Best POS Systems for Inventory Management 2024
“Quick Summary” When shopping for POS for any business, apart from price, design usability, one of the prominent components of a point of sale system is inventory management. And for business in hospitality and retail, the Point of Sale system with Inventory Software is a must-have.
What is POS?
Simply put, POS stands for point of sale, meaning a transaction taking place between a vendor/merchant and a customer; it can be in a brick-mortar store and or online. The transaction transpires through a POS system that combines POS hardware and POS software to create a POS machine for processing a transaction and payment.
What does POS with Inventory Management mean?
Now, a POS system equipped with Inventory management software gives you the real-time knowledge of
- inventory you have
- Products that have been sold out
- Products for which the order is placed
- The cost at which you can sell an item in terms of personnel, premises, and marketing costs, and other variables
A summary that you will always want to have at your fingertips. We know the fear of missing out becomes a state of mind when you handle your business, but you can keep your worries at bay with the right technology.
Benefits of a Point of Sale system with Inventory Management
1. Perks of Cloud Storage
Cloud storage provides you with the ability to access your business vitals from any device on the go. There's no worry of storing data at multiple places and set aside your fear of misplacing the same.
2. Streamline and Automate PO (Purchase Orders)
A computer-based technology can quickly analyze the patterns. A POS with inventory software has a tracking system for every purchase order you make and can further be utilized to automate deliveries and maintain stocks.
Next, you can also link it to your sales register; the inventory software will prompt the reordering when stock runs low.
3. Live Inventory count
We know how fickle a human mind is. No, we don't underestimate its capabilities, but it cannot be running at its maximum capacity all the time; thus, software like POS with inventory management will keep running a live count of every item. Now, isn’t that wonderful?
These operations are carried out like perfect cog work.
4. Keep up with sales trends
When technology keeps track of what sells and what does not, it will help you understand the market trends and patterns. These insights help increase or reduce the PO's or change the price in regards to the demand.
5. Business customization
With the right inventory management, you know the results of the business decisions you make. To enhance your marketing strategies, you can include offers, discounts, and loyalty programs and get an idea of which methods work the best through the software.
6. Magnify your customer options
By introducing inventory management, you will stay ahead of stocking up on a product that is high in demand by your customers. And accordingly, you can include varieties that will click with existing and new clientele.
Also Read: What is a POS System? - Everything you need to know.
The best POS systems equipped with Inventory Management
Following are the best available POS systems with Inventory Management.
1. OVVI POS
It specializes in complete POS systems & Inventory Management software to cater to businesses, including restaurants, groceries, salons, convenience stores, and liquor stores. They offer over 600+ features and functionalities that help your business owner optimize its operation.
USP
- Custom Menu & Table Layouts
- Menu Item with Modifier Groups
- Menu Item with Happy Hour, Lunch Pricing & Daily Specials
- Employee Management
- Customer Tracking with Built-In Loyalty Plan
- Unlimited Split Check Option
- Online Analytic Reporting
- Gift & Loyalty Card Processing
- Variety of Add-on
Pricing
- $69 per month (Paid Annually)
2. Vend POS
Ideal for medium to large enterprises, Vend POS has an iPad app and is also cloud-based. It is the best fashion brand with multiple stores, sports, and homeware stores( includes crockery, furnishing, and more)
USP
- User-friendly interface and requires little to no training
- You can import a CSV file to transfer large amounts of inventory easily
- It integrates with a wide range of third-party applications without any interruptions, and you benefit from additional features
- The sales analytics, inventory, and customer profiles management functionalities are exceptional
Pricing
- Lite — $119 per month (or $99 billed annually)
- Pro — $159 per month (or $129 billed annually)
3. Shopify POS
It is an outstanding POS with inventory management for E-commerce and is as viable for in-person transactions.
USP
- Get the benefits of branded Shopify's online store where you sell through online channels including - eBay, Instagram, and Amazon
- Equipped with a mobile app
- Manages your in-store and online selling under one roof
Pricing
- Basic Shopify — $29 per month
- Shopify — $79 per month
- Advanced Shopify — $299 per month
4. Toast POS
It is an appropriate solution for you if you own a bar, hotel, restaurant, or even a food truck! It offers customized solutions to suit your needs.
USP
- Integrated with CRM software
- Presents you with detailed analytic and sales report
- Run offers and promotions automatically
- Features incredible Android capabilities
Pricing
- Per terminal —$69 per month
5. Square POS
Small businesses all over all abide by Square POS, and yet its scalability is such that it can easily cater to larger businesses in the retail and restaurant industry.
USP
- Interactive user interface
- Handles credit card payments effortlessly
- Manage Large inventory
- 100% free to download and use. No hidden costs or monthly fees
Pricing
- It costs 2.6% + $0.10 per transaction
Final thought,
Yes, it is not easy to choose a POS with Inventory Management for your business, and it is not a one-size-fits-all solution. Analyze your business needs and then zero down to the best software. It is just not about processing payment; these modern solutions offer much more.
We hope the above guide helps in your POS hunt!