5 ways AI can do the heavy lifting in the retail customer experience

KATRINA GOSEK | April 13, 2018 | 108 views

The 2017 holiday shopping season trended better for online U.S. retailers with an estimated 16.6 percent jump in e-commerce sales compared to the same period last year. With a successful holiday season behind them and consumer confidence up, retailers are starting 2018 optimistic. But what can retailers learn from this past holiday season? When we talk to our customers, the biggest challenge in this new era of retailing is just keeping up with customer expectations. Bringing new, differentiated experiences to market is a monumental task.Success in the next era of retail won't come from adding the latest widget to your site, and it's certainly not in low prices and free shipping. Success will come down to the ability to move and innovate faster. While moving to a fully SaaS-based commerce platform and ecosystem will guarantee greater agility, the reality is that may be a multi-year process for some retailers.

Spotlight

TCS Private Limited

Pakistan’s most recognizable and preferred courier, logistics and e-commerce provider; TCS provides services to the corporate sector, SMEs and household customers. With a wide spread network of 800+ outlets in 380 cities, 480 satellite-tracked vehicles, a dedicated Boeing-737, a proficient team of more than 4,000 couriers and the fastest digital printing facility in the country, TCS leads the industry in terms of both service and reliability. In addition to its domestic services, TCS operates on the global environment as well and provides its customers access to over 3,500+ destinations worldwide.

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POS SOLUTIONS, CLOUD BASED POS

How POS Solutions Assist Restaurants to Increase their ROI?

Article | July 12, 2022

Introduction The hospitality industry has always been challenging and full of obstacles, such as low-profit margins, high competition, and turnover management, irrespective of the type of restaurant or level of owner experience. However, rapidly changing business dynamics and current conditions have increased these challenges enormously. Changing customer preferences, including high customer service expectations and an emphasis on the sourcing of ingredients and nutrition values, affect the entire operation. Also, the growing importance of reviews and word-of-mouth referrals makes brand management both more crucial and complex. Thus, several restaurant owners are increasingly investing in innovative solutions, such as restaurant POS systems, to improve the consumer experience, empower business owners to manage restaurant operations more efficiently, and increase ROI. Top 5 Ways How Restaurant POS Integration Can Boost ROI Due to the fast-paced nature of the restaurant sector, coupled with ever-changing customer needs, business owners encounter numerous challenges in keeping up with the changes and meeting customer expectations while maintaining perfect control over all aspects of their operations. As restaurant POS systems provide solutions for these challenges while also improving workplace efficiency, automating several tasks, monitoring employee performance, and enhancing security, these systems are gaining massive popularity in the hospitality industry. Out of all the new features that restaurants can get from POS integrations, such as delivery management, accounting, and more, these are the most important ones that help owners get the best return on their investment: Create Data-driven Campaigns Modern POS solutions enable restaurant owners to collect valuable data about their customers, such as their preferred food choices, their addresses, how often they visit the establishment, and others. These actionable insights can be used to create personalized campaigns, increasing their chances of responding to a customized offer and improving ROI. Support Omnichannel Communications and Payments With the advent of e-commerce, food can now be ordered and paid for via multiple channels, including the restaurant's website, third-party applications, the phone, and others. Therefore, it has become essential for restaurant owners to increase contact with their customers. Integrating a restaurant POS system enables owners to facilitate omnichannel communication and payments and discover the optimal way to communicate with consumers, thereby increasing food order flow from both offline and online channels. Improves Customer Relationship As the restaurant sector continues to become more competitive year by year, it is becoming crucial for restaurant owners to improve their relationships with customers. With restaurant POS systems, customers can make the payment using their preferred methods, such as cash, credit or debit card, QR code, UPI, and others. These systems also reduce the time for placing food orders as well as decline the chances of order misplacement. This results in providing better customer service, improving customer relationships, and increasing customer inflow. Streamline Restaurant Operations From front-of-house to back-of-house operations, modern POS technology assists restaurant owners in streamlining various business operations such as inventory control, labor management, payment getaways, and order tracking and delivery, among others. Thereby reducing the overall cost, declining the chances of errors, and improving profit margins. Final Thought Today, POS technology is clearly a necessity for the hospitality industry, irrespective of the type of establishment, such as fine dining, fast food, cloud kitchen, hotels, and others, to enhance restaurant operations, provide a smoother customer experience, and improve ROI. With the introduction of customizable POS solutions and a growing shift towards cashless payments, modern restaurant POS systems are anticipated to transform the ways of food ordering and payment in the forthcoming years.

