Why An Integrated Epos Is Fundamental To Retailers Today
Without the suitable digital technology, it is hard for any retailer to defeat the present challenges faced by the sector. Unfortunately, it`s easy to be wowed by impressive technology, which isn`t important for your business and could result in a costly mistake.
Before you put resources in technology for your business, consider what will help improve your most fundamental operations, such as taking care of payments. This is one area that is now and again ignored however you shouldn`t underestimate the benefits technology like retail (electronic point of sale) epos software can give your business.
Offering extraordinary customer experience
Retail has moved onward from simply selling products and has evolved into a process that puts great emphasis on the experience customers have while interacting with your business. This considers elements like the convenience and value you offer at each step of the customer journey
An incredible customer experience can set you from your competitors, particularly if you work in a market officially saturated with choice. Retail epos software can help improve the customer experience you offer in various ways.
Many businesses are presently multi-channel, which means customers are probably going to interact with retailers in a few different ways. Even a single purchase may include them using both online and offline channels. As per a KPMG ponder, 35% of online purchases were later returned in store.
This means each of your channels should be seamlessly coordinated, so you can consistently deliver an extraordinary experience. An integrated epos system will make it less demanding to access information from different parts of the business, so you can manage customer queries more effectively.
For instance, you will have real time access to stock information across several channels, so if a customer can`t purchase what they need in-store you can tell them where they can get it. A few retailers now go a step further by offering to order items that are inaccessible in store and getting them delivered, free of charge, straightforwardly to the customer`s home.
Customers are also increasingly expecting their experiences to be customized. This means you need to understand them on an individual level, rather considering them to be an anonymised mass. Epos systems can give you access to data you can use to get acquainted with your customers better. For instance, you can use data on past purchases to give them customized offers on items they are probably going to buy.
Google and Econsultancy recently carried out an investigation where they asked leading marketers how they are using data to put the customer first. They found that 89% of effective organizations recognize it is critical to their development that they envision customer needs and provide assistive experiences along the customer journey
Offering an extraordinary customer experience will help improve customer loyalty and therefore boost your sales as well.
Insights to improve how you maintain your business
An integrated epos system can also give you access to important data you can analyze to attract insights on the best way to improve your business.
For example, it`ll make it easier to accurately identify your best selling items and which ones are not working out quite as well, so you can be more strategic when you replenish your stock.
You`ll also be able to identify your peak periods all the more effectively, so you can get ready for them in future.
By integrating with your accounting software, your financial information will also be more accurate and you`ll have the capacity to keep an eye on your profit margins in real time.
Integrating with your CRM software can enable you to reward your most loyal customers and even pre-empt their needs. You`ll also have the capacity to quickly get to customer data like their billing address, so you don`t need to waste time physically entering details.
Most customers now expect that businesses should offer a few payment techniques both online and in store. Attempting to rush on new payment strategies to a legacy system can be clunky and frustrate both your staff and customers. With an epos system, you can offer customers different payment options, so they are more averse to turn to a competitor who can provide food for their needs when you can`t.
Each retailer needs to access how digital technology can help improve their business. It is never again reasonable to depend on traditional system, while others are using technology to improve and grow their business.