The retail world is now run by empowered consumers. Today’s consumers expect convenience, speed, and personalization. Customers not only want convenience in how they shop, buy, and receive products, they also expect products to be made available to them in a faster manner. Through personalization, customers expect a unique experience that tailors to their needs.
In order to keep up with growing and changing customer expectations, it’s crucial that your business uses a POS system. Quality POS systems streamline business operations which improve overall customer satisfaction. The happier your customers are, the more likely they are to continue to do business with your brand.
Here’s how the right POS system can drive sales and profitability.
Efficient Inventory Management
Your company’s visibility is pertinent. There’s nothing worse than having to tell a customer that you’re out of stock of a product that they wanted to buy. More often than not when this happens, customers will head to a nearby competitor that has the item in stock.
Inventory optimization provides real-time numbers, alerts, and auto-orders, ensuring that your most popular items are always in stock. This ensures customer satisfaction and minimizes the risk of losing a customer to a competitor.
A real-time look into your inventory also enables you to see which items are selling the fastest and which ones are sitting on the shelves for longer than expected. Inventory management through a POS system makes it easier for sales associates to determine system-wide availability.
Using the inventory data provided by the POS system, you can make smart reordering decisions. By seeing which items are selling the fastest and the slowest, you can ensure that your business dollars are being spent in the best way possible. This, in turn, ensures greater profitability.
Mobility is one of the driving forces in the business world. In the retail industry, using a mobile POS system enables your company to do business differently. No longer are customers forced to stand in line and wait for their turn at the checkout register.
With a mobile POS system, sales associates can walk around the store with a tablet and complete transactions from anywhere in the store. This is a huge convenience for customers. Mobile checkout points also increase the chance of impulse buys, which drives profits and of course, sales numbers.
Using a mobile POS system also makes your employees more effective at their job. With more consistent interfacing with customers, employees can improve their ability to pitch sales and to provide a top-notch customer experience.
Consumers want more flexibility when they shop. This greatly applies to how customers receive the products that they’ve shopped for. If you run a brick and mortar store and an E-commerce website, flexibility is crucial. You want to offer a variety of delivery options.
If a product isn’t available in store, customers should be able to:
- Have the item delivered to their home
- Have the item delivered to the store and picked up in a few days
- Pick up the item at a different store location
With these added options, you can serve customers even when a specific item is out of stock. This ensures customer satisfaction and ensures that sales don’t go to your competitors.
Customer Relationship Management
Customer relationship management is multi-faceted. One of the most important factors of CRM is keeping customers in the know and rewarding them. Showing customers that you value them is a tried and true way to keep customers coming back.
By using the customer information collected by the POS system, you can reward customers with discounts and coupons. You can also inform them of upcoming sales and specials. This data can also be used for marketing campaigns such as:
- Sending a special birthday coupon each month for customers
- Offering discounts to customers who haven’t shopped in a while
- Thanking new customers with a coupon
When CRM is high on your business’ goal list, you can provide a top-notch customer experience that keeps people coming back.
The purpose of a loyalty program is to engage and reward your top customers. This not only increases sales, but it also enhances brand experience and increases customer retention. By creating lasting and profitable customer relationships, you’ll have brand ambassadors and advocates for the life of your company.
POS systems are quite helpful in creating a solid loyalty program. Using the data collected by the POS system, you can determine who your top customers are. Knowing who shops the most at your company makes it much easier to identify who to reward.
The right POS system can not only speed up transaction times and enable you to track sales on a granular level. These systems can also drive sales and profitability. These factors are critical to the success of your business, enabling you to be one step ahead of your competitors.