A retail POS system is traditionally viewed as a back-end solution, used to process sales and accept payments. However, a best-in-class POS system is much more than a simple management solution. A quality POS is a way to enhance the in-store experience and elevate the image of your brand, having a positive impact on the overall customer experience.
Resolve inventory issues
In 2014, Walmart executives revealed that they were leaving almost $3 billion on the table as a result of items being out of stock. This issue is frustrating for retailers and consumers who have to leave a store empty handed. A POS system that integrates with inventory management and accounting and reconciliation software can drastically reduce inventory problems. Retailers are able to easily track what is going out the door to more effectively coordinate restocking efforts and shift funds. From the customer's perspective, this will mean the shelves are always fully stocked and the items they desire are always available for purchase.
Meet customer demands
A 2017 consumer survey revealed that the main reason consumers chose to shop in physical stores was to experience products before purchasing them. To play to this consumer preference, retailers need to know which products customers most often want to test in advance, and ensure they always have these items in stock. A POS system that integrates with a customer relationship management (CRM) portal makes it easy to track purchasing behaviors. Retailers can therefore guarantee that when customers enter a store, they will find the products they hoped to purchase and have the chance to try them out. This will not only ensure a positive in-store experience, but it will limit the burden of customers refunding items which do not meet their expectations.
Improve speed and simplicity
According to a recent study conducted by Synqera, 73% of consumers claim that waiting in the checkout line is their number one retail pain point—and potentially a deciding factor when it comes to shopping in store or online. You can imagine how that frustration is only compounded when someone reaches the front of the line and is forced to use anything other than their preferred payment method. Leading POS solutions expedite the time it takes to complete transactions while facilitating a wider range of payment types. In the best cases, they even include mobile payment technology that allows consumers to bypass the checkout aisle entirely.
Enhance consumer outreach
When email marketing messages go unopened, consumers miss out on event and product announcements, and retailers in turn lose revenue opportunities. However, when promotional emails are personalized for the customer, transaction rates and revenue per email increase six times, with these emails boasting a 29% higher unique open rate and a 41% higher unique click rate. Despite these impressive figures, 70% of companies don't actually target individuals through email. A POS system that ties into marketing efforts makes it relatively easy to track what consumers buy, allowing retailers to reach out with customized information about new products and offers they know will be of interest to a specific customer. Retailers can therefore ensure that every touchpoint between the consumer and the brand is relevant and constructive.
Optimize customer service
If you believe customer service doesn’t have a real and tangible impact on sales, think again. As many as 78% of customers have abandoned a sale because of poor customer service, with 91% of these people refusing to return to the store as a result. Providing quality customer service is essential to keeping customers engaged—and it takes more than a warm smile. A POS system should integrate with HR data so that stores always have the right staff mix in place. These systems also facilitate intranet communications so that staff have instant access to the right information, insights, and support they need. From the customer's perspective, these retail staff appear well prepared and able to go that extra mile.
The very best POS systems will enhance the customer experience while seamlessly blending into the background. As the traditional checkout process becomes outdated, it’s important to equip your store for the future. An innovative POS system can smoothly integrate the act of purchasing into the overall sales experience, while adding opportunities to customize services and customer communications. Checkout may be the last part of the customer journey, but it is the centerpiece of the customer experience—so it pays to do it properly.
POS is only an advantage with the right suite of solutions in place. iQmetrix is a leader in this space with a specialty in wireless retail. Want to learn more?
Photo Credits: Shutterstock / MakeStory Studio, Shutterstock / Hadrian, Shutterstock / Focus and Blur