POS Retail
Article | May 10, 2024
Prior to the pandemic and quarantine, less than 8% of commerce was online. As of Q3FY20 eCommerce grew north of 14% of all commerce. So while the Retailpocalypse was in its last phase, physical retail still outsold eCommerce by at least 7:1.
The failure rate of crowdfunding campaigns is 85%.
The failure rate of eCommerce store owners ranges from 80 to 97%.
What if there were a way to bridge the gap between these three failure rates? What if we could bridge what people consume online with what they purchase offline before waiting for brain-computer interfaces (BCI)? In short what if we could bridge social and commerce? (Example use case.)
Mostly missing are the memorable, meaningful, measurable and monetizable responses from people interested in stories about beagles, princesses and pitbulls, pets, car repair, raspberry blueberry vinaigrette gyros, budget-saving techniques for holiday travel, getting stuck at airports in blizzards, rental cars and Cup o’ Noodles, My Fair Lady and @Instacart, dining out at the delicious Banana Leaves café, cooking kosher halal gelatin-free, blue #1 artificial dye-free egg nog flavored marshmallows, 50th anniversaries and chocolate ganache, adventures camping with youth groups, birdhouses built by kids, rainbow hair dye, artificial dye-free cakes DIY for your child’s birthday party, and Halloween gingerbread houses and Greek Mount Olympus costumes.
Other than ad revenue Youtube collects which most of it’s video posters see little of, monetizing the DIY craze has proven quite tricky. Ditto for Christmas shopping, smartphone accessories, buying a new luxury Subaru online with no salesman, how to get hard to find contact lenses and vitamins for kids, how Amazon often has thrift store prices on inventory thrift stores rarely carry, the challenges of buying clothes on Amazon that don’t fit but you don’t realize that until the clothes arrive, DIY car repair, funny car repair, glorious victory of car repair, diaper cakes and muscle aches, drones and honey scones, Triple A baseball and blue-tailed skinks, favorite foods, fasting, and Boston, fused vertebrae and buried treasure, where to buy school supplies when most stores are sold out, creameries and charcuterie,
Bridging social media with eCommerce has been the white rhino of many investors and start-ups for many years.
Instead of working toward such solutions, we have VC’s and stockholders asking about vanity metrics:
- How many people looked at your website? Instead of: How many people subscribed or how many purchased an item?-
- How many downloads per month does your app have? Instead of: How many of the people who downloaded your app have note removed it less than 30 days later?
- What’s your ad revenue? Instead of: How can your product capture or create more value?
In reply entrepreneurs answer these questions, they often present their increased spend on marketing followed up with vanity milestones:
“We’re using Google Analytics and similar providers to track every movement of the supply chain, to ensure when the purchaser’s journey is completed, there’s no delay in delivery. This will lead to more frequent purchases ideally of higher priced products, and…
We are pitching to Chipotle on Friday!”
This leads to concentrated research on Chipotle’s SWAT, followed up with an excellent pitch including a demo via Zoom.
The result of this pitch is usually:
1. The person loved the pitch and accepts your invitation to meet again with his/her manager next week.
2. The person you pitched to is not the decision-maker
3. The person you pitched to doesn’t quite understand what you’re pitching
4. The person you pitched to had 3 other projects due by COB and wasn’t fully present and listening to your 10-minute pitch
5. You provided too many facts too quickly, trying to build rapport
6. You shared how you’re product can reduce shrink, increase ROI, decrease costs, increase retention, and cure cancer. The person you pitched to doesn’t believe all those promises.
7. The person you pitched to is afraid of advocating change; the risk from change that results in lesser results can lead to negative repercussions. The risk of “business as usual” is minimal.
Forgotten by almost all eCommerce platforms and store owners are the facts that:
- People behave differently when they are observed (best behavior vs. average behavior). Despite this, we are seeing an incredible number of start-ups that offer to help track everything your customers do. “We’re Palantir for eCommerce” is essentially the ethos of these companies.
