks to the POS app, you can focus on improving your business and dominate the market easily.

How do I organize my inventory with a POS app?

The inventory management tool helps you take control of your stock and manage items from purchase to delivery. From updating stock quantities to setting reorder alerts, you can use this feature to manage your inventory efficiently. The POS app would have a centralized database of products and make it easy to access the entire supply chain and keep track of products from the time they reach your store. 

Does the POS app handle accounting?

Seamless integration between existing accounting software and a POS app makes it easy to do accounting without errors. Some POS apps also have inbuilt accounting modules that will manage it all in real-time and provide detailed financial reports to keep your business on track. POS Software with VAT would be able to calculate and generate tax invoices for sales and help you organize tax reports for filing.

How do I use CRM to improve sales?

POS apps have an integrated Customer Relationship Module (CRM) that allows you to store information about your customers and use this effectively to increase your sales. Customer buying patterns, their preferred payment modes and order preferences can be assessed and quantified. The POS app analyzes this data to formulate a proper marketing strategy that targets these tendencies and maximises sales. This would also enable you to introduce promotional offers to highlight best-selling products and market new products better.

How do I manage my employees on the POS app?

The employee management feature of many POS apps help organize your employees and automate tasks like shift schedules and payroll. An advanced POS System in UAE would come equipped with customizable permission for managers and employees to access the POS. Since the POS app is used by the employees for various business processes, it keeps track of workflows and provides detailed reports of employee performance. 

How can I scale my business with a POS app?

It would be wise to keep an eye out for POS apps that allow you to scale your business later on. POS app service providers may offer different variants of their product according to your specific requirements, and getting a package with some extra features would not be a bad idea. After all, having unused tools is way better than looking around for them when a need arises.

Can the POS app manage multiple stores?

The scalability of your business is best suited by a POS app. A range of multi-store management features help keep your inventory and accounting centralized while the individual store operations are categorised by location. It is also easier to expand store locations since the infrastructure requirements of a POS app are quite less. You can also manage stock transfers on the app and simplify inventory records.

How do I use POS reports?

A good POS system is capable of generating detailed reports based on sales performance so you can make informed decisions for your business. This could also involve detailed analysis of customer buying patterns and sales trends that let you identify how well your products are performing. A good POS app would provide regular reports – weekly or monthly – and allow you to improve efficiency in your business processes.

Which POS app is the best?

Getting a reliable POS app would be the most important investment for your business. Make sure you are familiarized with all aspects of your business operations before finalizing a POS app. With the SingleCart mobile POS app, you can be assured that you get the best Retail Software in Dubai for your business. We help you realize all your business objectives in no time.

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Android Mobile POS

The Latest Trends in Android Mobile POS Software in 2021

The retail world has witnessed quite a revolution with the introduction of POS systems. Moving from the physical register to e-commerce platforms and computerized stock management are just some of the ways that retail stores have become more resourceful with POS software. 

But the future holds so much in store for POS systems and it appears we have barely scratched the surface. Come check out some of the ways in which retail POS software is evolving right now.

Mobile payment

Cashless payment modes are becoming the norm now and POS systems incompatible with at least a handful of e-commerce billing options bear the risk of losing valuable customers. Mobile payment solutions provide greater flexibility and convenience than cash for both customers and businesses. This allows for better security and analysis of spending habits. 

Building on this, future checkout options would be made more simplified with zero contact payment modes. Innovative scan-and-go options make it possible for customers to perform the checkout by themselves using just their smartphones. Going a step ahead, it would be possible to simply add items to the shopping cart and walk out – the payment mode being specified before entering the store. 

Cloud Technology

Moving from dedicated POS hardware to an Android Mobile POS app might simply be the greatest technological leap in retail commerce. A cloud POS system makes it easy to access all the data and operations of the store from multiple devices. Employees would be able to access the POS system from anywhere in the store while managers would be able to oversee operations from off-store.

