26 Must-Have Retail POS Software Features

ByGary B. Cooks

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12. Point-based system

The software must be able to integrate a points-based loyalty program to reward your best customers. 

13. Loyalty program

Loyalty programs will help grow your business. Look for a solution that integrates with loyalty program software, making it easy to implement. KORONA POS integrates with several leading loyalty software programs, including bLoyal and Bottlecapps. In addition, the software tracks your loyalty program data to see which products are purchased most by your store’s regular customers and which promotions work best. 

14. Integrated queue management system 

Queue management is the process of improving your business by managing customer waiting. During the holiday season or promotional events, the likelihood that you will have long queues is high. Look for a POS solution that can integrate with queue management software to help you save time and improve the checkout experience. KORONA POS now integrates with one of the best queue management solutions on the market, LineupApp. 

See related: What Is a Queuing System? Why Your Business Needs Line Management

Employee management

Employee management is an integral part of running a successful retail store. The point of sale system allows you to define specific access controls for each employee and track transaction history through team reports. Here are some features that will allow you to better manage your employees.

15. Time clock

Without a well-organized time-tracking system retailers can significantly impact their bottom line through wasted billable hours. A point of sale equipped with timekeeping software can allow you to track each of your employees’ entries and exits with little or no effort. The result is simplified timesheet evaluations and timely payroll. 

Additionally, timekeeping software can track a specific staff member’s work history, alerting you to potential attendance issues before they get out of hand and holding your employees adequately accountable for the hours they claim to be accruing.

16. Payroll

POS payroll refers to a program that allows employers to scan and process payroll checks on a POS terminal. This streamlines the payroll deduction process and improves the accuracy of payments to the workforce. The POS system can be used to run payroll because it can keep track of the hours worked by each person. With online payment systems and direct deposit, many workers no longer have to worry about receiving a physical check.

17. Sell-through rate

The sell-through rate measures the amount of inventory you sold in a month compared to the amount shipped to you. The sell-through rate is an important retail metric that allows you to monitor the efficiency of your supply chain.

KORONA POS’s retail inventory system allows you to segment your sell-through analysis by-product to see which products are selling well and which are selling poorly. Use this data to inform your inventory process and reduce the risk of holding slow-moving products.

18. Conversion rates

A conversion rate records the percentage of users who completed a desired action. With a point of sale software, you can see how often an interested customer makes a purchase to gain insight into your marketing and sales.

19. Return rates

The return rate is the annual income from an investment expressed as a proportion (usually a percentage) of the initial investment. Your point of sale software can help you identify problematic products by generating reports on return rates.

20. GMROI reports

Gross margin return on investment (GMROI) is an inventory profitability assessment ratio that analyzes a company’s ability to turn inventory into cash that exceeds inventory cost. It is calculated by dividing gross margin by the average cost of inventory. Use the GMROI Inventory Report to analyze your sales over time and view information that helps you analyze your return on investment and make strategic decisions for your business.

22. Franchise inventory management

Managing franchise inventory levels can be difficult for franchise businesses. Having more than one outlet to manage adds to the complexity of the task. Maintaining an optimal amount of inventory keeps your business from running out of product and keeps your warehouses from filling up. 

This is just as important because an overstocked warehouse prevents you from ordering more of your high-demand items. The retail POS system allows you to keep all inventory and consolidated reports in one system but measure the performance of each store.

23. Multi-location promotions

This feature allows you to run store-wide promotions, but you can also offer a discount or deal across multiple locations.

Retail Loss Preventions 

Retail loss prevention refers to all the steps a company takes to reduce theft and fraud. Shoplifting and employee theft make up most of a $61 billion annual problem for the retail industry. And as a retail store owner, it’s imperative to find solutions that can help you avoid these problems

24. Inability to cancel a receipt

Cashiers delete items on a ticket if the customer pays in cash. Such behavior can be detrimental to your company’s finances. A POS system should not allow this. If you want to know more about this, click here. 

25. Blind cash drops

This feature prevents employees from seeing the amount of their cash deposit before they count their drawers. This helps detect recurring discrepancies.

26. Line Voids

A line void occurs when a single item is removed or voided from the transaction that was not completed. This can happen when a customer changes their mind about a purchase or when the cashier makes an error during a transaction. With KORONA POS, you can define your own customer settings by specifying who can access a single item on a ticket. 

Reviewing the features above should give you an idea of which solutions are right for your stores. Now, use this knowledge to build a list of your top choices, and then contact the software providers to see if they can help you with more information.

A great retail management system will provide all of these features, allowing you to focus on growing your business rather than worrying about what you can’t do. Don’t settle for less.


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