4 Things Brands Really Need in Retail POS
A POS system isn't just a means of keeping track of who buys what out of your retail store or shopping market. It's a window into the complete operations of your retail business.
The right kind of POS system will enable you to get a complete and comprehensive overview of what is happening at every stage of your retail business life cycle.
POS systems, inventories and your supply chain
Retail billing systems and POS systems should have the ability to generate reports that allow an in-depth analysis of supply chain and logistics data in conjunction with your procurement management systems. The Retail POS solution should cover the entire retail lifecycle from stock procurement to the final sale. Having such a Retail POS ensures your store is never out stocked.
Can your retail POS system tell you what’s selling and how fast?
Another feature that’s usually overlooked is determining the speed at which sales accrue for different items on your shopping store shelves.
Having this data at your fingertips allows you to make quick decisions based on what stock to acquire and what to stop buying because it doesn't sell.
Personalization, omnichannel marketing and customer journeys
Omnichannel marketing is a leading strategic objective among the top retailers in the world. Consumers are expecting personalization at deeper levels. They expect the seller to know their preferences based on personal details and want the seller to understand their needs and provide complete shopping experiences that excite and entertain them. If you want to retain customers in today’s world, this is the way forward.
But how do you accomplish all that?
Very soon customers will expect complete shopping journeys to be made possible. Retail POS systems that integrate with Customer Data Platforms (CDP), aggregate data from multiple sources and enable you to dig deeper are the future of retail. Artificial Intelligence (AI) and Machine Learning (ML) enabled billing systems can help gather data, analyze it for trends, and give your customers relevant suggestions both online and offline. These insights will help your retail business personalize the customer’s experience, no matter what the interaction touchpoint is - digital, real-world, or mobile.
Does your POS empower your sales teams?
Retail business isn't just about customers. Sales enablement is one of the most important factors that decides the success or failure of a retail business. A 360-degree retail POS system will allow modern sales enablement methodologies to be deployed across your sales team consistently and proactively.
Imagine the ability to incentivize your on-floor sales team to be able to promote a high-ticket item like a home theatre system. A modern POS System should function like a sales Command and Control Centre that allows you to not just create teams based on product categories but also gives you the ability to allocate resources and budgets; plugin promotional campaigns and track sales incentives too.
Gone are the days of thinking of your POS system as just a glorified cash register. As a modern forward-thinking retail business, you need to up your retail game because the future isn't going to wait for anyone.
Don't get left behind.
Connect with our experts at Ginesys for the right POS systems that will make your retail business awesome.