Exploring the advantages of cloud-based point of sale systems and how they’re revolutionizing the retail industry
Cloud-based POS systems have become increasingly popular among retailers looking to gain a competitive edge in the ever-evolving market.
The cloud gives retailers access to the latest capabilities and resources, without requiring costly investments in new hardware or software. The infrastructure is constantly updated and monitored for optimal security, ensuring retailers stay up-to-date with industry trends and changes.
With the flexibility and scalability of cloud-based POS systems, retailers can adapt to changing business needs and quickly expand their operations, making it easier for them to stay ahead of the competition.
Here are several ways in which cloud-based POS systems offer greater visibility to data and metrics, more flexibility in the market, and better security than traditional in-store solutions.
Powering real-time business analytics
When it comes to the data that will help you understand your business, it’s not enough to have reports that are run once a week or even once a day. The market is moving at break-neck pace, and to keep up retailers need to strategically move their business just as quickly.
Cloud-based POS systems, particularly those that are also mobile-first, provide on-demand access to real-time data and analytics from anywhere, rather than just in-store. With this data so easily accessible, retailers and their store teams can stay on top of trends as they happen, so that they can make informed decisions on how to strategically drive business growth.
McKinsey on accelerating the tech transformation: “Retailers can take several steps to upgrade their tech foundation and speed the development of new solutions. They should pilot a cloud-based, highly automated development platform with built-in security and development tools.”
Going hand-in-hand with the concept of growing with the business, cloud-based solutions also offer the flexibility and scalability needed for rapid feature rollouts and scalable growth. Unlike traditional solutions, cloud-based systems don’t require additional resources, hardware or infrastructure maintenance to scale up. This allows retailers to quickly adjust their infrastructure to accommodate increased traffic and adapt to changing demand, helping them stay ahead of the competition.
Security and reliability of cloud-based POS
The benefits of cloud-based POS systems are numerous, but concerns over data security and reliability have caused some retailers to hesitate when it comes to adopting these solutions. Addressing these concerns is crucial for retailers looking to leverage the advantages of cloud-based POS systems while maintaining customer trust and safeguarding sensitive information.
One best practice for ensuring data security is to choose a cloud-based POS provider that complies with industry-standard security certifications, such as the SOC 2 Type 2 audit— this certification verifies that the provider has the necessary controls and processes in place to protect customer data from unauthorized access, breaches, and other security threats.
In addition to SOC 2 Type 2, other security measures that retailers can implement include two-factor authentication, data encryption, and regular security audits and assessments. Most cloud-based applications have end-to-end security features built-in at no extra cost, including data encryption, automatic backups, and secure file storage. These measures can help to mitigate the risks associated with data breaches and ensure that customer information is protected.
In addition, cloud-based technology provides a more reliable and secure approach to storing and accessing large volumes of data when compared to versioned software programs requiring an in-store server. So, by following best practices and working with a trusted cloud-based POS provider, retailers can take advantage of the real-time data and analytics that these systems offer without compromising on security or reliability.
Bringing it all together
Cloud-based POS systems offer numerous benefits, including on-demand access to real-time data and analytics, flexibility, scalability, and enhanced security features. For retailers looking to take advantage of these benefits, it is crucial to choose a provider that prioritizes data security and reliability, and adheres to industry-standard security certifications.
Read more on how to choose the right retail point of sale solution in The ultimate guide to buying a retail POS.
Tulip understands the importance of real-time data and analytics for driving business growth. Our cloud-based POS system offers a mobile-first approach and provides retailers with on-demand access to real-time data and analytics from anywhere, ensuring that you always stay on top of market trends. Additionally, Tulip solutions have successfully completed the SOC 2 Type 2 audit, so you and your customers can rest easy.
Contact us today to see how our cloud-based POS system can benefit your business operations.