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How To Turn Retail Obstacles into Opportunities Using Modern Retail Technology
October 26, 2018 / 6 minute read / By Robert Josefs
Blog
Learn 5 ways to use newer retail technology to help you sell more
Small and medium-sized businesses in the retail industry should constantly seek new ways to succeed in the competitive market. Challenges in running a retail business can be discouraging and sometimes overwhelming.
However, with the latest advancements in retail technology, this doesn’t have to be the case.
Business owners can gain valuable insights from powerful and easy-to-use point-of-sale (POS) systems, enabling them to transform problems into opportunities.
Here are some examples of how small and medium-sized retail businesses can turn common challenges into advantages using retail technology.
Customize Product Classifications in your POS System
Retailers with specialized product listings may find it daunting to customize their POS system to meet their specific needs. However, the more specialized a store’s product listing is, the more valuable retail software can be.
Point-of-sale (POS) software can be customized to create unique product classifications, allowing retailers to achieve a level of organization that was previously impossible. In fact, automation has made it much easier for retailers to maintain smooth operations.
For instance, a high-end shoe store might want to create separate categories for brand, size, sub-size, color, and heel height. With the right retail POS software, retailers can easily manage all levels of attributes effectively with 3-dimensional matrices, all the way from ordering, to reporting and every phase of the product life cycle.
With precise inventory management, managers can instantly determine when certain shoe styles are running low on stock or identify similar shoes that might appeal to a customer without having to rely on a salesperson’s memory.
The possibilities are endless and could ultimately become a key factor in the success of your business.
Update Retail POS System Hardware
Updating your POS system and retail software no longer requires expensive hardware upgrades. Thanks to the widespread adoption of cloud technology, a variety of devices, such as smartphones, tablets, and desktops, can now function as part of your POS system.
This flexibility allows retailers to easily access store records, process sales, and analyze customer behavior from virtually anywhere.
Business owners who feel burdened by the thought of constant hardware updates can breathe a sigh of relief.
Ways to Update your POS Hardware in your Store:
With cloud-based POS systems, hardware upgrades are less frequent and less costly, allowing retailers to focus on their core business operations. Additionally, cloud-based systems facilitate team collaboration and ensure that all employees are operating on the same platform, eliminating inconsistencies and enhancing overall efficiency.
Stay Up-to-date with Emerging Retail Technology
Technology is constantly evolving, and brick and mortar and online retailers need to stay up-to-date with the latest trends to remain competitive.
One of the most important retail technologies that is constantly evolving is point-of-sale (POS) software.
Modern POS systems come equipped with a wide range of components, including:
Choosing a retail software provider that supports all of these components and keeps up with industry changes is essential. By staying up-to-date with emerging technologies, online retailers can improve the experience for themselves, their staff, and their customers.
Evolve your Retail Store Customer Service
Nothing is more important to retailers than data. By monitoring inventory and sales data more effectively through your POS software, you can provide valuable insights to sales associates, enabling them to identify loyal customers and reward them with unexpected gestures.
This act of appreciation not only reinforces employee satisfaction with the POS system but also encourages customers to continue patronizing the business.
Data Points Helping Improve Customer Service:
Collecting and analyzing all of these types of data points, plus many more, can help you save on overhead, ensure your store is properly stocked and staffed, and encourage loyalty and repeat business with your customers.
By combining this approach with advanced inventory management, businesses can strategically send out promotions for overstocked items, benefiting both the business and its customers.
Optimize your Product Assortment
Retailers need to continuously monitor product performance, identifying which items are overstocked, understocked, overperforming, or underperforming.
Understocked products can be replenished, while overperforming products can be given more prominent placement.
By offering incentives, such as increased sales commissions or special deals, these previously overlooked items can start moving off the shelves, making way for more profitable merchandise.
Another great way to optimize your inventory and ensure you have the right products stocked at all times is to integrate with your suppliers. Through your POS system, you can import product catalogs and send your purchase orders, electronically.
You can even lean on your POS software to help you know when you need to order products at the right time.
Steps to Automate your Ordering with Vendors:
Never Stop Evolving and Growing your Retail Business
The biggest takeaway is that the most nimble retailers will be the most successful. By constantly evolving and making changes to your business, you will ensure you are staying competitive.
The right retail technology can make a huge difference for your business. It will not only help you operate your store and online sales more efficiently, but it can help you sell more products by helping your staff more effectively serve your customers.
Learn more about how retailers like you have evolved their businesses with modern retail technology.
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