8 Considerations for Retailers in Search of New Tech
If you’re in the world of buying and selling, you know keeping up with the competition is crucial to the success of your business. But with so many retail management and point-of-sale systems out there, how can you be sure you’re investing in the one that will benefit your bottom line most?
With the financial and switching costs associated with implementing a new software, both monetary and switching, we know choosing the right one can be stressful. That’s why we’ve broken down the decision-making process into these eight “must-ask” questions to help you pick the right tech that will propel your business forward.
First thing’s first
The number one question to ask yourself when looking into a new retail management and point-of-sale solution is: “Do I need one?”
While this may seem like a no-brainer, it’s important to understand why you’re starting your search in the first place. To determine if you truly need a new one, list out all of your business’s pain points and determine what your business needs are. Maybe it’s to increase profits or perhaps you’re after a retail management system and POS that improves efficiency. Regardless of the why, ask yourself: Is your current system causing you more pain points than it’s solving?
If your answer is “yes, my business needs a new retail software,” then the below checklist is exactly what you need to find your point-of-sale soulmate. We’ve categorized our need-to-answer questions so that you can focus on what’s most important to your organization.
You want smarter, speedier, friendlier transactions to keep customers coming back for more. Does this system have:
- Ability to keep track of sales, refunds, exchanges in a clear invoice numbering system?
- A system that reduces options at checkout for employees?
- Suggested selling options presented to employees in sales flows based on a customer’s prior purchases?
Customer Relationship Management
You want centralized customer data for personalized services at all touchpoints and locations. Does this system have:
- CRM A built-in, in-house loyalty program?
- Customer satisfaction tools like callbacks to ensure supreme service?
- The ability to run marketing campaigns based on criteria such as products purchased or not purchased, date-specific, location-specific?
You want streamlined, intelligent inventory to maximize sales opportunities. Does this system have:
- Ability to keep track of purchases, transfers between stores, RMA’s, warranty tracking?
- Reports to understand how products sell so you can optimize inventory?
- Stock balancing and auto ordering capabilities?
- Centralized inventory view; a bird’s-eye view on one screen?
You want empowered, confident employees who love what they do. Does this system have:
- Employee commissions that can be tracked in real-time?
- Visibility for employees to see their sales progress?
- Simplified employee management through scheduling transparency?
- Dashboards with easily accessible and relevant information employees need to know?
- HR capabilities such as scheduling, time tracking, and punch clock?
You want assembly-line efficiency behind-the-scenes. Does this system have:
- Easily set up taxes with correct computation (VAT, service tax, federal, state, etc)?
- Taxes setup by product and location?
- Integration into your accounting system?
- Security settings setup specific to each employee role to ensure complete security?
You want real-time analytics to make decisions when it matters. Does this system have:
- Real-time updates with all data taken in by the retail management system and POS?
- Reporting, analytics, metrics, and stats on all aspects of the system?
- Ability to create reports based on particular filters and send reports automatically?
You want to offer customers the best experience with a variety of systems that have your back. Does this system have:
- The ability to integrate with your eCommerce platform, vendor managed inventory, loyalty and marketing platforms, HR, payment processing, video intelligence, e-receipts, analytics, training, and recognition?
- PCI compliance built in to reduce fraud and protect your business?
It’s time to put together a business case for that new tech
What competition? By looking into these areas and considering what retail management and point-of-sale system would best fit your business needs, you can be confident that you’re making an informed, data-driven decision. With this new solution, even greater success for your business isn’t far behind!
It’s not enough to know that a new retail management and point-of-sale solution can better your bottom line, you’ve got to prove it. Showing the improvement to ROI is the first step to ensuring your hard work, researching effective retail solutions, doesn’t go to waste. Download the free whitepaper, ROI Uninterrupted and learn how you can build an effective business case to approve the software your business needs.