Why it’s Good

The best advantage of a cloud POS system is that it is a service, rather than a product as traditional POS systems are. And since cloud service providers offer the service on a monthly or annual basis, they would be more responsible for the overall functioning of the cloud POS. Retail businesses would be able to enjoy regular updates and maintenance packages directly over the internet rather than having to wait for the service provider to do the same manually. 

Storefront Operations

For retail businesses that take orders across various channels, a cloud POS system can make it easy for store managers to unify operations using an integrated system. They can use the POS system to track orders placed on different channels and match them against the inventory and organize customer information efficiently.

Customer Experience

Extending cloud-based operations to the customer would also involve the introduction of multi-device shopping carts. This would enable customers to add products on one device and place the order on another device. The added benefit is that with all the content managed under a single integrated system, customers would be presented with the same promotions and offers on all devices and would thus feel more assured about making a purchase.

Personalized Marketing

CRM integrated Retail POS Software Dubai has made it possible for businesses to formulate marketing strategies to suit specific customer demographics. Moving forward with this would allow customized marketing targeted at individuals based on their shopping habits and product affinity. This has great potential to change the way businesses engage with customers – imagine small businesses that cater to their regular clients, but on a larger scale. 

Customers tend to work with businesses that view them as individuals and provide offers that are actually relevant to them. An Android Mobile POS app with intelligent learning capacity would be able to manage customer preferences and provide a customized shopping experience tailored to suit each individual based on their shopping pattern. 

AI-based POS System

POS software today is taking the first steps into becoming autonomous entities in charge of all aspects of store operations. Processes that require human oversight can now be taught to intelligent software – especially repetitive and non-essential tasks that would divert resources from the core business processes.

AI-integrated POS systems can automatically fulfil orders and initiate re-orders based on stock levels. This eases the process of inventory management to a purely supervisory task for managers. Additionally, the POS system would be able to offer insights into changing customer behaviors and responses to different products. This can be used  in determining the marketability of a new product. Identifying these trends in product sales would also allow businesses to replenish their stock of high-demand items and preclude any shortage.

Multi-channel Business

The brick and mortar store is fast becoming a relic of the pre-digital era of retail business. Small and medium businesses already find it quite difficult to reach more customers under the domineering presence of online retail giants like Amazon. Simply having an online presence is not enough these days – customers tend to look for an alternative online store option wherever possible. Building an online catalogue over multiple channels lets you expand your business without the hassle of extra infrastructure or capital expenses. 

Customers also take to social media platforms to get more information on products they are looking to buy. There is also a good chance that people will look for something that they found while browsing social media. Facebook and Instagram already have a form of online storefront where businesses can display products and allow customers to access an online store to make the purchase. Businesses would find it more profitable when their POS system is directly linked to their social media marketplace to facilitate an integrated e-commerce experience across the online and offline stores. 

Inventory Access for Customer 

Customers are more likely to check out a product online before going into a store to buy it. This used to be the case only for high-value products like vehicles. Now, with more information on products available over the internet, customers tend to make a detailed analysis – often as much as months – before making a purchase. 

Making your store’s inventory visible to the customer would enable them to make an informed choice even before visiting your store. Even at the store, a simple option of scanning a QR code for details on the product would allow customers to participate in the retail environment before confirming the product.

Evolution of the POS Hardware

Currently, POS software designed for use on pre-designed hardware is the standard in most retail businesses. Checkout counters, barcode scanners, customer displays are some of the essential elements of a POS system. Save for cloud POS systems that can be used on multiple devices, the traditional POS that relies on a specific set of hardware would soon be a thing of the past.

iPads and other tablet devices are advanced enough right now to be able to perform all the operations of POS hardware. They are also cheaper and easy to use without requiring special training. Restaurants are already looking at alternatives to customer display units that allow patrons to view menus on their smartphones just by scanning a QR code. 

Reliable POS for the Future

At SingleCart, we are always on the lookout for the latest technological innovations. We integrate the best features on our POS System in UAE so that businesses can run their operations effortlessly.

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