The blending of innovative technology into traditional retail businesses has been sparking growth spurts in smaller retailers. Small to medium-sized retailers are no longer limited to low-cost, gimmicky, or “free” POS options, and now can enjoy the full slate of robust POS technologies that were formerly obtainable only by Big Box retail. However, this positive and exciting transition brings about some important questions that must first be answered before pursuing a higher level of technology.
Point of sale system design starts with understanding the fundamentals of how your business can best use the offered technology. An important part of this process is the thorough examination of each core area of your business. When you categorize your core processes into three important pieces, you will be presented with a guide that can be used towards designing an effective and revenue-boosting POS platform.
Consolidate and Maximize How You Use Data to Boost Performance
We can speak about the importance that data holds in business until we are blue in the face, and still have volumes more left unspoken. Our fast-paced, consumer-driven business world requires that any business, regardless of size, must have the ability to securely store data. They must also possess multiple options to access and analyze this data so that an appropriate response to statistical trends can be accurately implemented.
An important portion of your POS system design will be ramping up your data game. A handful of important POS design considerations to help you to implement advanced data management features must include:
- Cloud-based data storage
- POS solution app to allow for access from anywhere
- Customized reporting for easy data analysis
- Monitoring and alerting capabilities
These key points serve to form a solid foundation that ensures that you get the maximum out of the data you acquire. Customer information, sales transactions, and inventory levels are easily managed behind the scenes and with a minimal amount of touch on your part. This gives you a highly accessible, precise way to analyze data so that you can provide a higher level of customer service while eliminating wasteful business practices.
Upping Your Customer Service Game
An important pillar of a concisely designed POS solution is its ability to improve the level of customer service that you provide. Having modern data analytic tools in your pocket will give you an immediate edge over the competition by allowing you to gain clear insights into customer behaviors. This allows you to rapidly adjust your product and service offerings to the trending demands of those walking through your doors.
While this could be seen as being enough, you must take this one step further by giving your customers control over their experience. The modern consumer is drawn to businesses that allow them to customize the shopping experience. This is especially engaging when a business can present multichannel options to their customers, allowing consumers to interact with a business on their own schedule, and to place orders or requests on a whim.
The ability to place an app into the pockets of your customers allows you to accomplish this easily and with confidence. Your customers can monitor your products for the deals and specials they seek, while you can use their viewing and purchasing histories to define and present personalized, customer-specific specials that will entice them to shop with you. In the background, data will continue to accumulate so that you can better monitor product trends while making appropriate adjustments to your inventory.
Modernize and Implement an Advanced Inventory Strategy
Staying on top of emerging consumer trends and stock levels will save you money while fostering deeper relationships with your customers. Using a blend of transaction data, product viewing information, and customer spending habits, you can devise an accurate inventory strategy that keeps your business at the forefront of your industry. Doing so requires that not only do you build an effective data strategy but that the POS solution you design includes cutting-edge inventory controls.
Building an inventory to align with the expectations of your customers is within reach when you implement a top-notch POS solution. You can build stock alerts to notify you if inventory has dropped to an established minimum threshold or to let you know if the sales of a particular item are slumping. This allows you to be proactive in the products you sell, the specials you advertise, and helps to minimize losses due to the need to hold liquidation sales.
Managing inventory with the right tools will also present you with options to improve how you present your inventory to the public. Online versus in-store purchases can be compared, giving you an accurate view into what items perform best in a multichannel world, or which are best suited for your store shelves. The effects of product placement will allow you to proactively relocate items within your store to boost sales, providing you with a valuable bump in sales and revenue.
Can a POS Consultant Guide Your Point of Sale System Design?
Designing a point of sale system involves more than just technical know-how. It requires that you take a deep look into how your business operates, and to see just how each core aspect of your business would be improved by the introduction of cutting-edge POS functions. It also requires you to understand what all of your POS options are, and to differentiate between the required features and those that you can do without.
This is where having an experienced, third party consultant on hand can make a difference. An experienced POS consultant will have their finger on the pulse of emerging POS technology, and can accurately determine which features you need the most. They will understand the intricate balance that you must maintain between cost savings and advanced functionality, and leave you in an improved, more efficient position.
Implementing a modern technology platform into your business operations requires you to develop a deep understanding of both emerging technology and your own business goals. With the consulting services of talech at your side, we can design a POS infrastructure that will keep you ahead of the game for years to come. Contact us today for a free demo to see how talech can deliver concise technology to you.