Written by Bobby Nairn, One Step Retail Solutions Business Development Manager
A modern point-of-sale system, or as we prefer to call it, retail management system, is so much more than your average checkout counter with a register and credit card reader. Today’s technologies offer a range of things you can do and a much clearer view of your business, and of course, your customers. The improved capabilities from these powerful new systems are inspiring change to the way retailers do business.
What we’ve found most interesting is that retailers are not only using these technologies to improve their business efficiencies but also as differentiators between their brand and the competition. Now we’re beginning to see retailers that have welcomed the adoption of technology and moved away from siloed or disconnected systems pave the way toward a new era of retail and distance themselves from the pack.
Shopper’s expectations will only continue to evolve throughout the digital-age, forcing retailers to feature a more relevant and engaging shopping experience. Today’s shoppers will no longer accept anything but the same, convenient customer experience—regardless of their chosen shopping channel. Retailers that can meet customers where they have a much greater impact on the customer experience, in turn, shaping a much more positive perception of the brand.
From complete connectivity and a 360-degree view of customers to flexible fulfillment options and smarter inventory management. Modern POS systems are at the center of a retailer’s business. Continue reading to uncover 5 must-haves for a modern retailer’s POS system…
Leveraging mobile devices such as an iPad or iPhone provides the opportunity for sales associates to be more agile on the floor. This is not only improving engagement with customers but also simplifying the transaction process. With access to real-time stock and inventory data, with a customer’s shopping history, behaviors, and preferences only a single click away, we are opening the door to a much more meaningful clienteling experience that is guaranteed to strengthen relationships with shoppers.
Use of mobile devices also brings the POS experience outside the traditional store, allowing for transactions at pop-ups, events, or wherever your heart desires.
A modern integrated POS system captures customer data and interfaces with existing customer relationship systems, providing instant access to all stored customer information. Associates can initiate and track relationships with customers, deliver incentives based on purchase history, and strengthen customer engagement and loyalty.
The system can also process returns and exchanges by scanning receipts or accessing customer data. This provides quick access for resolving any customer issues.
E-Commerce solutions are closely related and easily integrated with your in-store POS solution. This provides a unified experience for customers no matter which channel they come through. Complete access to stock counts, availability, pricing, and full catalog information is available in both your digital and physical environments. Customers can place an online order and pick it up the same day in-store or try on an item in-store and have it shipped to them from your warehouse or another location, offering shoppers much more flexibility in their fulfillment options.
Many systems connect directly to a vendor management system to allow placement of special orders directly from a wholesaler. Flexibility and seamless integrations are the most important elements of a modern POS system. They contribute to delivering a complete experience to customers across all channels.
STOCK AND INVENTORY
Tracking stock and determining ordering patterns becomes a lot simpler when your POS system integrates completely with your inventory management solution providing you with actionable data. You will not only be able to track items that are sold, but will also gain a complete picture of current stock numbers, automate triggered purchase orders to replenish stock, and easily transfer items between locations.
ANALYTICS AND INSIGHT
Arguably the biggest development in retail sales is the analytics that is collected and organized into reports by modern POS systems. Analytics provide actionable information for your business based on the raw data contained within your sales records. Tracking and viewing data related to sales trends, history, and the current status and stock of each location offer the chance to place future orders with a level of intelligence unseen before, outside of a few of the most remarkable brands on the planet. A deep dive down into your sales data will surely present amazing revelations to retail veterans who are used to tracking sales trends manually or simply by intuition.
The ability to gain this level of insight into past, current, and future operations have been a driving force behind the current revolution in retail management. A modern POS system helps retailers deliver a cohesive customer experience across all channels while also creating internal efficiencies to better manage your business.
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