The retail landscape has changed dramatically in the last ten years.
Consumers expect retail experiences to save them time and money. Retail E-commerce is projected to make up 17% of all U.S. retail sales by 20221. This growth might seem intimidating for traditional retailers but don’t worry, brick and mortar retail isn’t dead. In fact, it’s quite the opposite for companies that have embraced and adapted to the needs of the consumer.
Retail and food sales hit a record $507 trillion in July of 2018, which was a 7% increase from 2017 and a 49% increase from 20092. This upward trend means more opportunity for businesses. However, improperly managed or outdated POS systems could cost businesses in places where they could otherwise grow. Using expiring or outdated equipment can mean missing or excess inventory, and it also puts businesses at the mercy of refurbished hardware with convoluted software.
According to the National Retail Federation, retailers lose $224 billion due to excess inventory and $45 billion from not having inventory3. With the economy riding an all-time high, people are spending money. The problem is, some retailers aren’t making it easy for them to spend it.
Customer satisfaction in the retail sector scored a 78 on a 100-point scale, which is down 1% from last year and ranks significantly lower than e-commerce, scoring 82%4. Several factors may be contributing to the declining satisfaction score, but one, in particular, is the lack of up-to-date technology.
While businesses everywhere experiment with the latest technology trends, an unreliable or outdated Point of Sale system could still slow profits and customer satisfaction.
Some stores use augmented reality, where customers can visualize wearing an outfit, without trying it on. Others leverage the Internet of Things to connect their stores to the consumer’s smart device. While this technology is exciting, it won’t make up for missing inventory or a frustrating checkout experience those with outdated devices deal with.
Offering consumers fun and trendy technology is great, but creating a seamless guest experience from beginning to end will keep guests coming back. As guests have grown accustomed to the ease and simplicity of e-commerce, traditional retailers must leverage their Point of Sale system to provide that same convenient experience.
An upgraded POS system has many benefits for businesses. Shorter wait times for customers, NFC, MSR and EMV payment acceptance options, and simplified inventory management are just a few of the benefits of using next-generation payment technology. By staying up-to-date, businesses can continue adjusting to industry trends, rather than being stuck using refurbished hardware. Mobility is an evolving tool and will be a fundamental building block for businesses as new tech trends hit the market down the line.
Windows released a statement notifying their customers about their End of Life products5. Businesses still using expiring hardware or outdated software will find it increasingly more difficult to fix and troubleshoot their systems.
We know it may seem scary and costly to make this transition. Businesses spend years collecting customer data and insights, and they’re afraid upgrading will cause them to start over. We’re happy to inform that it IS affordable and there WON’T be any data loss when done correctly.
Seamlessly transitioning from old to new is much easier than businesses think.
For an example of this, read more about how the largest pet retail store took the hassle out of inventory workflow and created a more efficient, user-friendly experience from the stock room to the register.
When the time comes, and you decide to upgrade your hardware, Infinite Peripherals has a wide range of hardware and software solutions that will simplify your move. We know how valuable your data is. We’re here to help you create mobility with simplicity.
- E-commerce is expected to grow to 17% of US retail sales by 2022
- Advanced Monthly Sales for Retail and Food Services https://www.census.gov/retail/marts/www/marts_current.pdf
- Point-of-Sale System Basics for Retailers
- American Customer Satisfaction Index
https://marketing.theacsi.org/acton/attachment/5132/f-005d/1/-/-/-/-/ACSI Retail Report 2018.pdf
- Microsoft Lifecycle Policy