- The Paradox of Choice by Barry Schwarz – too many choices overwhelm the person making the choice, to the point that no decision is made. If you don’t train your mind to buy what you want even if you have to look on pages other than Amazon and Google Shopping, you might end up buying the product you almost wanted.
- The concept of incentivized virality – when PayPal gave $20 to each person who referred another person who joined, and when DropBox offered free data storage to people who referred friends who joined – which Reid Hoffman and Chris Yeh brilliantly detailed in Blitzscaling:
The Lightning-Fast Path to Building Massively Valuable Companies.
So now each eCommerce platform tries to copy Amazon who built their model on the opposite of physical retail. Consider your last experience renting a car at an airport vs. Amazon:
- Do you want to refill the gas tank or would you like us to?
- Would you like liability only or more comprehensive types of insurance coverage?
- Would you like a GPS?
- Would you like to join our exclusive members club? etc., etc.
Adding to what @ElevateDemand said, “ B2B marketing is broken,” Raj De Datta, CEO and cofounder of @Bloomreach said, “The future of B2C marketing looks like B2B marketing,” Kevin Marasco, CMO of @Zenefits correctly said “marketing is going back in time from B2B to B2C” or person to person.
Smart speakers in every phone, tablet, laptop PC, TV, and car succeeded by BCI, which @Facebook and @Neuralink are pioneering, hold great potential. Until those products arrive or after their R&D phase, @Homemaide’s object recognition and image recognition models can provide the sorely needed bridge between Social and Commerce.
Read More
Ecommerce Merchandising
Article | March 18, 2024
Explore the best POS software solutions for retail excellence. Know POS software features and find your perfect match with our comprehensive article.
Contents
1 Evolving Retail Needs and POS Solutions
2 How to Choose the Right POS Software
3 Top 10 POS Software Unveiled
3.1 RQ
3.2 LS Retail
3.3 accesso Siriusware
3.4 Teamwork Commerce
3.5 ERPLY Retail Platform
3.6 Harbortouch POS
3.7 Newstore
3.8 POS-J
3.9 RepairQ
3.10 Tessitura
4 Future Trends in POS Technology
1 Evolving Retail Needs and POS Solutions
The retail world is undergoing a seismic shift, driven by advances in technology and changing consumer expectations. At the heart of this transformation is the Point of Sale system, a critical component that goes far beyond mere transaction processing. Today's POS systems are sophisticated platforms that manage sales, inventory, customer relationships, and analytics, offering retailers unprecedented control and insights into their operations.
The shift to cloud-based POS solutions has arguably been the most significant evolution in POS technology. Cloud-based systems offer retailers unprecedented flexibility, allowing them to access real-time data from any location, scale their operations with ease, and reduce upfront costs associated with traditional on-premise systems. This era has democratized access to advanced retail management tools for businesses of all sizes.
Today's POS systems are multifunctional platforms that integrate sales, inventory management, customer relationship management, and analytics. They enable retailers to provide personalized shopping experiences, efficiently manage their supply chain, and make data-driven decisions. This holistic approach has not only optimized operational efficiency, but also significantly enhanced customer satisfaction. Adopting new POS technologies like variegated cloud POS trends comes with its challenges, including data security concerns, the need for technical training, and integration with existing systems. Despite these hurdles, milestones such as the development of mobile POS systems, integration of contactless payments, and the use of artificial intelligence for customer insights have markedly advanced the retail industry.
2 How to Choose the Right POS Software
Selecting the right Point of Sale (POS) software for any business is a critical decision that can significantly impact operational efficiency and customer satisfaction. The evolution of POS systems, especially with the advancement of technology, means there are more options than ever.
The point-of-sale software market value is growing rapidly, going from $12.2 billion in 2018 to a projected $42.5 billion in 2027. The top features businesses look for in cloud-based POS systems are ease of use, functionality, and price.
[Source: hoteltechreport]
Here's how to navigate through the choices and select the best POS software for your business needs.
