Retailers are enjoying great profits since the invention of the cash register feature of retail management software. The shift of the industry from traditional to technology has provided various opportunities to the retailers. The industry is constantly evolving and experiencing new innovation that is increasing their profit margins in ways that could never be possible through traditional accountancy methods. And do you know what has made the retail industry one of the most potential industries now and in the future? It is the constant updating technology with no end in sight. Improving store efficiency, management and their relationship with customers that is resulting in abnormal profits.
Some of the recent innovations in the retail industry are discussed as follows:
Retail POS with Enabled Mobile Payment Feature
In this era of digitalization, mobile phones have replaced all other sources of communication by offering improved accessibility and connectivity. People remain updated and can access any required information without geographical or any other related barrier. In other words, digitalization has spoiled people by providing convenience therefore; it has impacted the retail industry as well. In response to these recent changes, retail POS has incorporated mobile payment feature. Not only the customers, but the retailers have also been spoiled with this technology as the almost 48% of the retailers choose mobile cash registers over traditional.
What is this new mobile retail Point of Sale software? It is simply an updated cash register that can record the payments made by the customers through their mobile phone. This new innovation has supported impulsive buying because it has enabled the customers to purchase even if they are not carrying cash or debit/credit card. The customers can make the payment instantly through their mobile phones and it gets accepted and recorded in the new and updated cash register.
And do you know how the whole mobile payment system works? They are also known as mobile wallets that are basically software installed in mobiles for allowing the customer to pay digitally to the retailers. These wallets have been existed for quite long but were not integrated and supported by retail management software. It has been made possible in the retail stores by using NFC (near-field communication) technology or by checking in to the store and authorizing the payment. Some of the popularly available wallets are Apple Pay, PayPal and Google Pay. They have been smartly integrated into both desktop retail management software and cloud pos systems.
Cloud-Based POS System for their Stores
Although traditional POS has conquered the retail industry by eliminating the traditional accountancy methods its infrastructure and cost has left a big gap. Technology has fulfilled this gap by offering a cloud POS system based on the SaaS Model that has dramatically reduced the cost of the system as it was before. The cost of dedicated servers and industrial computers required in the legacy POS system has made these systems affordable to big enterprises only. This is because of the added cost of hardware, its installation and maintenance made it unaffordable by small and medium-sized retailers.
Whereas, this innovation in the Retail POS has not only encouraged small retailers but its added features have also forced big enterprises and retail stores to update their existing system. The limitation of restricting the operations within the retail store has also been resolved by this new trend in the market. It has enabled the retailers to purchase a robust cloud-based POS solution just for a fraction of the cost. Other than this, the majority of the retailers are shifting towards the cloud-based POS software because of the extended access to the store data and improved communication with the customers.
Improved Data and Analytics
One of the main reasons that have motivated the big retailers in the past to invest in the deployment and maintenance of Retail POS is to get real-time data and analytics of their store. The small retailers and entrepreneurs are also dependent on this analytics and require quick access in order to improve their efficiency along with profits. The limitation of desktop POS to operate within the store has caused issues to the retailers in tracking and accessing the real data with their convenience. Therefore, recent updates in the industry have been focusing on this key aspect and have successfully improved the reporting.
The updated retail management software has realized this need of the retailers and started working on enabling screenshot option for capturing important business data including sales revenue, details of breakeven, number of the transactions made along with it types and etc. Other than this, the analytics of cloud-based POS for stores has also been updated to drill down the timings of those transactions and also the peak hours. This can help the retailers in properly staffing the store in order to enhance their customers’ experience. Furthermore, this analytics can also guide the retailers in analyzing the products that are in demand and also the products with low turnover. These statistics will automatically be improving the cash allocation of the store and increased the opportunity of generating more returns. In other words, this innovation in retail POS can be effectively used by the retailers for improving their understanding and relationship with the customers.
Improved and Most Efficient CRM
Retail POS has replaced the traditional store management practices by offering efficiency and it maintained its importance by improving customer relations manager of the retailers. POS played an important role in spoiling the customers and in encouraging them to demand exceptional experience from the retailers. It has come to the point where customer experience is defining the sustainability of the store. In consideration of these changing dynamics of the retail industry, retail accountancy software is updated for improving the personalization of the customer. This is because the customers are expecting more than just emailing. The new trend of Retail Management Software supports customized communication with individual customers based on their previous preferences and behavior with the store.
Moreover, the updated technology of Retail accountancy software will be utilizing Bluetooth technology and near field communication in order to improve customer experience. It will be enabling the retailers to greet the customers as soon as they enter the store and assist them according to their specific preference. In other words, a customer can filter their search on a company website, the recent updates in retail Point of Sale offer the same convenience and experience in stores without requiring any effort from their customers. These installed systems will also be enabling the retailers to promote specific products on screen as soon as a customer walks in for helping them buy the most relevant solution. This will help the retailers in attracting, satisfying and sustaining the customers. Having this information saved in the database, tailored emails and promotions can be made to the customers without hiring any extra resource because the system can handle this all with efficiency.
These are some of the innovations in Retail POS that are already in process but technology always surprises with new unexpected updates. We can expect from artificial intelligence to completely replace human efforts from retail stores or destroy bricks and mortar model by fulfilling customer’s need on their doorsteps.