Keeping up with tech trends should be one of the top priorities for a retailer. It has been a game changer in terms of boosting the retail sector’s online presence. Nowadays, not only do software packages assist in providing excellent customer service, but other tech upgrades like point of sale systems and inventory trackers help businesses remain lean and efficient.
The rise of cloud technologies and e-commerce has only added to the suite of technology that retailers need to have at their fingertips. Here are a few new and changing technologies that your business needs to stay competitive.
Point of Sale Option
Customers have numerous ways to pay their bills, with some entrepreneurs offering clients a variety of payment options from online to in-store to social and mobile portals.
Some recent changes in POS technology include
- Cloud-based systems
- Integrated services
- Real-time reporting
- Customer data storage
- Reporting features
Cloud-based Systems and Integration
Retailers are looking for cost-effective ways to keep overhead costs low. Brick-and-mortar stores are not disappearing, but in order for them to remain profitable, they must do more with less. This means fewer employees with fewer hours, targeted marketing and promotions and lean inventory strategies.
Cloud-based systems are capable of integrating with accounting software, inventory tracking, employee scheduling, and customer relationship management services. With real-time reporting and data visualization tools, business owners are able to assess their organization’s efficiency and reduce costs.
POS systems that are capable of tracking customer data, monitoring inventory supplies and logging employee hours are highly multi-functional technological devices. Retailers need to only run reports through their POS dashboard to measure business success on a daily, monthly or quarterly basis.
Online and Offline Integrations
A recent Forbes article discusses the various quirks experienced by different retailers and changes in POS systems. For restaurants and other businesses that rely heavily on deliveries, integrated POS systems must include both an online and offline portal complete with payment options and ordering capabilities.
This back-end-meets-front-end scenario is expected to become a standard throughout the restaurant industry. Staying competitive in such a tight market could mean the difference between closing shop or expanding locations.
Customer Data and Security
The mention of customer data storage may make some retailers and customers uncomfortable. A rise in data breaches and the losses they impose on all stakeholders can be a harsh reality.
POS systems that offer security encryption are standard but to truly ensure that your customers’ data are secure you should consider the following POS security developments:
- Ensure end-to-end encryption
- Lock down physical devices
- Maintain PCI compliance
- Perform security checks
When it comes to digital security, choose third-party vendors with care. When shopping for third-party software vendors, integration and scalability are always a plus. However, security should remain a top priority.
It might seem like common sense, but upgrading your POS hardware is essential for maintaining security, speeding up processes and building customer trust and loyalty. Everything from chip scanners to tap payments proves to customers that your business is cutting edge.
With competition reaching breakneck speed on a daily basis, a need for constant upgrades is the only answer to remain at par.