In recent years, point of sale (POS) retail experiences have become increasingly connected, data-driven, and digital. And the COVID-19 pandemic has only accelerated these trends. Seventy-five percent of Americans have changed their shopping behaviors due to the pandemic. The “next normal” for retailers is expected to reflect the consumer shift to a “digital-first” mindset, with online interactions accounting for 60 percent of customer engagements in 2020, compared to 42 percent in 2019.
How well does your retail POS system measure up to the following trends?
Omni-channel experiences are a priority.
Today’s customers expect retailers to know their purchase history and preferences, regardless of how they decide to shop – in-store, online, or a combination of the two. Your POS system must integrate your brick-and-mortar and e-commerce data. From sales activity and inventory management through customer profiles and marketing outreach, your POS system should do the heavy lifting to bring the information together and help you deliver a seamless customer experience.
When your data is accessible and integrated, adapting to changing market demands and customer expectations is easier. And it pays off. For example, shoppers rewarded retailers who were able to adapt to offer “Buy Online, Pick Up in Store” or curbside pick-up options with a 52 percent growth rate in year-over-year digital sales in December 2020, compared to 36 percent for retailers not offering the options. Plus, the value isn’t just for the short-term. Omnichannel customers spend up to 35 percent more per transaction and have a 30 percent higher customer lifetime value compared to single-channel shoppers.
Related: Customer Expectations: Why Retailers Need to Deliver an Omnichannel Experience
Data drives decisions and exceptional experiences.
In the ultra-competitive, rapidly evolving marketplace, retailers must have easy access to the data needed to make confident decisions on the fly. Producing standard reports via your POS system showing sales volumes, per transaction volumes, and best or slow-selling inventory items is essential. But so is the ability to drill down for greater detail to help you understand changing behaviors and identify opportunities.
Data is also the key to delivering the personalized experiences customers expect. Leverage your POS system to capture customer profile information, such as contact details, purchase history, style or brand preferences, birthdates, and hobbies. Then, make sure the profile information is easy to apply to your digital and marketing experiences as well as accessible for your sales teams to reference at checkout. When a shopping experience is personalized for the customer, they are 110 percent more likely to purchase additional items and 40 percent more likely to spend more than they originally planned.
Related: Turn Your Retail Data into a Competitive Advantage
Mobility matters more than ever.
A desire for checkout ease and data security is prompting retailers and customers to prioritize mobile POS capabilities as well as the ability to accept mobile payments. Mobile POS technology enhances in-store sales teams’ ability to provide a seamless, personalized shopping experience with tablet-based access to inventory lookups, customer profile information, and checkout functionality from anywhere in the store. Mobile POS can be a differentiator. Nearly half of retailers don’t have mobile POS capabilities today.
Mobile matters to customers, too. While debit and credit cards are still the go-to options for most shoppers, the use of mobile or contactless payment options, like Google Pay and Apple Pay, via smartphones is growing rapidly. According to recent research, more than half of the global population will use digital wallets by 2024. That means it’s critical to ensure your POS system makes these types of contactless transactions possible and easy starting now.
Related: Does Your POS System Have the Right Answers to These 3 Questions?
Subscription offers are hot.
Another trend accelerated by the COVID-19 pandemic is the popularity of subscription purchase options. Overall, retail subscription enrollments jumped 41 percent in 2020. Along with purchasing convenience for items they use regularly, consumers are also turning to specialized subscription offers – such as “wine of the month” or “block of the month quilting” subscriptions – to fulfill personal interests and their desire for customized shopping.
Tailored subscription offers are a win for retailers as well, creating repeat purchases and strengthening customer loyalty. Your POS system can make delivering subscription services profitable and efficient. Look for POS capabilities that enable recurring billing that allows you to automate billing for groups of customers.
How does your POS system stack up?
Ready to take on the latest POS trends? POSIM is a point-of-sale and inventory management system designed to help you empower inventory ease, integrate e-commerce, and mobilize your point-of-sale experience. Contact us for a demo today to explore what’s possible with POSIM.