[Software] Why integrated POS Systems are a must for your business

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With the magic of an integrated POS system, level up your customer loyalty and sales.

For a business owner, an integrated point of sale (POS) system can be the lifeline of their operations, whether it’s run brick-and-mortar style or online. The demand for POS systems is increasing at a rapid pace: by 2025, the global POS software market is expected to grow from $17.66 billion to $30.86 billion.  

However, to leverage the complete benefits at the point of sale, you need an integrated POS system that brings together different functions. Let’s understand what an integrated POS system is, and how it can make a difference to your business. 

What is an integrated POS system? 
An integrated POS system is a platform which connects sales data with your other business apps so they can exchange data seamlessly. 

Traditional POS systems just had a sales record book or a cash register. You would then have a separate payment system, another one to manage your stock, another one to track your product list, and so on. 

As you can imagine, this is cumbersome. Many of these operations are manual. And, as you tackle the different parts of your business in silos, you constantly struggle to keep them in synchronization and understand the big picture.

On the other hand, an integrated POS system encompasses some or all of the below features: 

Payment processing
Inventory management
Employee management
Revenue management
Reports generation
Customer relationship management (CRM)
Data analytics
Ecommerce
Integration with app marketplace
Hardware and software coupling
There are many integrated POS systems in the markets, and you will find that each system has its own strength. While one has robust employee management functions, another focuses on CRM.  

Why should you opt for an integrated POS system?
The convergence of so many functions in one place obviously makes a strong case for an integrated POS system as opposed to the hassle of managing multiple systems in addition to a standalone POS terminal. In particular, an integrated POS system scores over a non-integrated POS system in the following aspects. a

The benefits of Integrated POS systems vs. Manual Point of Sale systems
Integrated POS systems    Non-integrated POS systems
Payment processor speaks to POS    Payment processor does not speak to POS
POS automatically syncs payment amount to terminal thus reducing the scope of human error    Payment amount needs to be manually entered on the terminal thus increasing the chances of human error
Transactions are automatically marked as “paid”    Transactions must be manually marked as “paid”
Fewer steps in the checkout process    More steps in the checkout process
Logs customer information and other useful data for marketing/promotion    Only logs that a sale happened and a card was used to pay for it
Provides a better customer experience    Provides a less than optimal customer experience
Reduces the risk of fraud    May increase the risk of fraud as it takes time for all systems to 'speak' to each other and sync up data
Does not require extra spend on external card processing devices    Requires extra spend on external card processing devices
Saves time and improves efficiency through automation    Manual intervention takes more time and is less efficient
How does an integrated POS system help your business? 
From receiving multiple payment types and storing customer shopping preferences to managing inventory and receipts, POS integrations make an impact in all areas of your business. As an integrated POS system streamlines your operations and reduces administrative burden, your team can focus on aspects that really matter—offering excellent customer service. 

Beyond improving the checkout process, an integrated POS system can give you valuable insights into the behavior and purchase patterns of your customers. You can leverage such data on the shop or café floor, but it can also be shared with internal UX analysts, brand marketers, and pricing teams to help inform marketing campaigns and increase profitability. 

Let’s dig a little deeper into the benefits of integrated POS systems.

link : https://www.techradar.com/news/why-integrated-pos-systems-are-a-must-for-your-business