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RESTAURANT POS

Top 5 Reasons Why Modern Restaurant Needs Integrated POS Solutions

Article | September 22, 2022

Introduction Due to the dynamic nature of the industry and the ever-evolving demands of its customers, restaurant business owners are facing a unique set of challenges. This is compelling them to streamline their operations to meet customers' rising expectations while maintaining perfect control over all aspects of their establishment. In addition, emerging innovative technology solutions are rapidly changing the world of payment systems, and the restaurant industry is the best example of it. Today, opening a restaurant is more than just serving food and making money. It is about providing a memorable experience to the customers and retaining them. As a robust restaurant point-of-sale (POS) solution assist in delivering a better customer experience, pacing up the ordering process, and managing inventory, among others, it is gaining huge popularity in the sector. Why Does Restaurant Need to Invest in Modern POS Systems Today? As the trends of online food ordering at dine-in and competition in the hospitality industry continue to deepen, it is becoming imperative for restaurant owners to efficiently manage the point of sale for their eatery. Also, the growing need for faster customer food service, efficient employee scheduling, and effective inventory management is encouraging business owners to adopt innovative restaurant technologies, such as restaurant POS systems. Here are some of the main reasons restaurants should integrate modern POS solutions. Effective Ordering Processes The ordering process, being the nerve center for restaurants, is one such aspect that needs serious attention. As food ordering processes that take a long time can significantly hamper the customer experience and satisfaction, owners of food establishments are aiming at leveraging novel restaurant POS systems to streamline and ease the food ordering processes. Increase Cash Flow Optimum cash flow is the backbone of any business. If restaurants are unable to maintain enough cash flow, they will have difficulties staying in business in the long run. Since restaurants are able to serve more customers per hour with fast-paced POS technology, allowing for greater sales and increased cash flow, business owners are aiming to deploy these modern POS solutions. Organize and Track Profit and Loss Keeping an accurate track of the income and expenses is of great importance for understanding the financial position of the eatery and creating an effective strategy to increase its revenue. A POS system can assist business owners in preparing a settlement at the end of each day, week, and month, keeping track of the ROI, and organizing profit and loss. Offer Security to Customers Customers or guests are increasingly using various cashless modes for transactions, such as credit cards, online banking, and others, for making payments. With increasing instances of customer data theft, guests are increasingly concerned about their data privacy and payment credentials. Hence, several food establishments are emphasizing embracing restaurant POS software to offer enhanced security to customers. Build Customer Database In today's highly competitive world, engaging and retaining customers is crucial for the success of businesses, especially in the restaurant industry. As the latest POS solutions aid restaurants in enhancing customer communications and loyalty, along with improving customer relationship management by building a customer database, these solutions are increasingly being sought in the sector. The Ending Thought With the emergence of innovative trends in the hospitality industry and the ever-changing needs of customers, it is becoming difficult for restaurant owners to keep the customers happy and build credibility in the long run. Since modern restaurant POS systems with advanced integrated technologies, such as artificial intelligence, can assist these restaurants in overcoming these obstacles along with providing numerous advantages, including cost reduction and increased ROI, these systems are anticipated to become a necessity for restaurants in the coming years.

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RESTAURANT POS

Retail ,Wholesale Trade,Ecommerce,Retail,E-commerce,point of sale.

