When casually shopping for a new point of sale system it’s easy to focus on things like the software’s price point, its design, and how simple it is to use. But, for any sizable retail or restaurant establishment, one of the most important components of a POS system is its inventory management.
Most of the top systems on the market come with built-in inventory tools, but each one is different in terms of the features and functionality on offer. There’s really no excuse to stick with a system that can’t quickly help you analyze your inventory and determine how to maximize your profits. Read on for a look at a few point of sale systems that have exemplary inventory management functions.
VendÂ (see our review) does a lot of things well (that’s why it’s already earned one of our coveted 5-star ratings). It numbers among the most user-friendly systems on the market, requiring very little training to install or operate. Vend is continually updating and integrates with dozens of companies. With a limited free option and plans starting $69 a month, Vend is also budget friendly.
Vend’s inventory management is easy to maneuver without sacrificing functionality. This POS allows you to import a CSV file to easily transfer large amounts of inventory. You can also import existing barcodes or print new ones. There is a wide variety of options for organizing your products, making it possible to build customizable reports. The centralized product catalog is also a nice function.
Vend comes with a built-in way to automate promotions, making it possible to set discounts across multiple stores or create discounts for individual customers. Stock orders can be automatically generated once a certain item dips below a set point. What’s more, Scanner by Vend simplifies stock counts.
While LavuÂ (read our review) is best suited for the restaurant or food service industry, its inventory management feature is robust enough to handle smaller retail stores as well. Lavu has a simple and modern interface and is customizable to your business needs, whether you need table management for a restaurant or are just operating a food cart or cafe. It also starts at just $59 a month with a contract, making it highly affordable. Best of all, its inventory management is top-notch. As you might expect, Lavu has real-time inventory monitoring which immediately informs servers when an item is low or out of stock.
You can choose for purchase orders to automatically update or create them manually. It’s also easy to transfer inventory items from restaurant to restaurant or order items from a warehouse directly from your POS. Lavu provides easy-to-read reports on what items are selling well at individual locations and can track customer trends to help diagnose profitable items.
HikeÂ (read our review) is an affordable retail system (starting at $49 a month) with surprisingly robust inventory management that could also be utilized for small food carts or cafes. Hike’s mobility makes it a nice option for businesses that want their employees to be able to interact on the floor with customers; its employee management is also strong. The system can handle an unlimited number of products and is custom made to handle large amounts of inventory. Custom barcodes on receipts make it easy to look up products. Virtually everything can be automated, from re-ordering to setting up reminders and shipping items between stores.
Hike’s purchase ordering is intuitive, as is its ability to track orders online. Inventory can be quickly imported in bulk, and a central inventory system makes it possible to keep tabs on your stock across multiple locations from one system. You can schedule a full or partial inventory count in advance to save time as well. There are myriad categories and subcategories that you can place items into, making it easy to search for them.
NCR is a behemoth of a company, but it has carved out a nice niche in the POS world and continues to impress. NCR SilverÂ (check out our review) offers strong customer support and was created with the business owner in mind, featuring an interface that can get customers through the line quickly.Â Pricing starts at $79 a month with an annual contract.
NCR is one of the rare products whose inventory management is equally strong for both retail and restaurant establishments. Inventory can be viewed in real-time and, for larger businesses with multiple locations, it’s easy to toggle back and forth from store to store to check product amounts. Like with Hike, many of the inventory functions can be automated to save employee hours. Orders can be made automatically once stock drops below a certain level, and variations for products, like size and color, can easily be added.
For restaurants, forced and optional modifiers can be added to boost sales. The Inventory Snapshot feature also lets you see the total inventory you have on hand at any given moment. NCR Silver’s analytics, predicting item sales and profits from inventory, are also top notch.
RevelÂ (read our review) has emerged as one of the big players in the POS world and stays at the forefront of the industry with constant updates and expanding integrations. Featuring a flexible pricing structure, the company is equipped for both restaurant and retail businesses and its inventory management has all of the functions you would want in an easily digestible format.
Revel offers a convenient style matrix for adding large amounts of inventory en masse with customizable category options for easy searches. For restaurants, it’s easy to check out ingredient levels and costs. Revel allows you to create your own purchase orders, including a convenient function where you can note if only a partial order arrives. As with some of the other systems, inventory levels can be viewed in real time and alerts can be set up when products are running low — or you can have the system automatically order new stock. Revel also has an inventory app that can be downloaded, turning your phone into a scanner.
talechÂ (check out our review) continues to be one of the more underrated POS systems on the market. Like Revel, talech updates constantly and can integrate with virtually every credit card processor. With plans starting at $62 a month with a full year’s payment, it’s also relatively affordable.
This highly customizable and scalable software is a strong option for small to mid-sized food and retail businesses, and one of its biggest pluses is its strong inventory management system. There is an option to create your own barcodes as a PDF, saving money on hardware. The inventory log makes tracking products and assessing their viability simple. Items can also be bundled and sold as a single unit while still tracking and recording each individual item to analyze later. talech is a nice product for businesses with more than one location, as discounts and other pricing changes can all be managed remotely from a single station. While talech isn’t quite as robust in some other features as its competitors, it more than holds its own in terms of inventory management, making it an affordable option.
Price, ease-of-use, and aesthetics matter, but depending on what type of business you operate, strong inventory management may actually be the most important feature to look for when shopping for a POS. Before purchasing a new system, do your research and ask as many questions as you can about the inventory features available. Whenever possible, take advantage of free trials.
Good luck, and happy selling!
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