Increasingly, retailers are investing in retail technology to sharpen their competitive edge and improve their bottom lines. There is a wide array of retail technology options, but three in particular should not be overlooked.
Mobile Point of Sale
Mobile, tablet-based point of sale (POS) plays a critical role in increasing customer engagement and creating the types of customer experiences that build loyalty and boost sales. When mobile POS is part of a retail technology arsenal, brick-and-mortar stores can offer service that rivals shopping experiences online retailers can provide. Store associates using tablets to tap into the POS system have instant access to product and inventory information and can order out-of-stock items for in-store or home delivery. In addition, store associates can provide excellent customer service and improve shopping experiences by accessing purchase histories and preferences in order to make more effective upsell offers.
Mobile POS also eliminates having to tell a customer to queue up at a customer service counter or checkout to make a return or payment. Its line-busting capabilities allow your staff to accept payments anywhere in the store. All of this minimizes customer wait times and keeps customers happy.
Mobile POS technology also opens doors for new income streams. Retailers can accept payments outdoors at sidewalk sales, at pop-up shops, or even at remote events such as community festivals.
Real-Time Retail Management Software
Retail management software that enables you to monitor sales data and key performance indicators (KPIs) in real time enhances the visibility you have into your business. This retail technology helps you understand customer preferences, buying patterns, and demographics, as well as store operations. For example, with inventory management software, retailers can see which SKUs are selling and at what rate, ensuring that reorders are handled promptly. With this real-time snapshot, your business can avoid out of stocks that lead to lost sales — and overstocking, which can lead to waste and losses. Your stores can have the right inventory in stock, at the right time, and in the right quantities.
Additionally, retailers can assess store traffic at different times of the day and create staff schedules based on historical data. This ensures that an adequate number of employees are available to serve customers while simultaneously curtailing unnecessary labor expenditures.
Another benefit of this type of software is the ability to monitor the health of store systems and infrastructure. Otherwise, undetected IT problems may not be repaired before they cause major issues that disrupt sales and customer service.
Recruitment and On-Boarding Solutions
Beneficial retail technology isn’t confined to the front of the store. Recruiting, hiring and employee paperwork is time-consuming and can impinge on time managers need to spend on other areas of your business. Retail technology that helps merchants handle recruitment and on-boarding automates the payroll management, benefits management, and tax management processes. Employee data are sent to all systems simultaneously, eliminating wasted time rekeying information — as well as the potential to introduce errors when transferring information.
With recruitment and on-boarding solutions, retailers are also one step closer to going paperless, which can automate document tracking and give employees easy access to their own information.
With the current competitive climate of the retail industry, your business needs every advantage it can get to operate efficiently and profitably and to provide the best customer experiences it can offer. Leveraging retail technology, such as mobile POS, real-time retail management software, and integrated back-office solutions can provide the tools — and the edge — you need for success.