Article | July 20, 2022

Last July, a small group representing the giants of the tech industry gathered in the seat of US government, Washington DC. They probably didn’t want to be there. Congress had summoned their employers Apple, Facebook, Google, and Amazon to answer questions about the command they hold over the markets they operate in. On Amazon’s behalf, associate general counsel Nate Sutton spoke in defense of his employer’s role in US retail. Throughout, he argued that Amazon isn’t so powerful as to be able to control prices and stifle competition. Amazon, he pointed out, makes up less than 1% of retail globally. In the US, it accounts for around 4% of retail. In fact, Walmart is much larger than Amazon, he said. In terms of sales, Sutton is right. Walmart reported $510 billion in total sales across its US and international segments in the 2019 fiscal year, versus Amazon’s $233 billion in roughly the same period.

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How SMEs can emulate the success of Amazon through ecommerce personalization

Article | February 10, 2020

Whatever your feelings are towards Amazon, there is no denying that they have revolutionised ecommerce and now set the bar for the personalised experience of users when it comes to online shopping. So much so that it was recently reported that they have more than a 30% share of the UK’s ecommerce market. With statistics like this, it may feel like it is impossible to compete, especially as Amazon has huge tech and marketing budgets at its disposal. However, all is not lost. It is possible for SMEs to learn from the forerunner and implement some of their most successful techniques, with regards to their use of ecommerce personalisation and AI, to increase sales cost effectively.

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Spotlight

TCS Private Limited

Pakistan’s most recognizable and preferred courier, logistics and e-commerce provider; TCS provides services to the corporate sector, SMEs and household customers. With a wide spread network of 800+ outlets in 380 cities, 480 satellite-tracked vehicles, a dedicated Boeing-737, a proficient team of more than 4,000 couriers and the fastest digital printing facility in the country, TCS leads the industry in terms of both service and reliability. In addition to its domestic services, TCS operates on the global environment as well and provides its customers access to over 3,500+ destinations worldwide.

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POS RETAIL

Relay Payments Achieves Nationwide Adoption Throughout U.S. Warehouses

Relay Payments | January 27, 2023

On January 26, 2023, Relay Payments, the fintech firm digitizing payments for the logistics, supply chain, and trucking industries, announced that it is now accepted by ten of the United States' top ten unloading businesses. Relay, renowned for its trustworthy technology and excellent customer service, is seeing rapid adoption of its technological platform in a traditionally underserved industry. Eight of the top 10 LTL carriers, ten of the leading 30 FTL carriers, the major conventional and digital freight brokers in the U.S., and 85,000+ midsize fleets and owner-operators depend on Relay for payments. In addition, as a result of this expansion, virtually every grocery store and cold storage facility in the United States now accept Relay as a payment method. CIO and Chief Transformation Officer of Lineage Logistics, Sudarsan Thattai, said, "Since implementing Relay, drivers are saving significant time on the dock, improving the turnaround times at our distribution centers." He added, "Our warehouse staff enjoys working with Relay as well. Their customer service is also among the best I've seen in the logistics industry." (Source – PR Newswire) The firm's co-founders saw how much time drivers spent waiting at warehouses for manual cash and fleet check approvals. So they collaborated with the industry to create a fully digital, secure, and contactless payment system. Carriers and truckers are not the only parties to benefit, though. With less time spent at the dock for each truckload, warehouses can handle more daily deliveries, allowing them to stock store shelves more efficiently. Relay's platform is intended to make the payment process more efficient and trustworthy in an industry plagued by poor service, old technology, and retention issues. As a result, relay expedites the return of drivers to the road, enables immediate driver payment, eliminates short pay, and decreases friction and fraud across the supply chain. About Relay Payments Relay Payments, founded in 2019, is a venture-backed fintech company based in Atlanta, developing a digital payment network for the transportation, logistics, and supply chain sectors. Relay, trusted by more than 300,000 carriers and drivers, is pioneering the modernization of payments in the traditional cash- and check-dependent sector. The company has partnered with industry titans such as Coyote Logistics, J.B. Hunt, and Old Dominion Freight Line to simplify their payment process and improve operations to expedite the delivery of consumer goods to shelves.