2.1 Understanding Your Business Requirements
Before diving into the vast sea of available POS software providers, it's essential to thoroughly understand the business needs. Consider the nature of transactions, the volume of sales, inventory management needs, and customer engagement strategies. A decision-maker’s choice of POS should cater to these specific requirements to streamline operations and enhance customer experience.
2.2 Hardware Compatibility and Needs
A POS system is not just about software; the hardware components play a crucial role. Determine the hardware you need, such as touchscreen monitors, scanners, receipt printers, and cash drawers. Ensure the POS software you select is compatible with your hardware to avoid additional expenses in replacing incompatible equipment.
2.3 Streamlining the Checkout Process
The checkout experience can significantly influence customer satisfaction and retention. Choose a POS software that offers a quick, efficient and seamless checkout experience. A compact, intuitive system not only improves the shopping experience, but also enhances the operational efficiency of your store with quick staff adoption.
2.4 Security Measures
In an era where cyber threats are rampant, the security of your POS system is paramount. Opt for a POS software that comes with robust security features, including point-to-point encryption and firewalls, to protect your customers' transaction information and personal data.
2.5 Inventory Management
A modern POS system should offer comprehensive inventory management tools. It should automate stock deduction upon sales, provide detailed insights into inventory levels, and support efficient restocking processes. This feature is invaluable for maintaining optimal stock levels and understanding sales trends.
2.6 Choosing the Right Peripherals
Your choice of POS peripherals depends on the services you wish to offer. Card readers, barcode scanners, and printers are common peripherals that should integrate seamlessly with your POS software to ensure smooth store operations.
2.7 Advanced Functionalities
With the competitive landscape in retail, opting for advanced POS systems with functionalities like CRM, analytics, and member management can give you an edge. These features offer a 360-degree solution to managing your retail business, enhancing customer engagement, and driving sales.
3 Top POS Software Unveiled
In 2024, the criteria for choosing the best POS system extend beyond basic functionalities. Retailers should seek solutions that offer flexibility, scalability, and integration capabilities to accommodate evolving business models and consumer expectations. Cloud-based POS software, known for their adaptability and remote access features, are becoming increasingly popular among forward-thinking businesses.
When comparing top-rated POS software tools, consider the software's ability to adapt to future technological advancements and changing consumer behaviors. Consult with industry peers, read reviews, and possibly engage in trials to gauge the software's fit with your business processes.
Here is a summary of premium POS software tools, providing details on the functionalities and advantages of each:
3.1 RQ
RQ is a modular RMS that manages and streamlines the core functions of retail businesses. iQmetrix is North America’s leading provider of telecom retail management software. Its primary software solution, RQ, is a cloud-based retail management system (RMS) designed to power multi-location telecom retailers.
Key features:
Cloud-Based Retail Management: A centralized system perfect for multi-location telecom retailers.
Mobile POS: Enables transactions on the go, enhancing customer interactions.
Advanced Inventory Management: For precise stock control and management.
Comprehensive CRM: Fosters strong customer relationships and loyalty.
Omnichannel Experience: Ensures consistency across all retail channels.
3.2 LS Retail
LS Retail is an end-to-end retail management system that gives retailers all the functionalities to manage business operations efficiently from head-office to POS terminals no matter which industry you are in. It offers a flexible, highly scalable and powerful POS and ERP software solution, which is specifically designed to manage whole retail operations easily and efficiently.
Key features:
Unified Commerce Solution: Integrates POS, ERP, and CRM into a single platform.
Microsoft Dynamics Foundation: For robust, scalable, and secure operations.
Flexibility: Grows with your business from one POS to thousands.
Operational Efficiency: Streamlines all business operations from head-office to POS terminals.
Real-Time Data Access: Offers complete control and overview of sales and operations.
3.3 accesso Siriusware
Siriusware Salespoint offers point of sale modular solutions with button-driven menues and interfaces to allow operators to process transactions.
