Netflix- $272 Billion Market Cap, Zoom – $108 Billion Valuation and Sales Force$161.4 billion. Pick out any company that has made tremendous growth last decade, and one thing that you will find in common is they are providing cloud services. In simpler words, they eliminate the need to download or install files on your computer, and that’s SaaS or cloud computing. It has taken the corporate world by storm.
When it comes to B2B SaaS, Cloud POS software has revolutionized the retail industry by providing flexibility, scalability, and mobility like never. The majority of POS software available in the market today supports cloud-based deployment or preparing to do so.
A recent survey shows that around 73% of entrepreneurs in India use or prefer to use cloud-based POS systems for their retail businesses. This figure is expected to reach 98% by 2025.
Why is Cloud POS at its peak, and why shouldn’t fall behind? This article aims to point out why you need Cloud POS software in your retail store.
What Is Cloud Based POS Software?
POS software is a program that helps manage sales, inventory, purchases, billing, etc. of retail, restaurant, and other businesses. Cloud based point of sale software can be accessed and used through the web browser without any installation.
On-cloud POS solution is hosted in the cloud and requires the internet to access different functionalities. Also, all the data collected from POS is stored on remote servers and can be accessed anywhere, anytime. Retail store employees can remotely login to POS software using credentials through their system, smartphone or tablet and take charge of their responsibilities.
In Short, a Cloud POS system is a SaaS (software as a service) that allows businesses to conduct all their POS operations like billing, Inventory tracking, management, and payment process through a web. It doesn’t require any installation on a computer system.
On-Premises vs. Cloud POS Software: Which Is Better?
Cloud-based POS software outranks on-premises POS on every aspect of point of sales operations. Here is a detailed comparison between cloud and on-premises POS based on major parameters.
A crystal-clear advantage of cloud POS solution. You can access cloud-based retail POS from anywhere which is not possible for on premise POS systems.
In the case of on-premises POS, you need to invest in hardware and take responsibility for system updates, security concerns, etc.
While in the case of cloud-based point of sale software, responsibility is with the vendor who takes care of all the above hassles. Some retail cloud POS solutions like SeroPOS provides 24*7 online support for any query or problem faced by the user.
Cloud-based Point of Sales system can easily be scaled as per business operation. Users can avail or exclude a feature anytime they want based on their requirements, which is impossible in the case of on-server POS software.
Probably the only point where traditional POS systems have the upper hand. On-premise software rarely faces downtimes as they are free from internet connectivity requirements. Downtimes are expected but can be reduced to a minimum with cloud POS.
However, you need to know that downtimes in POS SaaS are quickly addressed and are resolved efficiently. In contrast, downtimes in on-premise software are harder to resolve and require technical expertise on the user’s end.
- Data Security
In the case of On-premises POS software, users are responsible for all the security measures. This summarizes as: if your system is vulnerable, so is your data. In cloud-based retail POS, software data is stored in the cloud server. Most POS service providers invest in high-end security measures to comply with government regulations and secure your data.
There are other significant criteria like pricing, usability, etc., in which the cloud POS solution outshines on-sever POS systems. Read the reason section to find out why the Cloud POS system is better.
Suggested Read: Best Restaurant Management Software in India for Small Business
Pros & Cons of Cloud POS Software
POS solution in the cloud is better than an on-premises POS system. But there are certain limitations to cloud-based point of sale software. Let’s look at some pros & cons of cloud retail POS software.
Advantages of Cloud Based POS Software
Offers Mobility: Cloud based system can be accessed from anywhere and anytime through web browser or smartphone.
Enhances Customer Experience: Cloud POS integrates with multiple payment systems and can send bills via email or SMS. This enhances the customer experience while shopping with your brand.
Provides Flexibility and Scalability: Cloud based retail POS allows businesses to only avail features that are necessary for their business operations. Also, users can upgrade the plans and features depending on their growing requirements.
Greater Security: Your data is safe in the cloud, as cloud-based retail POS follows government regulations and best data security practices to keep your transactions secure.
Affordable Pricing: Cloud based POS is a cost-effective solution as it does not require specialized hardware, networking, etc. Besides Pay as you go model makes it highly affordable to small and growing stores.
Disadvantages of Cloud POS Software
- Performance may suffer if the internet connectivity is not fast enough.
- Data Security is a genuine concern as all customer and inventory data is synced to the cloud.
- POS software might not offer the level of customization you need.
Reasons to Invest in Cloud POS Software Like SeroPOS
Cloud software has already made its way to the heart of Indian business. POS systems like SeroPOS software help businesses streamline and automate their entire POS operations without installing a single file on the computer.