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POS RETAIL

ACI Worldwide Introduce ACI Instant Pay for Merchants

ACI Worldwide | January 25, 2023

ACI Worldwide ,an industry leader in mission-critical, real-time payments solutions, recently announced the launch of a new real-time payments solution, ACI Instant Pay, that enables U.S. merchants to receive instant mobile, online, and in-store payments. The expansion of ACI's real-time payments software solutions to merchants enhance the company's global leadership in driving domestic and pan-regional real-time schemes that reach billions of people around the world. Merchants can enable ACI Instant Pay through a simple API interaction with ACI's payments orchestration platform. Once integrated, ACI Instant Pay displays as an alternative payment method to merchants across all main channels, including online, mobile app, and in-store. For in-store payments, a QR code displayed on a screen accessible to consumers allows users to commence and conclude payments via their mobile device, offering a seamless, secure, and one-click checkout experience. Upon the launch of the FedNow domestic real-time payments scheme in 2023, ACI Instant Pay will enable U.S.-based merchants to increase their businesses by accepting and processing real-time payments, which are expected to rise in popularity over the next several years. ACI's 2022 Prime Time for Real-Time research predicts that the annual volume of real-time transactions in the United States to touch 8.9 billion by 2026, rising from 1.8 billion in 2021, demonstrating a compound annual growth rate of 37%. ACI Instant Pay Benefits at a Glance: • Freedom from interchange fee burden: giving welcome relief from the escalating expenses of processing card payments, which now average 2 to 4% for every transaction. • Immediately available funds for business owners are the result of instant settlements. • Chargebacks are eliminated: with account validation performed prior to payment, only insufficient funds can result in denied transactions. • That implies no more chargebacks, while the risk of fraud shifts to the banks. • Ease of integration o A single, straightforward API integration for safe eCommerce o QR code integration in-store About ACI Worldwide ACI Worldwide is the world's leading provider of mission-critical, real-time payments software. Leading companies, fintechs, and financial disruptors rely on the company's reliable, scalable, and secure software solutions to process and manage digital payments, present and process bill payments, power omni-commerce payments, and address fraud and risk. ACI Worldwide combines its global footprint with a local presence to enable the real-time digital transformation of payments and commerce.

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POS RETAIL

Citcon Collaborates with Klarna to Provide Klarna’s Flexible Payment Solutions

CITCON | January 24, 2023

Citcon, the global leader in mobile payments, and Klarna, the leader in the generational shift away from credit cards, recently announced an integration and business partnership that will add Klarna to Citcon's omnichannel payment platform as a mobile wallet option. As a result, the Citcon payment gateway currently used by merchants can now offer Klarna as a payment option for both online purchases and in-store payments. This integration will allow merchants to access Klarna's payment options, such as Pay in 4, Pay in 30, and Financing, giving customers additional choices in how they pay, thus increasing customer loyalty. Merchants will be able to provide these payment methods both in-store and online globally. While Klarna will take advantage of Citcon's QR-based payment capabilities for in-store transactions, allowing customers to display or scan a QR code while using the Klarna App to make a payment. Founded in 2005, Klarna has over 150 million global active users and 2 million daily transactions. It satisfies customers' evolving needs by saving them time and money while empowering them to be informed and in control. It intends to become the world's favorite way to shop and bring flexible, healthy financial services to consumers. Integrating Klarna at checkout will allow Citcon merchants to realize the benefits of providing smooth payment choices, such as an average 41% increase in customer order value. In addition, Citcon's collaboration reduces the commercial and integration effort required for merchants to offer Klarna at checkout, allowing Citcon merchants to provide customers with popular, flexible payment options with a single click. Klarna joins Venmo, PayPal, SquareCash, WeChat Pay, AliPay, Kakaopay, PayTm, Grabpay and other prominent payment methods and mobile wallets available through the Citcon global enterprise payment platform. Citcon's solution integrates over 100 payment methods, ranging from local payment schemes to regular credit cards, cryptocurrency and BNP, all through a single integration, reconciliation, and dispute management platform. About Citcon Founded in 2015, Citcon is the leading global one-stop payment platform providing in-store, online, and mobile payment solutions. It helps businesses proliferate by allowing merchants to accept payment methods preferred by customers regardless of location. Citcon's fintech platform facilitates seamless global commerce at scale by connecting businesses across the world with over 100 mobile wallets and local and alternative payment methods. In the past three years, many Fortune 1000 companies, including Hermes, L'oreal, Nordstrom, Texas Instruments, Caesars Entertainment, MGM Resorts, Tumi, Revolve, Samsonite, and Blue Nile, have selected Citcon's mobile payment solutions to expand their payment and commerce infrastructure in preparation for their next phase of business growth.

