Liquor Store POS Pricing: What To Consider And How Much To Spend?
It’s estimated that within 2022 the liquor store market size within the US will grow to $72.5bn, a 1.3% increase from 2021. With this inevitable boost in liquor store revenue, you want to make sure your POS system is keeping up with your business’ demand and that you have all the tools you need to make your store run as efficiently as possible. If your current system is not beneficial to your business, now is the time to start exploring new solutions and determining what a new liquor POS solution would cost you.
When looking to build yourself a complete liquor store solution, you will need to take time to review and educate yourself on what is available to you and what features you will need. Let’s explore a few questions you will need answered to find the best solution at the right price.
1. What Hardware Will You Require To Run Your Business Seamlessly?
When it comes to a POS solution for your liquor store, your customers will expect a certain level of efficiency. They don’t want to see a manual register that will take additional time out of their day; they want a modern piece of technology that gives them a speedy checkout experience. Streamline your checkout process by implementing an all-in-one style POS system. Look into liquor POS pricing on:
- Cashier touchscreens
- Customer-facing displays
- Barcode scanners
- Card readers
- Receipt printers
These elements will allow you to offer your customers the ability to see various details of their purchase as it’s rung up, and enable you to accept an array of payment methods. These solutions not only create a better customer experience but also create a cohesive management experience. These solutions enable management to track data in real-time for back-office management, so you can track inventory and keep a pulse on your store.
Carefully review provider offerings and ensure you can get all the hardware you need from a single vendor. This will make add-ons and support easier down the road creating a more efficient process.
2. Does The System You Are Looking At Have Warranty Coverage?
Yes, warranty coverage may bring your liquor store POS systems pricing up, but if the hardware has a good warranty plan, it is worth the additional dollars spent. While your POS system should last you several years, having a warranty plan that has next-day coverage, remote and onsite service, in-store repairs, replacement parts, and labor will extend the life expectancy of your system even more.
3. What Type of Software Should You Invest In?
While hardware may be the bones of your POS system, your software is the brains behind it. Without the correct style of software, your system is just a scan and bag shell of what it could be.
In exploring software, there are a few options available based on your needs:
- One-time license
- Software as a Service (SaaS)
SaaS applications give merchants the option to pay a monthly subscription for cloud-based software. These programs usually cover regular software maintenance without any additional fees and can be great for start-ups who need to keep their capital in pocket for other expenses. In comparison, a traditional software license could require additional fees for upgrades, add-ons, maintaining a server, and hosting the application.
You will also want to consider the size of your business when looking into software. Are you a single- or multi-store chain? This may determine if a cloud or server-based solution fits your liquor store best, for example a cloud-based solution can be better for multi-store chains as it is easier to manage from just one host location. These costs may vary from vendor to vendor depending on agreement coverage and terms of the license.
4. What Type Of eCommerce Integrations Are Available To You?
According to new research, eCommerce sales in the alcoholic beverage industry will reach more than $42 bn across key markets in the US by 2025. This demand for online ordering stems from customers, now more than ever before, requiring a higher level of convenience in their everyday retail experiences.
To offer this level of service, a POS System that allows for online ordering integration via delivery or in-store pickup is a must. This added integration will enable your liquor store to reach a larger audience you may not have had access to on your previous system. In addition, look for a POS solution with an inventory management solution, and you will be one step ahead of the competition when you integrate with online ordering.
5. What Is The Total Cost Of Ownership?
Make sure you always read the fine print. Some providers require additional costs that may not be well laid out in the contract. Therefore, you should always review it in its entirety to ensure no hidden fees.
- Are there installation fees?
- Will training and ongoing support be covered?
- What additional costs might I accrue along the way?
Cover all your bases upfront, so you know exactly what to expect from the buying, installation, and follow-up process; this should all be covered in your liquor store POS pricing. Take into consideration all costs for software, hardware, and services when comparing vendors, so you truly understand the total cost of ownership.
In the end, always make sure you are doing your research on the best in the industry, ask for and download buyer’s guides and ask for demos where you can so you can easily compare solution details, specifications, and pricing.