NRF: Retail’s Big Show, one of retail’s most influential events held in New York’s Javits Center every year, spotlights the voices of the industry from all over the world. Bringing together thought leaders, exhibitors, and keynote speakers, NRF unveils and demonstrates retail’s latest and most advanced innovations and technology solutions to thousands of attendees over the course of a 3 day event.

Consumers at the heart of the retail industry and retailers continue to advance their operations to cater to evolving customer needs. NRF 2023 reflected this perfectly, with attendees being treated to a range of technological innovations that focused heavily on improving the overall customer experience while easing the jobs of in-store associates with user-friendly solutions. This strong focus was encapsulated in New York by three key trends: streamlined supply chain operations, high quality customer interaction and seamless point-of-sale (POS).

1. Driving Supply Chain Efficiency 

Streamlined supply chain is highly beneficial for driving operational efficiency and reducing cost burdens. However, it also plays a key role in enhancing overall customer experience and satisfaction. NRF 2023 showed clearly that the demand for improved supply chain solutions is significantly rising. Retailers in 2023 are looking to take advantage of cutting-edge solutions that improve supply chain efficiency and provide retailers with better control and visibility over inventory and order management.

To ensure a smooth-running supply chain that can enhance customer experience, retailers must lean on integrated solutions. For example, Teamwork Commerce’s Order Management System (OMS) can easily be integrated with wider retail technology allowing an automated and seamless flow of communication between both offline and online. This further helps retailers in effective decision-making with a single-pane view of their retail ecosystem.

2. Improving Customer Interaction

In today’s competitive retail panorama, retailers must deliver high-quality customer interaction to stand out from the competition. Attendees at NRF interacted with a range of fascinating solutions, such as display technology, previewing adventurous holographics and virtual try-on solutions.

The importance of visual technology in customer interaction plays a key role, but NRF also clearly demonstrated that harnessing data remains a key priority for retailers in 2023.

To rise above the competition and ensure top-tier customer-interaction, retailers must have access to appropriate information about their consumers – such as their shopping behavior, purchase history, and preferences – in real time. Teamwork’s secure Customer Relationship Management (CRM) system enables retailers to do exactly this. When deployed in combination with Analytics and Reporting, the solution allows retailers to enhance the value of their data and curate shopping experiences. Furthermore, store associates can visualize customer purchasing habits at their fingertips with Teamwork’s all-encompassing software. This further helps them offer exclusive earned benefits to their customers. All of this can come together to positively impact the overall customer experience.

3. Frictionless Point-of-Sale

In the past few years, retailers have been putting significant effort to improve consumers’ checkout experience and advancing their point-of-sale has remained a key priority. The continued evolution of POS systems have enabled retailers to cater to consumer needs – such as contactless payments and minimized queues through mobile POS solutions.

NRF made it evident that the evolution has not stopped yet. Attendees bore witness to a number of innovations that will revolutionize the checkout process in the near future, including Teamwork Commerce’s demonstration of RFID powered self-checkout.. The self-checkout technology allows customers to instantly scan all items in their basket at once, within seconds, and reduce checkout times – all thanks to RFID tags and software.

Further to this, Teamwork Commerce’s early demonstrations of Tap to Pay on iPhone, which allows retailers to accept payments on their iPhone without any extra terminals or hardware, also drew in large crowds at the event. NRF 2023 clearly demonstrated that POS technology has much more to offer to the retail industry, despite its significant development in recent years. It should certainly be on the radar of all forward-thinking retailers in 2023.

Looking Ahead 

NRF unveils new innovations in the retail sector and sets retail’s course of action for the rest of the year, and 2023’s event did not disappoint. As retailers gear up to gain a competitive edge in the market, technology is certainly going to be a driving force. Whether it’s to streamline supply chains or to make the checkout process simpler – the appropriate integrations are likely to be the key factors to driving operational efficiency and high quality customer service. Teamwork Commerce helps retailers across the globe with an all-encompassing retail solution that is designed to meet retailers’ needs in 2023.

Schedule a demo to find out how we can help your retail company implement an omnichannel strategy that meets the expectations of today’s customers.

Retailers are realizing the need for omnichannel strategies to stay ahead of the competition. Omnichannel strategy is key to success in today’s retail world. By applying a holistic approach and taking into account all contact channels with your customers, retailers can create an integrated experience that attracts and retains customers, enabling great user experiences.