Key features:
Modular Solutions: Offers the flexibility to select features that match business needs.
User-Friendly Interface: Button-driven menus for efficient transaction processing.
Diverse Industry Application: Suitable for various business types.
Streamlined Transactions: Enables quick and efficient sales flows.
3.4 Teamwork Commerce
Teamwork Commerce is a mobile, tablet-driven cloud-computing retail management system, where clients have a point-of-sale solution with store operations. It has built a retail management suite that gives retailers and store associates the best tools to sell more, sell better, and provide a personalized experience to every customer.
Key features:
Mobile and Cloud-Based: Leverages iOS devices for on-the-go retail management.
Omnichannel Retail Management: Provides a unified platform for seamless commerce.
Customizable and Integrative: Easily adapts to unique business requirements.
Service-Oriented Architecture: For easy integration with other applications.
3.5 ERPLY Retail Platform
Erply gives businesses the easiest and most powerful platform to manage their inventory and shops across a series of locations and devices.
Key features:
Intuitive Management Platform: Designed for ease of use across locations and devices.
Versatile Application: Suitable for a wide array of retail sectors.
Cloud-Based: Enables real-time data syncing and remote management.
3.6 Harbortouch POS
Harbortouch POS delivers a touch-screen point of sale system that streamlines business operations and automates management activities.
Key features:
Touch-Screen System: Modern interface for simplified operations.
Business Automation: Streamlines management activities for efficiency.
Customizable Solutions: Meets the specific needs of different businesses.
3.7 Newstore
Newstore is a mobile platform and one of the most experienced solutions in retailing. It facilitates building strong relations with customers.
Key features:
Mobile Retail Expertise: Delivers a robust platform for mobile retailing.
Customer Engagement: Unifies brand appearance and communication via a mobile app.
Strong Customer Relationships: Tools for building lasting connections with consumers.
3.8 POS-J
POS-J offers a register system backed by a host of powerful administrative applications that is built using the power of Java and designed to allow retailers to operate efficiently in any store environment.
Key features:
Java-Based System: Ensures a secure and reliable operation.
Comprehensive Administrative Applications: Offers a range of back-office functions.
Efficiency-Focused: Designed for optimal retail environment performance.
3.9 RepairQ
RepairQ is a comprehensive point of sale, repair tracking, and business management solution developed specifically for the mobile device repair industry. It focuses on automating daily operations and constantly adds new features and qualified integrated partners.
Key Features:
Specialized for Device Repair: Tailored to meet the unique needs of the repair industry.
Automation: Streamlines daily operations for repair businesses.
Continuous Updates: Regularly adds new features and integrates partners.
3.10 Tessitura
Tessitura is a nonprofit tech company dedicated to helping arts and cultural organizations thrive. It works hand-in-hand with fundraising, membership, marketing, education and front of house activities.
Key Features:
Integrated CRM and Ticketing: Provides seamless management of customer interactions and sales.
Powerful Analytics Tools: Helps uncover insights to drive business decisions.
Community Support: Over 750 organizations and 24/7 support.
Sustainable Features: Includes contactless scanning and integrated streaming for future-readiness.
Arts and Culture Focus: Tailored specifically for organizations in these sectors.
4 Future Trends in POS Technology
POS software tools have transcended their traditional roles, becoming indispensable allies in the retail sector. From the evolution of retail stores to sophisticated retail technology solutions, POS trends have transformed to give the best customer experience in every way. The top retail POS solutions offer unique features and innovations that cater to diverse needs of retailers. From enhancing customer relationships to streamlining back-office operations, retail POS systems embody the advancements and future trends in POS technology. As we look ahead, the future of POS technology appears robust, characterized by a focus on omnichannel experiences, cloud-based platforms, and data-driven decision-making, ensuring that retailers not only survive but thrive in the competitive marketplace.
