The events of the past year have forced many pos system with inventory management to close their on-site retail outlets in favour of online shopping. Many business owners who have never had an online store before are rushing to replace their door-to-door sales with an Internet-based business model. But how do you move a business like retail into a foreign space in such a short space of time?
Unfortunately, some businesses are struggling to make rapid adjustments. For many others, a cloud-based POS system is the answer. Let’s take a look at cloud-based pos system with inventory management and discover some of the unique benefits they offer business owners.
What is a cloud-based POS system?
Cloud-based POS systems are retail, restaurant and e-commerce management solutions that allow businesses to operate through the cloud. Many of these systems can manage inventory, generate daily/weekly/monthly reports and manage large quantities of products, all from a tablet or iPad.
You may have seen these systems in some trendy restaurants or younger retailers. If you’ve ever tried to pay a restaurant bill and the waiter handed you an iPad, you’ve probably used a cloud-based checkout system.
These systems are increasingly popular in the retail and restaurant industries because they offer unique advantages over the bulky cash register/QuickBooks combination. In fact, in a survey of 300 small business owners, 94% of owners said they believe pos system with inventory management save money and 79% said they save time. What’s more, these systems allow businesses that use them to delve deeper into accounting, finance, inventory, desk management and even staff management.
In addition, 88% of these businesses said they use mobile payments for a number of their transactions. In other words, businesses are seeing payment methods change as more people embrace technology.
While cash is still king, many people are now more willing to give up their wallets and use a card or smartphone. In addition, many people prefer to shop from a computer or mobile phone rather than visit a physical store. This change has been good for established online retailers, but small and medium-sized businesses without online services are being left behind. Many of these businesses cannot afford to leave money on the table.
On top of that
Many businesses are still dependent on managing their own finances. Of the 300 companies surveyed, 78% still waste time on their own accounting, and 42% say they need help with general financial management. 32% say they need help to fight fraud.
Cloud-based POS systems can help with all these issues. They save time. The ability to take a bird’s eye view of your finances is critical not only for managing profits and losses. But also at tax time.
While the business landscape is changing, there are only three major players in the cloud-based POS industry. Light speed, Shopify and Square.While Shopify and Square have some advantages. We believe Light speed has some distinct advantages over the others for business owners.
Lightspeed is a leading cloud-based, multi-channel shopping platform that supports small and medium businesses in over 100 countries. Its POS systems are intelligent and scalable, helping retailers, restaurants and golf courses grow their businesses. Light speed does this by offering a range of customer-specific options, including virtual storefronts and payment processing.
However, Light speed also provides a back-office view for reporting, management, menus, editors, loyalty, accounting and inventory. It is this back-office view that gives the platform its dominance over Square and Shopify. While these other services may offer shopping platforms. Light speed’s powerful reporting and analytics give a clearer picture for knowledgeable business owners.
Light speed is so good that major companies like Sony. Five Guys and Nobu rely on the e-commerce giant’s cloud-based POS system. The company recently started offering its Lightspeed payment service in the UK.
Lights peed is subscription-based. with basic packages starting at $69 per month. And detailed analytics and loyalty tracking starting at $229 per month.
What kind of businesses use Light speed?
Three types of businesses can benefit from Lights peed’s e-commerce solutions. The first type is brick-and-mortar stores. For them, Light speed billing software for small businesses offers intelligent inventory management, flexible customer payment options and efficient reporting.