Omnichannel means having a customer service strategy with a multi-channel approach that covers all channels, from online channels to the physical store, whether it is from a mobile device, a mobile application, or a desktop computer. It also includes the use of social media and other digital platforms to market and sell your products. By doing this, retailers can reach more customers than ever before and keep them satisfied living up to their expectations.

In this article, we´ll present 7 best practices we consider essential for the success of your retail company’s omnichannel strategy. These practices can help you take your retail business to the next level, benefiting your end consumers and getting you closer to achieving the millions of dollars that are available in the retail sector. 

What is an Omnichannel Retail Strategy?

Omnichannel strategy is the process of designing a cohesive customer-focused strategy that spans all used channels to interact with customers. By implementing an omnichannel strategy, companies can increase sales, improve customer retention, and reduce customer acquisition costs.

According to a Bain and Company study, more than two-thirds of US shoppers are omnichannel customers. Omnichannel retailing means using more than one channel—online, in-store, social media, and phone apps—to make purchasing decisions. Retailers who can effectively manage their omnichannel strategy can improve customer experience, increase sales, and reduce marketing costs.

7 Best Omnichannel Strategy  Practices for your Retail Company

1. Develop complete customer profiles

Developing a complete customer profile is essential to providing the best service possible. Knowing your customers’ demographics, interests, and buying habits can help your retail business create targeted offers and sales messages, as well as personalize your website or marketing messages. By profiling your customers, you can also identify potential issues and opportunities that may affect your retail business.

Create Buyer Personas

Building personas can be a great way to better understand your target market and improve your chances of selling your product or service to them. A persona is an imaginary character that you use to represent a specific segment of the population. By understanding this person’s buying patterns and motivations, you can create a more effective marketing campaign that directly addresses their needs.

Activities to be done: Create strong customer profiles to make sure the right messages reach the right people at the right time.

2. Use Attractive Omnichannel Marketing Strategies on all channels

Digital marketing is a process that uses tools and technologies to create, manage, and measure the effectiveness of online campaigns. It includes efforts to generate leads and convert them into end customers through the use of digital channels such as web search, online advertising, social media, email marketing, and mobile marketing. 

The goal is to connect with potential customers where they are and when they are interested in what you have to offer. Digital marketing has become increasingly important as more people access information and services through their devices.

Activities to be done: Establish a clear customer value proposition across all channels. Use analytics to identify customer engagement patterns and optimize your marketing efforts accordingly. 

The Importance of Providing a Consistent and Seamless Experience

People increasingly expect a consistent and seamless experience when interacting with digital devices and services such as those on an omnichannel platform. This expectation can be difficult to meet, but it’s important to consider how best to deliver an efficient and engaging experience.

When designing omnichannel strategies, it’s important to think about how users will interact with the content and move around the site or app. To create a successful experience, it’s important to consider user needs at every point in the design process—your customers will thank you.

There is a growing trend in the industry to create seamless and consistent customer experiences. This is achieved through the use of data and technology, web analytics, and analysis of the interactions through all the touch points that omnichannel communication opens up.

Companies can now create intuitive and engaging experiences for their customers. By doing so, they can create a loyal customer base that will return time and time. In addition to allowing you to improve your purchasing processes and sales marketing.

Some tips for creating a seamless experience include using technology to track customer interactions and analyzing customer data to determine what makes customers happy. 

Additionally, businesses need to focus on providing a positive experience from the moment a customer clicks on their website until they land on their desired product or service. By providing a consistent and reliable experience, businesses can keep customers coming back for more.

3. Optimize Social Networks

Social networks have become an integral part of omnichannel strategies in the retail industry.

 Social media not only allows retailers to connect with customers and promote their products but also provides valuable insight into customer behavior that can be used to optimize the shopping experience. By optimizing social media as an omnichannel strategy, retailers can better serve their customers and improve their bottom line.

Some tips for optimizing social media as an omnichannel strategy include using content marketing to create engaging and useful posts, using targeted ads to reach interested consumers, tracking customer feedback for updates, and making necessary adjustments.

By following these steps, retailers can ensure that their social media channels work in tandem with their other marketing efforts and help them reach more customers in the most effective way possible.

4. Enable cross-channel integration

Cross-channel integration is a means of connecting two or more communication channels, such as customer service and sales channels, to provide employees with a more effective way of interacting with customers. 

