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4 ways your retail business can benefit from upgraded POS technology

4 ways your retail business can benefit from upgraded POS technology

When businesses invest in workplace modernization, they’re usually doing it for their employees first and foremost. The thinking is that better technology leads to more efficient work and a happier workforce.

But workplace technology isn’t always just an internal thing. In certain industries, a streamlined place of business can lead to a more pleasant customer experience as well – and that, in turn, can mean a more robust bottom line.

Let’s take a look at retail, for example. According to Investopedia, we’re currently witnessing a transition in the industry, as point of sale (POS) technology is rapidly becoming more elaborate. At its core, POS technology is a broad term – it refers to any device that’s used to process retail transactions. Even a simple cash register is a type of POS. But in recent years, we’re seeing companies adopt new solutions that allow them to do everything from monitoring inventory and buying trends to tracking pricing accuracy to collecting marketing data.

We’re witnessing the dawn of a new era in retail. And with that in mind, it’s worth taking a moment to think about the ways retail businesses can benefit from new technology. Let’s zoom in on four of them in particular.

Increasing convenience for customers

With better POS technology, stores can make the shopping experience smoother and more seamless than ever. Customers can simply walk in, grab items and walk out, using mobile technology to process payments quickly and easily. This added convenience should lead to a much-improved brand image for the seller, which should translate to long-term customer loyalty.

Gathering invaluable new data

POS systems make it easy to automate the transaction process and track important sales data. When you use a network of data capture devices such as card readers, barcode scanners and mobile checkout apps to scan products and expedite sales, you can use the information stores on these platforms to better understand your customers’ buying habits and transform the way you do business for the better.

Finding new marketing opportunities

Many stores have dedicated POS systems that are set up for specific product groups, such as stores that have separate electronics or apparel sections. These retailers can use their product-specific POS systems to zoom in on important market trends within those sectors, perhaps finding ways to micro-market specific products and influence shoppers earlier in the sales funnel.

Helping to refine business strategies

With all the data you can gather using POS technology, the possibilities are endless for your business. You can track everything from pricing accuracy to inventory changes to sales patterns. You can catch discrepancies in cash flow. You can quickly discover issues like customer service interruptions, out-of-stock sales, and unexpected changes in consumer behavior. These are all little things, but the little things add up, and they translate to a smarter, more successful business.

With all of the above, the team at Zones is eager to lend a helping hand. We offer a wide range of Store/Branch/Location Refresh services that are designed to help retail enterprises address store and branch issues through end-to-end lifecycle management​. With our help, you can simplify your IT infrastructure, enable fast deployment, minimize costs, and drive innovation by implementing industry-proven best practices​. Connect with us today if you’d like to explore this opportunity.

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