POS software trends for 2024 will take care of seamless integration across different shopping channels, and the adoption of wireless POS systems for increased mobility and flexibility, thereby revolutionizing retail. Moreover, the integration of alternative payment methods, such as digital wallets and cryptocurrencies, is becoming increasingly important. Innovations in retail POS technology also emphasize the importance of robust inventory management systems, providing retailers with detailed insights into inventory forecasts, shipment trends, and purchase orders. These advancements aim to optimize business operations and adapt to changing consumer preferences, keeping businesses competitive in a dynamic retail environment.
Read More
POS Solutions, POS Retail, Ecommerce Merchandising
Article | June 7, 2024
Point of sale (POS) software is a critical corporate tool that has been well-known as an upgraded alternative to the traditional cash register. This system provides your business with management capabilities like loyalty programs and an improved shopping experience. According to a report carried out by Grand View Research, the worldwide POS terminals market is projected to attain nearly $126 billion by 2027. Here is a point of sale trend list that you will benefit from.
You should adopt this point of sale trend. More and more firms are using POS software that allows for quicker checkout time. People tend to have more than a location they wish to drop by. When they visit your store and buy something, they desire to spend as little time as they can, particularly when doing a checkout.
Read More
POS Retail
Article | June 9, 2022
“Software-led payments is more than just ecommerce or online invoicing, as many software platforms are starting to offer solutions for card present transactions.”
- Caleb Avery, CEO of Tilled
The omnichannel retail marketplace has been witnessing a surge in recent years. A buyer has a natural tendency to check the details of the products or services on the internet. But a single purchase may involve different channels like apps, websites, store walk-ins, etc. For example, a customer may conduct online research and purchase an item before picking it up from a retail store; or, conversely, he may go to a nearby mall and inspect the product first before purchasing it online.
Therefore, retailing has become increasingly about providing multi-channel or cross-channel experiences to customers. If the merchant misses out on his goods being offered on any channel, it will harm the customer experience (CX).
In such a circumstance, deploying a POS system built for multi-site store networks that takes care of the maintenance of the website and all the locations in the chain simultaneously is a blessing for the retail sector. The point of sale is now an important part of an eCommerce plan for a business and a key part of its ongoing marketing strategy.
Drive Loyalty and Sales Using Your Omnichannel POS
A retailer's point of sale is the hub of every business action, wherein sales, marketing, inventory, customer management and customer service merge. But what many still don't realize is its powerful role in unlocking customer loyalty and higher revenue.
With a modern and adaptable point-of-sale system, lengthy transaction times are minimized and may be boosted while simultaneously processing more consumers, enhancing the customer experience.
Your omnichannel POS should permit the configuration of several payment methods. Customers can choose various payment methods, such as credit cards, digital wallets, PayPal, and cash.
POS data should be utilized in all company decisions in today's society. Additionally, POS data is essential for merchandise planning. For example, if a product is not selling quickly enough, sell-through and sales-by-margin analytics can influence your pricing decisions and allow you to adjust accordingly.
A common misconception about POS is that it is only a point of contact between your clients and your business. However, when its tremendous capabilities are utilized, it becomes a tool that helps you understand your clients, enhance their experience, and guarantee you are prepared to meet their demands.
Importance of Using POS and Ecommerce Integration
Combining CRM and POS software enables staff members to review and update client information instantly. You can develop new sales methods based on customers' interests and previous purchases. The omnichannel point of sale integrates with Tally, Quickbooks, etc. You may export order receipts from all channels directly.
With omnichannel POS, your firm is accessible to customers 24 hours a day. Customers can purchase at one store and receive delivery from another, as well as other choices designed to improve the shopping experience.
A retail eCommerce platform with seamless integration benefits both businesses and customers.
Bottom Line
Innovation in omnichannel retailing and investment in the POS system's digitization helps track and fulfill online, and offline customer needs. It goes without saying that the future of POS and retail are closely intertwined. In the coming years, POS will see a radical shift. Now is the optimal time for laggards to catch up or risk falling behind.
Read More