This integration can help reduce the time it takes to solve customer complaints and increase the accuracy of customer data. Additionally, it can help employees better understand customer needs and preferences. 

Channel integration helps customers find the product they are looking for and allows them to purchase it quickly and easily. It also allows retailers to track customer behavior across all channels, which can help them make better marketing and product development decisions.

 Additionally, cross-channel integration can help retailers reduce costs associated with offline marketing campaigns and increase revenue from online sales

5. Create Positive In-Person Shopping Experiences

46% of consumers still prefer to shop in stores, rather than online, according to the 2021 State of Consumer Behavior Report, in which “33% of US respondents prefer to shop in physical stores because they like to see, touch and interact with physical products, while 26% enjoy the overall shopping experience that a physical location provides and 13% like the immediacy that buying in-store provides, rather than waiting for delivery”.

With this in mind, your brand must provide employees with access to real-time data about not only in-store inventory, but also inventory in the warehouse and other stores to help customers find what they’re looking for. 

In the same way, employees must have access to customer profiles to learn about purchase history, preferences, and other relevant data that may result in more sales.

6. Unite Online and Offline interactions 

Bridging online and offline interactions allow customers to purchase products from anywhere, anytime, and in a way that works best for them. It also allows companies to better understand customer needs and preferences, which can lead to more sales.

By using a mix of online and offline channels, businesses can create an omnichannel experience for their customers.

7. Make sure your Retail Systems are Fully Integrated

All the systems used in your retail business, and that extends to each of your stores, must be fully integrated and work seamlessly across channels.

This will allow you, not only to achieve a satisfactory shopping process but also to avoid missing information, or not-so-great experiences from both you and your end customers.

Conclusion

Follow our omnichannel retail strategy best practices and allow yourself to improve user experience, marketing, and branding, and ultimately drive more sales.

Major brands are already executing successful omnichannel strategies. They know the importance of creating omnichannel and multichannel strategies to achieve success throughout each of their purchase channels, gaining more happy customers and creating more sales.

Ready to give your company a good omnichannel strategy?

Take advantage of our expertise in retail technologies and schedule a demo to find out how we can help your retail company implement an omnichannel strategy that meets the expectations of today’s customers.

Regardless if you run a small business or a large company of retail, one of the most important decisions you need to make is to choose the best point of sale for your needs. This is a serious decision since the most important information business information is recorded in your POS.

Even if you have a good ERP system, the Point of Sale program or POS system is essential to manage a retail company, since it helps automate the cashier process and control sales and data relevant to the operation, such as the availability of your products and items in stores and warehouses; cashiering, inventory control, among many other things.

There are many different types of POS software available on the market, so it’s important to find the right solution for your retail business.

In Teamwork Commerce we want to guide you throughout your Point of Sale software selection process, so in this blog, we share 5 keys to choose the best Point of Sale software for you, so you can be at the forefront of technology and meet the needs of your customers, after the COVID 19 pandemic. 

What is Point of Sale Software?

Point of Sale Software is a type of computer software that helps retail companies run business operations. It can be used on desktop computers, laptops, or even mobile devices such as android tablets or iPads.

It can include features such as ordering systems, inventory availability, cash registers, barcode scanners, as well as point-of-sale screens where transactions are completed in front of customers.

There are many different types of Point of Sale programs available in the market today, however, it is important to know how to choose the best software that meets the most current requirements that customers are looking for, and that is easy to use.

An easy-to-use yet powerful system will empower your sellers.

What makes a good Point of Sale software?

Ease of Use: Software should be easy or even intuitive to learn and use, especially for new employees.

Data Tracking: Retailers need to be able to track inventory, sales data, and other important metrics.

Security: POS software should include features that protect against fraud and theft.

Customization: A good POS should offer a wide range of customization options, allowing retailers to create a system that feels unique to them, and that meets their needs.

Friendly interface: The POS system you choose should have a software interface where employees can easily understand and navigate, without the need for constant training. 

Real-Time Data: A Point of Sale system in the cloud will allow immediate updating and synchronization so that the decisions you make are made with the correct information at the correct time.

Sales management, inventory management, and being able to relate sales to inventory are also critical because, without accurate records of what’s in stock and what’s been sold, it’s more difficult to manage your finances or track sales activity. 

A good POS system also allows you to track sales figures and inventory levels daily, weekly, or monthly, so you can make informed decisions about future product releases and pricing.