Every business is likely to move on cloud POS, today or tomorrow. Here are some of the major reasons why you should switch to cloud POS software to conduct your retail operations:
- Integrates Online Sales Channels
One of the primary advantages of Cloud-based POS is the integration of alternative sales channels. You can sell your products on multiple sales channels at the same time.
This means that your store can sell through a website or app, and all the billing, payment, and reporting could be easily automated with retail cloud POS.
- Multiple Mode Payment Processing
According to industry experts, by 2025, more than 65% of all transactions will be processed online. Cloud-based POS systems allow businesses to integrate with various payment gateways and support multiple payment processing modes like credit cards, debit cards, and prepaid cards. This enhances the revenue generation potential of your business as you can now sell through multiple channels.
- Reduce Hardware Dependency
Cloud-based POS systems significantly reduce the dependency on hardware. All you need is a working internet connection to make transactions using a cloud POS solution. Cloud-based POS enhances the productivity of your business as you do not need any technical knowledge or workforce to maintain, update, and manage your systems.
- Chain Store Management
SeroPOS offers retailers the convenience of managing multiple branches from a single dashboard. Your business can be easily scaled across various physical storefronts by simply synchronizing all transactions, inventory status, and store activities online.
- Easily Scalable Business
The cloud point of sale solution for retail enables businesses to add new stores and channels with minimal effort. In addition to this, you can also add more users by simply sharing your login id and password with them. It is one of the best ways to scale up your business without spending too much on additional expertise or hardware cost.
- Greater Agility
POS SaaS is an excellent way for a small business to transition into a scalable, well-organized enterprise that can quickly adapt to changing conditions in the market. For example, this flexibility allows retail store owners to integrate their POS solution with an evolving eCommerce platform seamlessly.
- Real-time Data and Analytics
Managers can collate and analyze business data in real-time with a cloud POS system. This allows them to make crucial decisions based on insights that could effectively add value to your business operations.
For example, suppose you need more inventory for a hot-selling product like cheesecakes. In that case, you can easily place an order for ingredients using a cloud POS solution like SeroPOS and can rest assured that your business will be back up and running in no time.
- Powerful Communication
The best part about cloud POS systems is that they allow you to communicate with your customers and employees through various channels. You can stay in touch with your customer service team, sales representative, vendors, etc., by simply logging into your system via the internet.
Also, cloud retail POS solution allows users to email and SMS bills directly to customers in real-time, providing a great customer experience.
- Long Term Profitability
Cloud POS solutions offer users a complete package of products and services. They give retailers the flexibility to choose the type of cloud platform that fits their unique needs in terms of price, features, and access to customer support.
This offers your business a great deal of savings eventually. It reduces initial hardware investment, and the cost of hiring staff for installation and maintenance of such hardware.
Cloud-based POS software ensures complete peace of mind by providing convenience, mobility, and security, which is impossible with a traditional POS system.
You can use SeroPOS software on any device, and there is no need to have an onsite server or hardware to host your business data. It offers you exceptional mobility across the board and is compatible with most operating systems.
- Access through Mobile
The best part about cloud POS systems is that you can access it with any smartphone or tablet. You need to download the mobile app on your device and log in via the internet. This allows retailers of all sizes to quickly undertake their day-to-day operations without wasting time setting up terminals at various locations. Features like Touch POS, self-service, and digital menu are not possible without cloud-based point of sales systems.
SeroPOS is one of the best cloud POS solutions that runs on any device, and there is no need to have an onsite server or hardware to host your business data.
It offers you exceptional mobility across the board and is compatible with all operating systems. Cloud retail POS is a preferable for businesses that wish to maximize their productivity and profits.
- What are the benefits of a cloud-based POS system?
Cloud-based POS systems are highly cost-effective, flexible, and fast. They are reliable scalable and offer businesses the power to automate their POS operations without any hardware installation.
- Which cloud POS software is the best?
There is no single answer to this question, as every POS solution has its specializations and strongpoint. SeroPOS is one of the India's most popular retail cloud POS because of its unique loyalty programs and vendor management features.
- What can be included in the fee of a cloud POS software?
Cloud-based POS software usually doesn't charge any setup fees. Depending on the company, monthly fees may include hosting services and/or maintenance charges.
- What are the components of a cloud-based POS system?
There are 4 major components of retail cloud POS systems:
1) POS Software
2) Reader (Barcode/ RFID/ QR Code)
3) Payment machine (Card Reader, Digital Payment)
4) Output (Thermal Printer/ Digital Billing).