Read More

POS RETAIL

Relay Payments Achieves Nationwide Adoption Throughout U.S. Warehouses

Relay Payments | January 27, 2023

On January 26, 2023, Relay Payments, the fintech firm digitizing payments for the logistics, supply chain, and trucking industries, announced that it is now accepted by ten of the United States' top ten unloading businesses. Relay, renowned for its trustworthy technology and excellent customer service, is seeing rapid adoption of its technological platform in a traditionally underserved industry. Eight of the top 10 LTL carriers, ten of the leading 30 FTL carriers, the major conventional and digital freight brokers in the U.S., and 85,000+ midsize fleets and owner-operators depend on Relay for payments. In addition, as a result of this expansion, virtually every grocery store and cold storage facility in the United States now accept Relay as a payment method. CIO and Chief Transformation Officer of Lineage Logistics, Sudarsan Thattai, said, "Since implementing Relay, drivers are saving significant time on the dock, improving the turnaround times at our distribution centers." He added, "Our warehouse staff enjoys working with Relay as well. Their customer service is also among the best I've seen in the logistics industry." (Source – PR Newswire) The firm's co-founders saw how much time drivers spent waiting at warehouses for manual cash and fleet check approvals. So they collaborated with the industry to create a fully digital, secure, and contactless payment system. Carriers and truckers are not the only parties to benefit, though. With less time spent at the dock for each truckload, warehouses can handle more daily deliveries, allowing them to stock store shelves more efficiently. Relay's platform is intended to make the payment process more efficient and trustworthy in an industry plagued by poor service, old technology, and retention issues. As a result, relay expedites the return of drivers to the road, enables immediate driver payment, eliminates short pay, and decreases friction and fraud across the supply chain. About Relay Payments Relay Payments, founded in 2019, is a venture-backed fintech company based in Atlanta, developing a digital payment network for the transportation, logistics, and supply chain sectors. Relay, trusted by more than 300,000 carriers and drivers, is pioneering the modernization of payments in the traditional cash- and check-dependent sector. The company has partnered with industry titans such as Coyote Logistics, J.B. Hunt, and Old Dominion Freight Line to simplify their payment process and improve operations to expedite the delivery of consumer goods to shelves.

