Best POS Inventory Systems for 2024

Why we chose Lightspeed

Lightspeed POS offers comprehensive and customizable features that are particularly beneficial if you want granular control over your stock.

With Lightspeed, you’re equipped with a full suite of tools designed to streamline your inventory processes. You can track your inventory in real-time, upload up to 10,000 SKUs in bulk, and access preloaded catalogs containing over 8 million items. 

It’s also particularly useful for multi-location retailers, allowing you to transfer stock between stores and view inventory across all locations in real-time. This feature is invaluable for businesses with complex distribution needs.

While Square offers basic inventory features at a lower cost, Lightspeed provides a higher level of detail and control. You’ll appreciate the detailed inventory reporting and the ability to manage product variations and bundles, features that are particularly useful for businesses with diverse product lines.

Shopify POS may excel in native e-commerce functionality, but Lightspeed wins out when you need intricate and scalable inventory management. It’s particularly well-suited for retailers who require in-depth stock control and analysis.

However, this flexibility comes with a trade-off—the system can be complex to set up initially. You should be prepared for a learning curve when first implementing Lightspeed in your business.

Of course, with a higher level of functionality comes a higher price tag—and Lightspeed is no exception. Pricing for Lightspeed starts at $89 per month, which is higher compared to some competitors. For instance, Square offers a free plan, making it a more budget-friendly option for smaller businesses or those just starting out. When processing payments through Lightspeed Payments, you’ll incur transaction fees of 2.6% + 10¢ per in-person transaction.

Also read: Best Retail POS Systems

Why we chose Shopify POS

For businesses looking to seamlessly blend online and physical store operations, Shopify POS is the go-to solution. It effortlessly syncs your sales channels, providing real-time inventory updates across all platforms.

With Shopify POS, you’re equipped to offer omnichannel selling features that modern customers expect. Want to let shoppers buy online and pick up in-store? No problem. Need to ship directly to customers from your physical location? Shopify’s got you covered. These features not only enhance customer convenience but also streamline your operations.

If you opt for the Pro version, which we recommend, you’ll gain access to advanced inventory management tools. Demand forecasting helps you stay ahead of trends, while low stock alerts ensure you’re never caught off guard. This level of control over your inventory is crucial for maintaining efficient operations.

Due to its powerful e-commerce platform, Shopify POS is superior to Square and Lightspeed when it comes to ecommerce. You’ll have all the tools you need to manage product listings, process payments, and track customer orders across all channels. 

When it comes to transaction fees, however, Shopify charges 2.4% to 2.7% per in-person transaction. This is slightly higher than Square’s rates, so it’s an important factor to consider in your decision-making process.

Why we chose Toast

As a restaurant owner or manager, you’ll find Toast POS stands out as the most convenient and efficient choice for inventory management in the food service industry. Its advanced features and tailored functionalities align closely with your unique operational needs, setting it apart from more generalized POS systems.

Toast’s pricing starts at $69 per month for the Point of Sale plan, with custom options available for more comprehensive needs. While this may be higher than some basic POS systems, the specialized restaurant features largely justify the investment. Compared to competitors like Lightspeed, which also offers advanced tools, Toast provides more industry-specific functionalities that can directly impact your restaurant’s efficiency and profitability.

One standout aspect of Toast is its integration with xtraCHEF, an ingredient and accounting software that Toast acquired. This add-on offers robust features such as recipe costing and waste management, which are not available in the standard Toast POS package. 

These tools provide detailed cost tracking and waste reduction strategies, helping you minimize waste and optimize inventory management. Real-time ingredient tracking automatically updates your stock levels, giving you a clear view of usage and aiding in informed purchasing and menu planning decisions.

Additionally, Toast offers detailed sales and labor reports, as well as advanced analytics. These insights can help you fine-tune your operations, from staff scheduling to menu optimization, ensuring your restaurant runs smoothly and efficiently. 

Why we chose Square for Retail

If you’re looking for a POS system that can grow with your business, keep your inventory in check, and won’t require an accounting degree to use, Square is your go-to choice. In addition to its features—which are fairly comprehensive— you can easily put them to work.

With Square, your inventory, accounting, and sales all speak the same language. That’s what you get with Square’s seamless integrations with apps like QuickBooks and Xero. You’ll have real-time tracking at your fingertips, get alerts when stock is running low, and manage items in bulk.

When comparing Square to competitors such as Clover, you’ll appreciate Square’s transparent and cost-effective pricing structure. There are no long-term contracts or hidden fees to worry about. New users can benefit from a free Square Reader, while the Square Terminal, priced at $299, offers an all-in-one solution for payment processing and inventory management.

Also read: Best POS for Small Business 

Why we chose KORONA

As a high-volume, high-risk retailer, KORONA POS is an ideal choice. This system offers a robust set of features tailored for businesses handling controlled substances, age-restricted items, and other high-risk products, in addition to standard retail items. 

KORONA POS’s processor-agnostic nature allows you to select payment processors that best suit your specific needs. This flexibility stands in contrast to systems like Shopify POS, which is tightly integrated with Shopify Payments.

When comparing KORONA POS to Lightspeed POS, you’ll notice several advantages. While both offer advanced inventory management features like real-time stock tracking and automated reorder alerts, KORONA POS provides stringent access controls for restricted items. These features are crucial for maintaining compliance and reducing shrinkage in your high-risk retail environment.

For your high-stakes retail environment, KORONA POS’s comprehensive customer support is invaluable. You’ll have access to 24/7 support through phone, chat, and email, ensuring immediate assistance whenever you need it. This level of support surpasses that of Shopify POS, which has received mixed reviews for its customer service.

If you’re managing multiple locations or planning to expand, KORONA POS offers robust multi-location management capabilities. This feature ensures consistent inventory practices and facilitates easy stock transfers between your outlets.

While you might face a steeper learning curve due to KORONA POS’s extensive functionalities, the benefits in security, compliance, and operational efficiency make it a superior choice for your high-risk, high-volume retail business. The system’s flexibility in payment processing and detailed reporting and analytics further enhance its appeal, ensuring you can operate smoothly and effectively in challenging environments.

Why we chose IT Retail

IT Retail is specifically designed with your industry in mind, offering features that cater to the unique needs of grocery stores.

IT Retail provides you with comprehensive inventory management tools, including automated reorder alerts, real-time stock tracking, and detailed vendor-specific reports. These features help you maintain optimal stock levels, reduce waste, and streamline your ordering processes.

IT Retail offers industry-specific solutions, including scanner scales, deli scales, self-checkout, and support for bottle deposits and EBT payments. 

Lightspeed, another strong contender in the retail POS market, falls short when it comes to grocery-specific functionalities. Although it offers advanced inventory management and detailed analytics, IT Retail surpasses it with features like integrated scanner scales and weighted-item tracking. These tools are indispensable for accurately pricing produce and other bulk items in your grocery store.

With IT Retail, you’ll benefit from powerful back-office capabilities. From a single dashboard, you can manage staff, track sales performance, and generate detailed reports. This centralized control is crucial for monitoring various aspects of your grocery operations simultaneously.

Customer support is another area where IT Retail shines. You’ll have access to 24/7 technical support and on-site training, ensuring that you and your staff can get help whenever you need it. This level of support is particularly valuable if you operate extended hours and need reliable assistance to maintain smooth operations.

By choosing IT Retail, you’re investing in a system that understands the intricacies of grocery store management. Its specialized features and dedicated support make it the ideal choice for efficiently managing your inventory and streamlining your operations.