Top Retail and POS Trends for Small and Medium Sized Business
Retail Industry is one of the most dynamic industries in the business. Not only dynamic but retail market is also a highly competitive one. To deal with the challenges the retailer should understand the dynamics of the market and keep himself updated according to the retail trends and retail technology as well. Retail Technology including the Retail ERP software and POS solution will play a major role in this. Here it should be noted that retail technology does not only limits to the retail software but also the supporting technologies to enhance the in store experience of the customer
Following are the retail trends that will play a major role in shaping up the retail industry of tomorrow.
Virtual Reality: Every one of us wants to see how a particular product will look on us before making a purchase decision. Physically trying it out in retail store or while you receive the item, in case of online purchase is the normal practice today. A new way of assessing this has been emerged with the use of technology wherein you can put on a device and it will show you the picture very close to reality without even going to retail store or purchasing it online. Many global retailers along with the latest retail point of sale system are adapting this technology.
Customer Loyalty : This will continue to push the retail sale for ever. Rewarding the customers for each and every purchase not only will bind them with the brand in terms of repeat purchase but will also pursue them additional purchases and the word of mouth promotion of the brand. Cost of acquiring a new customer is always far more then retaining the existing one. A good retail software at the backend coupled with excellent retail point of sale system will play a major role in this while capturing the data during billing and rewarding the customer at the right time.
Mobile Payments: Going for a cashless transaction has picked up pace after the demonetization. It is not only convenient but also more secure for both customers and retailers .Although most of the POS retail systems have adapted this mode of payment but still there is a scope to make it more convenient and user friendly. The mobile payments using the retail POS during a retail sale should be as swift as convenient as it is using a cash transaction. Today’s POS solutions use OTP authentication. Although it is secure but it is a time consuming activity. If there is some other option like the biometric authentication may be integrated with the POS retail system then it will help in reducing the time take to complete a particular transaction.
In short, retail software should have the capability, for not only enhancing the efficiency in the retail store operations but also enhancing the buying experience of the customers. Only those POS solutions, which will adapt themselves according to the dynamic demands of retail industry, will survive.