What’s The Key to A Complete Retail POS Solution?
Posted by Alex Samuely on Jan 21, 2020
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The online shopping boom has ushered in many new facets to the world of retail: convenience, greater inventory, and price matching (among others). Brick-and-mortar stores have one major checkmate to play compared with their digital counterparts. The in-store experience.
If a customer cannot visit a store and experience the brand, there’s a high likelihood that, next time, Amazon’s fast delivery, wide selection, and low prices will lure the customer away. For many brands, matching these online shopping expectations is the only way to survive a cutthroat industry.
But the main differentiator? It’s having a complete mobile point-of-sale (POS) solution.
A complete retail point-of-sale solution is the hub of all store operations. It is built mobile- and omnichannel-first, connecting customer, order and inventory information all in a single platform. With this kind of modern system store associates can cultivate truly profitable customer relationships.
Its undeniable necessity makes it a large investment. This is why many retailers are considering the longevity of their traditional POS system versus investing in a mobile model. (Our mobile retail whitepaper has the full breakdown on traditional versus mobile POS systems – complete with a handy chart – but read below for the key differences).
The bottom line for the old-school model: it’s not built to support omnichannel environments—which are the only type of environments that can compete in retail today.
Traditional POS systems are typically used out of the box and disconnected from other systems. They are hard to customize and it is complex to integrate new features. The even bigger downside is the lack of real-time data. Since the data loads to a physical server, it can only be accessed from the physical server. And, legacy POS systems have high upfront costs plus fees for maintenance and upgrades.
To that end, the immobile nature of these systems makes them cumbersome to change. And in today’s ever-evolving retail landscape, brands need to be able to pivot their strategies quickly according to what the competition is doing and what customers expect. If a traditional POS platform requires an employee’s time to manually update and maintain it, that is taking away from the valuable time spent tailoring the brand experience.
Cumbersome system – real-time data – customization capabilities = Traditional POS
An omnichannel POS is the new-school. It is a complete solution that provides in-store associates with an immeasurable amount of ways to give white-glove service. Unlike its traditional counterpart, a mobile POS is built for integrations, thanks to cloud-based systems with robust APIs. Different brands have different needs, and having the option to integrate a new loyalty app or data management feature can be an invaluable revenue-generator.
As everyone in retail knows: data is king. Mobile POS systems function with real-time data that are connected to the cloud. That means it is stored online and easily accessible from anywhere with an Internet connection. If an in-store associate wants to recall the last several purchases made by a shopper, that information is readily available—and can aid the associate in making the right product recommendations that will cinch another sale. Another added bonus? Unlocking the opportunity to upsell products.
According to our 2019-2020 Omnichannel Leadership Report, 55% of store associates can’t access comparable products on a POS system, and 58% can’t search for product pairings to provide recommendations to customers. Online shoppers can easily locate complimentary items or view product add-ons in their shopping cart. It is time for physical retailers to offer the same experience.
Another major capability of the new school model is the ability to evolve. A cloud-based foundation results in the seamless and frequent deployment of software and feature updates. There is no manual effort required. With the touch of a button on a mobile device, everything clicks into place.
Lastly, the upfront costs for deploying a mobile POS are lower than that of a traditional POS. The only hardware required is a mobile device—all software will live on that, rather than on cumbersome devices that may later need to be removed.
Constant real-time data + integration capabilities + cloud-based updates = Mobile POS
Leveraging an omnichannel POS is like securing a treasure chest of data. It enables the in-store associate to be omniscient in a way—giving them the opportunity to personalize the customer experience at every touchpoint. This plethora of data also helps boost team productivity. Associates have more time to be on the floor, thanks to reduced transaction times.
There’s also an aesthetic appeal to a mobile POS. Rather than having customers see a clunky checkout counter, a mobile POS adds a clean, modern vibe to the checkout and store experience. Add an iPhone, and you have the halo effect of the Apple brand.
An omnichannel POS solution essentially becomes the center of the store’s needs. It unlocks the value of brick-and-mortar. From greater access to inventory to more associate mobility to flexible shipping options—all from the palm of the associate’s hand. More explicitly, it supports a retailer’s growth and scale.
In the Amazon-led digital economy, consumers are overloaded with different brands to choose from, speedy shipping, and limitless inventory options. The way physical retailers can make their mark is by offering a standout experiential shopping experience in-store—one that no other brand can replicate.
