Finding software can be overwhelming. We helped gift shop operators choose the right retail management software to analyze customer preferences and track large inventories.
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Epos Now is a retail management system for small to mid-sized businesses. In addition to its Point of Sale module, the solution also offers integrated Inventory Management, Customer Management, and Retail Accounting, including gen... Read more
Rain retail software is a cloud-based point of sale (POS) and integrated website solution that is Mac OS and Windows compatible. Rain is an all-in-one platform designed for small to medium sized specialty retailers that offer... Read more
Lightspeed Retail is a cloud-based POS solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution offers retailers tools including inventory man... Read more
As the first cloud ERP system, NetSuite helps more than 24,000 customers gain the visibility, control and agility to build and run a successful business. With an integrated system that includes ERP, financials, commerce, inventory... Read more
Hippos is an on premise point of sale (POS) can be operated with or without the internet. The internet is only used to sync data between the POS and Cloud (web portal). Hippos solution is designed for cafes, bakeries, quick and fu... Read more
Pacific Amber’s AmberPOS offers a point of sale software solutions to a variety of retail specialties, ranging from small to midsized, in the United States and Canada. In addition to point of sale functionality, AmberPOS incl... Read more
Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read more
Shopify is a web-based e-commerce platform that offers a mobile POS (mPOS) system. The mPOS enables users to manage their business and complete transactions in-store as well as at markets, pop-ups, and trade shows. The e-commerce ... Read more
Epicor retail POS and business management solutions are designed to help independent retailers work smarter, not harder. With more than 45 years of experience built-in, Epicor retail solutions help retailers in nearly 8,000 locati... Read more
KORONA provides point of sale software, inventory management, and CRM services for all types of retailers, such as convenience stores, liquor shops, and QSRs. The POS software also caters to museums, theme parks, and wineries with... Read more
Revel is a cloud-based business platform that integrates operations and customer channels with point-of-sale (POS) functionality in a single dashboard. It is suitable for stores and restaurants of all sizes and provides users with... Read more
Ordorite offers a fully end-to-end management software solution for furniture, bedding and related retailers. The system can manage every aspect of your business from point of sale, inventory control, warehouse management, deliver... Read more
GiftLogic is a retail management solution for small businesses. In addition to Point of Sale, the solution includes inventory management, customer management, and e-commerce integrations. GiftLogic is an on-premise solution, and c... Read more
CAP Retail Point of Sale is built to support retailers, including specialty businesses such as tobacco and vape shops, liquor, wine and beer stores, lawn and garden centers, hardware stores, convenience stores, groceries and marke... Read more
Bepoz is a cloud-based point-of-sale (POS) solution designed for restaurant, retail and admissions businesses of all sizes. The product caters to both single as well as multi-location retail. It offers stock control, cash control,... Read more
Smartwerks_USA is a point of sale and accounting software application. It is best suited to small and midsize specialty retailers like mattress stores, gift shops, patio stores, and jewelry stores. Key features include point of sa... Read more
Visual Retail Plus is an integrated system that gives retailers a single centralized location to manage Point of Sale, Inventory Management and more, all tailored to each retailer's unique needs. With more than 20 years in the ind... Read more
LS Retail is a retail management system consisting of point of sale (POS) and enterprise resource planning (ERP). Key features include inventory management, customer management, retail accounting, e-commerce, warehouse management ... Read more
Heartland Retail, formerly Springboard Retail, is a web-based retail solution designed for multi-channel and multi-store retailers. Heartland's point of sale system is fully accessible through any modern web browser on any de... Read more
Fattmerchant is a cloud-based accounting solution suitable for businesses of all sizes across industries such as e-commerce, healthcare and retail. Key features of the solution include point of sale integration, mobile processing,... Read more
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As retail businesses face a growing number of operational complexities, managing processes using traditional spreadsheets and manual methods are no longer viable options. Retail point-of-sales (POS) solutions help retailers automate manual and error-prone tasks, giving them the much needed time to focus on other important activities.
This buyer’s guide is intended to help you evaluate the right software for your gift shop business. Here’s what we’ll cover:
What Is Gift Shop POS Software
Common Functionality of Gift Shop POS Software
Market Trends to Understand
What Is Gift Shop POS Software?
There are two types of gift shops: One is the stand-alone shop, where you buy gifts, decorative items and knick-knacks. The other is affiliated with an organization or attraction, such as a hospital, museum or amusement center. Each has similar issues, primarily associated with inventory. Depending on the gift shop, stock items can vary in price from a few cents to hundreds of thousands of dollars. In some cases, gift store transactions can trigger IRS 8300 or Patriot Act Anti-Money Laundering compliance reporting.