Read More

POS RETAIL

ACI Worldwide Introduce ACI Instant Pay for Merchants

ACI Worldwide | January 25, 2023

ACI Worldwide ,an industry leader in mission-critical, real-time payments solutions, recently announced the launch of a new real-time payments solution, ACI Instant Pay, that enables U.S. merchants to receive instant mobile, online, and in-store payments. The expansion of ACI's real-time payments software solutions to merchants enhance the company's global leadership in driving domestic and pan-regional real-time schemes that reach billions of people around the world. Merchants can enable ACI Instant Pay through a simple API interaction with ACI's payments orchestration platform. Once integrated, ACI Instant Pay displays as an alternative payment method to merchants across all main channels, including online, mobile app, and in-store. For in-store payments, a QR code displayed on a screen accessible to consumers allows users to commence and conclude payments via their mobile device, offering a seamless, secure, and one-click checkout experience. Upon the launch of the FedNow domestic real-time payments scheme in 2023, ACI Instant Pay will enable U.S.-based merchants to increase their businesses by accepting and processing real-time payments, which are expected to rise in popularity over the next several years. ACI's 2022 Prime Time for Real-Time research predicts that the annual volume of real-time transactions in the United States to touch 8.9 billion by 2026, rising from 1.8 billion in 2021, demonstrating a compound annual growth rate of 37%. ACI Instant Pay Benefits at a Glance: • Freedom from interchange fee burden: giving welcome relief from the escalating expenses of processing card payments, which now average 2 to 4% for every transaction. • Immediately available funds for business owners are the result of instant settlements. • Chargebacks are eliminated: with account validation performed prior to payment, only insufficient funds can result in denied transactions. • That implies no more chargebacks, while the risk of fraud shifts to the banks. • Ease of integration o A single, straightforward API integration for safe eCommerce o QR code integration in-store About ACI Worldwide ACI Worldwide is the world's leading provider of mission-critical, real-time payments software. Leading companies, fintechs, and financial disruptors rely on the company's reliable, scalable, and secure software solutions to process and manage digital payments, present and process bill payments, power omni-commerce payments, and address fraud and risk. ACI Worldwide combines its global footprint with a local presence to enable the real-time digital transformation of payments and commerce.

Read More

POS RETAIL

Citcon Collaborates with Klarna to Provide Klarna’s Flexible Payment Solutions

CITCON | January 24, 2023

Citcon, the global leader in mobile payments, and Klarna, the leader in the generational shift away from credit cards, recently announced an integration and business partnership that will add Klarna to Citcon's omnichannel payment platform as a mobile wallet option. As a result, the Citcon payment gateway currently used by merchants can now offer Klarna as a payment option for both online purchases and in-store payments. This integration will allow merchants to access Klarna's payment options, such as Pay in 4, Pay in 30, and Financing, giving customers additional choices in how they pay, thus increasing customer loyalty. Merchants will be able to provide these payment methods both in-store and online globally. While Klarna will take advantage of Citcon's QR-based payment capabilities for in-store transactions, allowing customers to display or scan a QR code while using the Klarna App to make a payment. Founded in 2005, Klarna has over 150 million global active users and 2 million daily transactions. It satisfies customers' evolving needs by saving them time and money while empowering them to be informed and in control. It intends to become the world's favorite way to shop and bring flexible, healthy financial services to consumers. Integrating Klarna at checkout will allow Citcon merchants to realize the benefits of providing smooth payment choices, such as an average 41% increase in customer order value. In addition, Citcon's collaboration reduces the commercial and integration effort required for merchants to offer Klarna at checkout, allowing Citcon merchants to provide customers with popular, flexible payment options with a single click. Klarna joins Venmo, PayPal, SquareCash, WeChat Pay, AliPay, Kakaopay, PayTm, Grabpay and other prominent payment methods and mobile wallets available through the Citcon global enterprise payment platform. Citcon's solution integrates over 100 payment methods, ranging from local payment schemes to regular credit cards, cryptocurrency and BNP, all through a single integration, reconciliation, and dispute management platform. About Citcon Founded in 2015, Citcon is the leading global one-stop payment platform providing in-store, online, and mobile payment solutions. It helps businesses proliferate by allowing merchants to accept payment methods preferred by customers regardless of location. Citcon's fintech platform facilitates seamless global commerce at scale by connecting businesses across the world with over 100 mobile wallets and local and alternative payment methods. In the past three years, many Fortune 1000 companies, including Hermes, L'oreal, Nordstrom, Texas Instruments, Caesars Entertainment, MGM Resorts, Tumi, Revolve, Samsonite, and Blue Nile, have selected Citcon's mobile payment solutions to expand their payment and commerce infrastructure in preparation for their next phase of business growth.

Read More

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