The retail industry has been transacting via Point-of-Sale systems since 1990s. Traditionally, retailers used typical POS solution in the store to process, reconcile and optimize transactions thus completing purchases for shoppers' in-aisle.
However in contemporary times, retailers are keen to adopt Smart POS solutions integrated with multi-devices thus enabling retailers to 1) manage key store operations efficiently based on insights driven approach while cutting operations costs, 2) ensure customer satisfaction based on flexible purchase options while reducing total billing time and 3) Help the management of Frauds/ Operational Loss at the billing counters.
Below we focus on three key features of the integrated Smart POS solution that the industry experts have identified to help business sustain in modern competitive landscape.
Real Time Inventory Insights
Modern POS solution allows to process payments and track inventory with real time alerts mechanism that notifies stock re-order point details and provides holistic inventory purchase status.
Flexible Pricing and Promotions Rules
Modern POS solution has inbuilt flexible pricing and promotion engine that empowers users to set prices and promotions for selected periods and stores, thus maximizing profit while minimizing deep discounts that will cut into profit margins.
24*7 Secure Billing
Understanding internet connectivity at a pop-up store or at SME retailers operating in areas with intermittent connectivity, distributed store server architecture and built-in data protection ensure sales and operations are stored on the POS devices and automatically sync with headquarters once connectivity is restored
Control of Operational Losses and Fraud Management
Modern POS solutions help in tightening controls on billing management and discount patterns at the billing counters. Employee's authorization to discounts can be controlled using range based limits. Also movement of items including Freebies can be controlled by setting parameters in the system. In-built Fraud Management gives complete visibility and operational efficiency to the Retailers.
Having the above capabilities, my question to a retailer still exists "Is your POS system flexible? Is it flexible enough to do more than just processing daily transactions especially if you have large retail stores offering a wide range of products?"
For every retailer, it is ubiquitous to choose a POS where you can start with a basic set-up at a price attainable to your business, and later expand the features to meet the changing needs of your business as it grows. To raise above the competition a retailer must adopt the Point-of-Sale as:
- Digital point-of-sale lending
It has emerged as a new category of lending to help consumers finance new spending and to help merchants reduce basket abandonment. By partnering with banks and embracing digital technologies, merchants are competing directly with credit cards to provide customers with quick and easy short-term credit at the checkout.
- Mini ATMS
Disrupters like Unimarc (Chile) are emerging as mini ATMS to meet fast cash requirements of the customer. This works as a pull factor enabling the customer to make a new purchase while waiting to get their cash in hand.
- Add on Service Selling Counters
For rapidly expanding retailers, selling services via point-of-sale is becoming a fashion to connect with customers. In many parts of the world, people still depend on retailers to help them pay their utility bills, recharge mobile or dish services and even invest in lottery system.
- Accept all Payment Types
According to Business Insider, by 2020 mobile payments will account for $503 billion in sales. POS solutions accept credit and debit cards with leading payment processors around the world, and the ability to issue custom gift cards to be used in-store or online also enables retailers to increase revenue while reducing processing costs. Modern technology has helped emergence of wave cards/ contact less card payments, mobile based cards and the list is not limited in today's modern environment, which means that you should always be prepared and evolving.
If you are looking to achieve flexibility at POS to maximize the benefits of today's Omni channel retail environment, connect with our experts today:
About Author :
Richa Singhal is a marketing enthusiast who enjoys creating brand driven engagements in a competitive market with use of the dynamic media options available.