For either type of gift shop, general ledger, payroll, accounts receivable and accounts payable are typical functions. POS is also a key component. Gift shops that are affiliated with organizations have an additional challenge, in that they must of share information with the accounting system for the organization.
In addition, there are some interesting customer relationship management (CRM) issues for gift shops. Usually, one of the benefits of being a supporting member of the organization, for example, a contributing member of a museum, is a discount at the gift shop. Another factor is subscription sales. Some gift stores sell limited-edition items; patrons can subscribe to the items and receive a notification when a new group is in stock.
Common Functionality of Gift Shop POS Software
Gift shop owners should examine the following functions to meet their unique requirements:
| Vendor catalog integration | Because of the number of potential items carried in a gift shop, it is very useful to have the inventory system integrate directly with vendors’ catalogs. The system can download description information and pricing to support order entry, inventory receiving and inventory setup. |
| UPC database | What constitutes “giftware” is nebulous at best. Inventory is available from numerous vendors, and not all of them can provide online catalog access. The system needs to provide a catalog of products and UPCs. The catalog must be updated frequently or better yet, available online. |
| Integration | If the gift shop is part of a larger organization, there are two options. First, the POS, inventory and the rest can simply be a part of the organization’s larger system. Alternatively, the gift shop’s systems, all or part of them, can integrate with the organization’s systems and share information, such as membership names, inventory values and transaction amounts, between the systems. |
| Member discounts | The system must support a membership discount program, if one is offered. The system should track which items are discounted and by what amount. It should also track which items are on sale and whether or not sale items are also discounted. |
| Work orders | Many gift shops offer special services. For example, framing and engraving. The system needs to track the work orders, post deposits and notify the customer when the work is complete. |
| Collectibles subscriptions | Some customers buy collectibles as soon as they are available, for example, Christmas ornaments, limited-edition graphics or numbered figurines. Some go so far as to buy a certain proof of a collectible, such as always buying the 32nd print of each lithograph from a particular artist. The gift shop inventory, CRM and order entry systems should interact to prepare an order for the correct items and to notify customers when the items are available. |
| Special orders | The system should handle special orders. It should track deposits, integrate with order entry to place orders and notify the customer when the order is received. |
| Gift registry | The system should support a gift registry. Customers should be able to register for desired merchandise by name and event. The system should track which items have been purchased and what is still on the list. |
| Patriot Act anti-money laundering reporting | The system should provide Patriot Act AML-required reports when purchases of “covered goods” of $50,000 or more are made in a single year. |
| Support for IRS form 8300 | If a person pays for merchandise with $10,000 or more in cash, the systems should flag the transaction and generate information for IRS Form 8300. |
Market Trends to Understand
The gift shop retail POS software market is gradually evolving with the introduction of new features and the changing needs of retailers. For example, Shopify POS solution enables retailers to manage orders from from mobile devices, such as iPads and iPhones.
Retail software buyers should keep in mind the below mentioned trends as they analyze POS solutions:
- Increase in mobile payments and digital wallets. Electronic payments have proven to be quick, safe and convenient for both retailers and customers.The retail industry is shifting from cash transactions to cashless alternatives using credit cards and digital wallets, such as PayPal, Apple Pay, Google Wallet and Capital One. So, it becomes important for retailers to embrace digital payments capabilities in their gift shops.
- Client retention through CRM modules. CRM modules enable retailers to retain existing clients as well as draw in new ones by running promotional campaigns, spreading brand awareness and managing social media marketing. Further, advanced systems assist gift shop retailers to send email and text campaigns, including vouchers codes or cashback offers on special occasions, such as anniversaries, birthdays and festivals.
- Integration of inventory management. The right level of inventory is essential for cost-effective and streamlined retail operations. Low inventory levels increase the risk of stock shortages while high inventory levels harm the profitability of retail operations. In order to prevent such situations, vendors are integrating inventory management functionalities with POS solutions. In addition, advanced retail solutions provide real-time inventory tracking capabilities to send automated notifications every time inventory reaches the minimum prescribed limit.
- Ease of using mobile POS. This functionality is useful for retailers who report active sales from remote locations, such as events, kiosks and tradeshows. Mobile POS enables gift shop retailers to process transactions wirelessly and review inventory levels from remote locations.