Staying ahead of the curve in retail has only grown more complicated over the past several years. As big-box competition has ramped up both the convenience and the selection offered, smaller retailers need new tools to counteract these evolved strategies. Innovative ePOS retail tools have arrived to help small retailers stay relevant in their local markets and to give them the capability to expand the reach of their brands to previously inaccessible audiences.
Predictive Data Analytics Is Now an Accessible ePOS Feature
Some features that were only available to larger retailers were powerful data mining and analytical tools. The costs associated with collecting, managing, and analyzing data priced out many small-to-medium-sized retailers who just did not have the resources to participate in data management on the same level. However, changes in the scalability of data management and the ability to leverage the cloud have now leveled the playing field in this area.
The predictive data strategies used by smaller retailers changed when ePOS providers switched to cloud-based solutions. This greatly reduced the physical footprint on ePOS systems in stores and nearly eliminated storage concerns for data. Now, instead of relying on tape backups or other forms of media to build a complete business performance picture, small retailers can quickly access and report against all of their historical data utilizing the cloud and the tools provided by their ePOS system.
Using an ePOS platform that includes these innovative data analytic tools helps you to develop a competitive sales and inventory strategy. The monitoring and reporting that is now available will present you with sales forecasting tools that rival those used by your larger competitors but without an IT department. Using this information, you will be well-positioned to make proactive changes to pricing, products, inventory controls, and personalized customer experiences.
Leverage Online Shopping Tools
The merging of cloud-based technologies and cutting-edge ePOS tools presents smaller retailers with another exciting and brand expanding opportunity: the online store. Today’s consumers expect to have the ability to interact with your products even after your doors have been locked for the night, and the use of cloud-based ePOS tools gives you the option to do just that. But how can a small retailer have the time or resources to build an eCommerce website?
The most capable of these ePOS solutions will be the ones that come packaged with a customizable and pre-configured online website that fully integrates into an ePOS system. Sales and inventory data will remain consistent regardless of its source, and with the cloud serving as your new data analytics foundation, reporting can be achieved in near real-time at any time. Having access to your business data in this way allows you to stay a step ahead of the consumer and to demonstrate your expertise.
Your online store will present who you are to those living in areas outside of your typical customer base. The data obtained from these customers, as well as your local customers, will enable you to look for patterns in viewing and buying habits. Using the data from sales and returns and then integrating these into web page views, wish lists, or abandoned carts, will give you the insights needed to develop sales strategies that improve customer satisfaction.
Build Customer Loyalty
Introducing the modern features of an ePOS system into your store also gives you exciting options to further build a loyal customer base. Taking advantage of your powerful data analytic platform and leveraging your online website to broaden your reach are the most fundamental tools to have in your arsenal for attracting and keeping customers. And these will give you a high degree of business agility so that you can shift faster than the others, giving you a distinct competitive edge.
The cloud and ePOS systems will place your store on the fast track to mobile operations. Line busting and endless aisles give your business a modern feel as customers can continue their shopping experience with you through seamless transitioning between the online world and your physical store. Special orders, size and color variances, or beloved favorites can all be identified and ordered while your sales staff stands next to the customer by your shelves.
Aligning inventory to consumer demands becomes modernized and largely automated using ePOS tools, helping to further build positive customer relationships. Sales trends can be aligned to identify products that are growing stale, and special orders or changes in web behavior will reveal which products are entering the up-and-coming stage. Customers will marvel at your ability to predict their needs, giving you a word of mouth edge that would not be possible without ePOS tools in your pocket.
Building an Effective ePOS Retail Solution Is Just a Click Away
Small retailers will continue to face challenges from larger competitors and the ever-changing economy without any end in sight. The importance of taking the initiative and introducing the same affordable ePOS technology that is used by the competition into your store will give you the same tools and benefits. But perhaps most noteworthy is the higher degree of agility you achieve in using the results of these tools to further expand your brand.
Choosing talech as your retail technology partner gives you more than an ePOS solution provider. We see your store as an investment and will work with you until the ePOS system we put into place provides for all of your technology needs today and into tomorrow.
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