At a time when traditional retailers are already expected to fold up due to the emergence of mobile and online shopping, retailers continue to make the market highly competitive and still considered as a ‘choice retail destination’ for shoppers. Independent retailers, family-owned chains and established stores continue to offer customer-centric services and by tapping into new retail technologies.
The end result is a satisfied customer who keeps on returning to brick-and-mortar stores, and a retail environment that’s alive and highly competitive. And one technology that has been tapped in the retail environment is Point of Sale (POS) systems, a modern replacement to traditional cash registers.
An effective POS system for retail isn’t just designed for checkout- a POS can be a retailer’s best friend since it can support merchandise tracking, planning, ordering and analysis. In short, it can serve as a management tool that can work like a charm for every retailer.
A POS for retail is a must-have investment; unfortunately not everyone has maximized its full potential. Here are three (3) best practices and recommendations for action when it comes to POS for retail.
Retailers Not Backed By A Responsive POS For Retail Should Sign Up Now
Now is the best time to sign up for a reliable Point of Sale (POS) system, thanks to the presence of a number of companies that offer POS software, hardware and related professional services. With an increasing competition among industry players, the cost of POS software and services has dramatically changed, making the technology more affordable for independent retailers.
What was considered as expensive five years ago is now considered affordable for leading independent retailers. And when it comes to shopping for a new POS solution, it’s best to look fast the standard features, but focus on add-on functions that you can use as you grow your business. In short, a ‘scalable POS’ solution is a best fit for any independent retailer.
Don’t Just Track What Merchandise Sells, Capture Customer Product Preferences And Buying Patterns
What makes a POS system effective than traditional cash registers is that this doubles as a management tool to generate insights on customer preferences and buying patterns. This set of information is critical in a retail environment populated with different players. It is important to be sensitive and respectful when soliciting customer information.
For example, asking customers to fill up survey forms to identify their shopping preferences and patterns can be highly inconvenient, intrusive and uncomfortable especially if done when the customer in a hurry. This can be addressed by using a POS system that automatically stores customer transactions and purchase history, which can be accessed at any time.
Work With POS Providers That Understand Your Niche
Though traditional POS providers will offer comprehensive one-size-fits all POS solution that caters to all business types, keep in mind that a highly customized system serves as a better option. Mastering how to sell baked goods doesn’t automatically mean that you can translate the success to selling copier supplies and equipment.
The same is true for a retail POS- it should be tailor-made for a specific type of business. The idea here is to know first the providers and decide according to how well they know your market.