Future-Proofing Your POS Business: Strategies for Long-Term Success
Value-added resellers (VARs) and independent software vendors (ISVs) dealing in point-of-sale (POS) solutions must be adaptable to ensure the long-term viability of their businesses. Future-proofing isn’t just about survival — it’s about thriving in the face of shifting market demands and technological advancements. Here are several strategies to help your POS business stay on top of a rapidly advancing industry.
Embrace Change and Innovation
The only constant in life is change, and that is certainly true when it comes to technological advances and customer expectations. Adaptability is one of the most critical factors for the long-term success of a POS business. VARs and ISVs that remain open-minded and embrace innovation are better positioned to navigate industry shifts. Encourage a culture that values continual improvement and is willing to pivot when necessary.
Prioritize Sustainability
Sustainability is no longer a trend — it’s a business imperative. Retailers and restaurants increasingly seek eco-friendly solutions to reduce their carbon footprint and enhance their brand image. POS value-added resellers can differentiate themselves in a competitive marketplace by offering energy-efficient hardware, digital receipts, and software solutions that optimize resourceful use.
Invest in Employee Development
Your team is one of your most valuable assets. As POS technology changes, so do the skills required to stay competitive. Businesses that invest in continual learning, upskilling, and leadership development programs build a more resilient team. Adequate training and the potential for advancement are also vital factors for employee retention. Offering technical training, industry certifications, and mentorship opportunities helps employees stay ahead of emerging trends and enhances customer support capabilities. Encourage participation and attendance at industry events — not just for the POS industry but also for the industries you serve, so your employees thoroughly understand specific customer needs.
Stay Ahead with Technology
Technology is reshaping the retail and hospitality industries, and businesses in those verticals that fail to keep up risk losing customers. Staying technologically relevant is crucial, whether it’s adopting mobile POS, leveraging AI-driven inventory management, or integrating payment processing innovations. Your POS business can stand out from the provider crowd by offering flexible, scalable, and customizable solutions that meet the current needs of any growing client.
Build Strong Customer Relationships
Retailers and hospitality operators expect more from their POS providers than just a transactional relationship. Your connection shouldn’t end when their newly purchased solution is dropped on their doorstep. They should be able to easily contact live human support for help with installation, troubleshooting, and updating. To future-proof your business, prioritize the customer experience by offering personalized support, proactive system monitoring, and flexible service plans, facilitating customer trust and satisfaction.
Diversify Revenue Streams
Relying solely on hardware sales or a single software offering is limiting and can make a business vulnerable. Explore opportunities for diversification through a Software-as-a-Service (SaaS) model, value-added services, or strategic partnerships with payment processors and e-commerce platforms. Customers will appreciate having all their needs covered under a single umbrella, and the continued relationship beyond the initial sale creates a greater lifetime value.
Develop a Resilient Business Model
Economic fluctuations, supply-chain disruptions, and regulatory changes can impact POS providers at any time (as they did, for example, during the pandemic). Creating a resilient business model involves risk assessment, contingency planning, and financial flexibility. Consider proactive strategies such as adopting a service-based revenue model, securing alternative hardware suppliers, and ensuring cloud redundancy to mitigate risks and maintain operational stability. Your clients will also appreciate knowing you have their backs; reliability fosters loyalty and continuing revenue.
Cultivate a Strong Company Culture
A company’s internal culture plays a significant role in its ability to adapt and thrive. POS VARs and ISVs with strong values, clear missions, and engaged employees are better equipped to handle challenges. Foster a workplace culture that promotes collaboration, inclusivity, and purpose-driven work to attract and retain top talent while maintaining a high level of productivity.
Are You Ready to Future-Proof Your Business?
Future-proofing a POS business requires a strategic and forward-thinking approach. By embracing innovation, sustainability, technology, employee investment, relationships, and resilience, POS value-added resellers and independent software vendors can ensure long-term success. If you’re interested in partnering with an ISO 9001:2015 certified manufacturer of POS hardware and touchscreen technology, contact Touch Dynamic to start future-proofing your growing business.
