Are you looking for a Retail POS system? What are some features to look for in this day and age?
After months of restrictions and quarantine, it is important for retailers to adapt quickly as health and economic implications of the novel coronavirus evolve. The article published by McKinsey titled The next normal in retail: Charting a path forward explores the changes in business landscapes and suggests changes that will help retailers stay equipped and remain resilient in face of this paradigm shift, and many more that will emerge. To succeed in this new normal, retailers must re-evaluate their revenue management practices, operating models, and digital capabilities. In light of emerging industry trends as a result of the COVID-19 pandemic, let’s explore together essential features that a POS system should have to help retail businesses thrive.
CRM & Loyalty
We understand how important it is for retail businesses to keep their customers close. A POS system that allows you to understand and gather preferences of your customers may help your store target customers better, ultimately driving sales and revenue. Build smarter marketing campaigns, offers and loyalty programs for customers that matter the most.
Inventory and Cost Control
Don’t bore yourself with logistics. This feature allows you to manage your inventory with ease, forecast stock with greater accuracy, and identify high-margin items for promotions. Insightful Reports to help you make more informed business decisions; Painless Product Matrices to accurately track and sort through your inventory stock, and Simple Scan Technologies to automate your inventory management. As our world adapts to an increasingly more digitised landscape, retail businesses must evolve and leverage such tools to stay afloat.
Analytics and Reporting
Gain full visibility over your insights of your daily sales for revenue and profit maximization. Sale summary reports and comparative reporting draw implications from your heaps of transactional data, so you spend less time sorting data, but understanding it.
Create all types of discounts to fit your needs and customize them to fit your customers! As the economy recovers, a complex discount model allows you to optimise the best outcomes from compound discounts, with custom parameters for different tiers and criteria available through a coupon management system.
The closing of a deal is a pivotal part of the customer experience journey. A POS system must be able to support flexible and secure payment methods, from credit cards to digital wallet platforms. In our fast-growing and globalised economy, it should also support multiple currencies and offer competitive transaction rates. Lastly, in light of trends in contactless payments accelerated by the pandemic, the POS system should also offer options such as Apple Pay/ Google Pay for seamless checkout processes.
This wraps up our article on the Top 5 Features Every Retail POS Must Have Post-COVID.
Thank you for your time and we hope you found this insightful. Our Bindo POS system offers all the above features and more! To learn more, schedule a call with our associate and arrange for a free demo! Alternatively, you may also visit our website to check out our other features.
Thumbnail Photo Credits: Tim Doughlas
Running a business is no walk in the park and can sometimes be as difficult as juggling chainsaws while riding a unicycle on a tightrope through a ring of fire. OK, that was a bit extreme, but you get the point. Not only is being the boss is hard, it requires a tremendous amount of time and commitment, and it also demands a person who is not afraid to fail.
It doesn’t matter if your entire retail business is online or if you run a brick and mortar retail store, ecommerce trends apply to you. That’s a trend in and of itself.