3 Reasons Why Retail Stores Need a POS System

3 Reasons Why Retail Stores Need a POS System

By: Retail CIO Outlook | Tuesday, December 01, 2020

To stay on top in today’s highly competitive retail landscape, a good point of sale system is one of the retailers’ biggest assets.

FREMONT, CA: The current COVID-19 pandemic and the shift in the way consumers shop, work, and life has drastically changed how things are done across all sectors of the economy. And retail is no exception. Because of the pandemic, there has been a 15-30 percent increase in consumers who purchase online. Consumers have also raised their use of different sales methods like contactless payment, virtual consultations, and even social commerce. According to retail experts, this new buying behavior is here to stay. To meet the new expectations of shoppers today, retailers need to use modern POS technology that will enable them to adapt to market changes. Here is why.

• Real-Time Inventory Management

As conventional shoppers are increasingly buying online, retailers need to keep track of inventory in ever more places. This is a major challenge for many retailers as online sales channels are often handled separately with POS systems. But keeping track of inventory and stock levels is critical as stock-outs mean upset customers and lost sales. With a modern retail POS platform, today’s retailers can share the same products across all locations, easily create new stores or stock splits to re-allocate inventory and minimize stock-outs.

• Customer Management

Most POS systems also have customer management features that allow retailers to store shopper information and develop customer profiles. Some platforms even provide loyalty features so retailers can reward their top patrons. All these features result in higher engagement levels, repeat purchases, and loyalty, all of which are invaluable for retailers.

• Streamlined Retail Operations

When retailers have a basic POS or cash register, they will often use spreadsheets or pen and paper to manage the business. And while these legacy tools may have worked for decades, they simply would not cut it in the fast-moving retail landscape. If retailers want to keep up with modern shoppers, they need a powerful POS solution that rapidly and efficiently gives real-time data and process tasks. It favors business to choose a complete point of sale solution that covers all retail needs.

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