Top 5 questions to ask before investing in a

Merchandise Planning solution

Merchandise Planning in Retail

• It can be used as an effective tool to fulfill the expectations of the retail business

• In retail, the POS is where the ‘business promise’ is realized by the customer

• Today, POS represents much more than a system to process purchases

• It can be employed as an effective medium to enhance customer experience

5 Key checks to be made before investing in a new retail POS system

1. Does it provide true integration with enterprise data? When a customer, approaches the POS terminal to complete a purchase, the cashier, feeds in the customer’s name or swipes her membership card to access her buying history.

The system interface now displays the customer’s purchase patterns and past sale analysis enabling the cashier to make recommendationsbasis the most frequent bought items, and current offerings on herloyalty credits and identifies promotions to cross/up-sell.

If a product is not available in-store, the cashier views, ships and tracks products directly from other stores/warehouses to the customer’s desired location.

Through an integrated POS system, the cashier accesses real-time enterprise CRM and inventory data, store sales reports, productperformance and business analysis.

It empowers him to fulfill customer expectations and thus drive demand optimally. 

5 Key checks to be made before investing in a new retail POS system

2. What about omni-channel functions? Consumer expectations are not just getting the right product at the right price,at the right place at the right time, but also the right interaction and the right service everywhere.

An omni-channel POS system streamlines business operations across physical and digital retail platforms.

Customers value instant connect with the brand and staying informed, updated and engaged seamlessly across channels.

Retailers also manage multiple touch-points through a centralized supply chain and intuitive system interface.

The capability to delight customers across multiple channelslends to a bigger market share and favorable social quotient.

The sustained engagement and accessibility also fostersloyalty and distinction from the competition.

5 Key checks to be made before investing in a new retail POS system

3. So is it completely mobile?In the age of instant gratification, the sight of a long waiting line would deter walk-ins and even lead to basket abandonment.

Installing more POS terminals is an impractical solution in terms ofadded expense, floor space utilization and viability during low rush hours.

mPOS technology extends the functions and capabilities of the POS system on smart devices, as an application.

It helps in-store staff to approach the customers, consult them basis their CRM profile and conclude the purchase from anywhere in the store.

Happy customers often spread the love to other prospects and drive demand.

Saving in-store floor space and using cost-effective smart devices optimizes operational costs further.

5 Key checks to be made before investing in a new retail POS system

4. But will it support business growth?Considering the time it takes to set-up or upgrade enterprise technology software, it is essential to ensure the POS system is future-ready.

The POS solution needs to be easily scalable and secure with the flexibility to adapt to different markets and industry dynamism.

The ROI increases steadily with low administration costs and virtual system updates across the enterprise.

The POS system processes are seamlessly automated across channels, providing centralized control.

This helps deliver uniform brand experience, uncompromised customer service with complete operational visibility.

5 Key checks to be made before investing in a new retail POS system

5. Vendor or partner?Implementing technology is a long-term commitment which requires equal collaboration between the solution partner and the retail organization.

While a software vendor might support to the point of implementation, a solution partner will share business goals towards innovation, growth and profitability.

It is vital to choose a solution partner who has created a solid foundation in the industry with the experience of working with retailers of similar size and scope of operation.

The solution partner should be able to dedicate expert teams with in-depth best practices knowledge. This helps structure the implementation, training, consecutive project phases and support in line with the business projections.

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Source

Top 5 questions to ask before investing in retail POS technology http://softwaresolution.etpgroup.com/2015/05/top-5-questions-every-retailer-should.html

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