Five things retailers want from their POS system
A modern point-of-sale (POS) system is more than just a cashwrap with a register and a card reader. Options that provide connectivity, payment processing, and customer engagement are just the beginning.
Here are five revolutionary improvements that a new POS system can bring to a retail store.
Leveraging off-the-shelf mobile devices such as an iPad or iPhone provides the opportunity for sales associates to walk the floor and not only engage customers but also complete transactions, access stock and inventory data, and even capture customer information for loyalty and membership programs. Card-reader and scanner add-on devices streamline the sales process and allow associates to provide on-the-spot information, interaction, and checkout.
Use of mobile devices also brings the POS experience outside the traditional store, allowing for quick transactions at event-style sales spaces such as a pop-up store.
A modern integrated POS system captures customer data and interfaces with existing customer relationship systems. The mobile POS device provides instant access to all stored customer information. Associates can initiate and track relationships with customers right from the sales floor, deliver incentives based on purchase history, and build 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 customer issues anywhere in the store.
Ecommerce solutions are closely related and easily integrated with the in-store POS solution. This provides a common experience for customers no matter what channel the come through. Complete access to stock counts, availability, pricing and full catalog information is available both on your ecommerce platform and in the store. Customers can place an online order and pick it up the same day in the store or see an item at the retail location and have it shipped to them from your warehouse.
Some systems even connect directly to vendor management systems to allow placement of special orders directly from the wholesaler. Flexibility and across-the-board seamless integration are the most important elements of a modern POS system. They contribute to delivering a complete experience to customers on all channels.
Stock and Inventory
Tracking stock and determining ordering patterns becomes simpler when your POS system integrates completely with your inventory system. You not only automatically track items that are sold, but can also get a complete picture for current stock numbers, set up automatic purchase orders to replenish stock, and easily transfer items between locations.
Analytics and insight
The biggest evolution in retail sales is the reporting and analytics that comes along with modern POS systems. Analytics create meaningful information 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 at each location offers the chance to place future orders with a level of intelligence not seen before outside of the biggest retailers in the world. The deep dive down into the sales data is an amazing revelation to retail veterans who are used to tracking sales trends with complicated paperwork or just plain simple intuition.
The ability to gain this level of insight into past, current, and future operations has driven a revolution in retail management. A modern POS delivers all this along with an enhanced customer experience.
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