In today’s retail industry, POS software is an essential revenue tool. It's difficult to imagine running any store without one, and it's impossible to capitalize on digital channels without digital payment capabilities. Having a POS system is undeniably an advantage. The question then becomes: is it also an obstacle?
The retail sector is a highly competitive space, and those who rest on their laurels run the risk of falling behind. In order for wireless retailers to sustain their growth they must seize every revenue opportunity available. And with an outdated or under-powered POS system, this becomes a lot harder to do. In order to properly identify whether your POS is costing you revenue opportunities, we suggest asking yourself these questions.
Does your POS integrate with other systems?
POS systems are primarily associated with payments, but they're more like a hub for all retail operations. A system that does not integrate with loyalty programs, feed data into a CRM, or automatically generate marketing insights forces managers to do those things manually, which takes a lot of time and effort. As a result, it's likely to get neglected, which hurts the store's ability to engage consumers and cultivate loyalty. Considering as many as 78% of customers have abandoned a sale due to poor customer service, this inadequacy can clearly hurt the bottom line.
Can you collect and manage consumer data?
Every POS system is design to track data but many have very limited functionality. This is ultimately a lost opportunity—every sale reveals something about the individual consumer. As wireless retailers try to stand out from the competition, consumer data is invaluable for targeting marketing messages, adjusting promotions, and updating the inventory. A POS system that does not facilitate a data-driven approach means important decisions are based on assumptions and guesses, and opportunities to send marketing materials to those customers who will be the most receptive to them are lost.
Has inventory become unmanageable?
Every POS system is also designed to track inventory, but many offer little more than running totals. This forces managers to invest a lot in inventory control while dealing almost inevitably with out-of-stock or surplus items. A next-generation POS tracks inventory while also automating purchase orders and compiling retail analytics. This ensures the ideal product mix is in stock at all times. Without these capabilities, retailers are forced to make apologies for their underwhelming inventory, and lose customers in the process.
Are you able to manage the omnichannel?
The physical store is just one of many sales channels that retailers must manage simultaneously. A POS solution that integrates with some but not all of these channels is an obstacle. Accounting and inventory data inevitably become inaccurate, and retailers struggle to create a seamless experience across channels. Older POS systems were built for brick-and-mortar stores first and foremost, which is why they've struggled to adapt to the omnichannel. Creating a seamless experience for customers across all channels ensures customers will not get frustrated and give up on a purchase.
Is your POS designed for the wireless industry?
A POS solution is not intended to be one-size-fits-all in spite of what the developers say. The simple truth is that every retail sector is different and comes with different technological needs. A POS that is built specifically for wireless retailers makes things like carrier reconciliation, phone activation, and warranty tracking simple and largely automatic. That is another way of saying that a wireless retail POS lets staff focus less on screens and forms and more on customers and service.
When push comes to shove, your POS system shouldn’t just handle payments, it should streamline your retail operations. Why not make a single upgrade that unleashes the full potential of your store? You may be surprised to discover all the little ways sales have been falling through the cracks.
iQmetrix specializes in next-generation POS solutions tailored for the wireless industry. It's never been easier to manage day to day operations while planning for a bright future. When you're ready to learn more about the revolution in retail, contact our team for a consultation.
Photo Credit: Shutterstock / REDPIXEL.PL, Shutterstock / Rawpixel. Shutterstock / WAYHOME studio