In addition, a comprehensive POS system offers tracking capabilities for your customers. Whether you need to know who is buying what and when, or know which products are flying off the shelves and which are not.

5 Keys to choose the Best Software

1. Consider your Business Goals

Before choosing a POS system, it’s important to determine your company’s business goals. Like any important decision, strategy is a key factor in a world with so much competition in which the rules change and are reinvented every day. So it will be very important to ask yourself questions such as:

Do you want to increase sales? Manage inventory? Reduce administrative costs? What do you need the software to do? Do you need to track inventory and sales data? Create customer profiles? Process payments? Support a Loyalty Program? Do you want to serve your customers through multiple channels? Do you need to Upgrade your system to make it omnichannel?

All of these tasks can be accomplished with different POS systems. Answering these questions before making any decision on which POS system will be critical to meeting your retail business goals.

2. Evaluate the Cost-Benefit ratio

When choosing POS software for a retail business, it’s important to consider the cost-benefit ratio. Point of Sale software can improve efficiency and accelerate transactions, but weighing the benefits against the costs is important. The following five keys can help you calculate the cost-benefit ratio:

• Check out how much transaction processing time is wasted due to inefficiencies in your current system.
• Determine how much money could be saved by eliminating errors and speeding up transactions. How long are you taking to generate reports and how much does that cost your business in terms of money?
• Calculate the potential gross margin of each POS system.
• Calculate how much additional investment in marketing you are making by not having a system that allows you to integrate your marketing strategies and contact your customers.
• Compare price points and features to find the best option for your needs.

Additional to the above, it will be essential to consider the budget that your company has. How much money are you willing to spend on a POS system? Some of the more popular systems can range in price from $100 to $10,000+.

Another factor in determining the cost-benefit relationship will be to evaluate the current technological infrastructure of your company. Perhaps a large investment in hardware has already been made, and there will be nothing left but to get a return on it.

However, in the cost-benefit ratio, no cost is greater than the need to stay up-to-date, meet your customer’s needs, and generate more sales.

Being up to date with an omnichannel Point of Sale system is one of the best investments you can make. Far from being an additional cost or a nice to have, your point of sale system will determine the future of your company, as it simplifies the management of your business and increases your sales.

3. Compare different types of POS software. 

POS software comes in three main types: on-premises, cloud-based, or hybrid. Each has its advantages and disadvantages.

• On-Premises: Local software is installed on company servers. This means that the company has full control over it and can easily update it. However, this type of software is more expensive to install and maintain than the other two types.
• Cloud-based: This software runs on a remote server owned by the company or a third party. This means that the company does not have to invest in hardware or software, but does sacrifice some control over how the software is updated and managed. Cloud-based systems are easier to use than on-premises systems, and today they already offer much better security and performance. 
• Hybrid systems: These systems combine elements of all three types of software. This is why it will depend on what your needs are, to choose the modality that best suits your retail company.

4. Make sure it’s Omnichannel

Omnichannel POS refers to the use of multiple channels (internet, phone, mobile apps, e-commerce) to interact with customers and manage sales transactions. By leveraging these channels, businesses can improve customer service and increase revenue by eliminating the need for customers to visit multiple locations or make multiple phone calls.

There are several factors you’ll want to consider when selecting an omnichannel POS platform: such as which channels does your business use most often? How much customization is desired, pricing, scalability, integrations, and partnerships available?

An omnichannel retail business can gain several advantages by using Point-of-Sale software designed for a customer’s omnichannel experience. These benefits mean increased sales, fewer complaints, savings, and reduced costs.

Advantages of Omnichannel POS

The first advantage is increased sales. Omnichannel POS software enables the retailer to track customer behavior and preferences across all channels, enabling the business to provide a more personalized shopping experience. This means that customers are more likely to purchase items that they have been interested in and are not as influenced by advertisements or other promotional materials. Additionally, if an item is out of stock on one channel but available on another, the retailer can automatically order it from the out-of-stock channel, saving customers time.

Retailers who adopt omnichannel Point of Sale (POS) software can reap several important benefits because it allows retailers to handle transactions in a more efficient and customer-friendly way.

Additionally to that, using omnichannel POS systems allows retailers to better track inventory and sales data. The use of omnichannel POS systems can boost customer loyalty by making it easier for them to shop across the retailer’s entire store network.

Also, Omnichannel POS systems can help retailers reduce costs associated with traditional retail operations, such as labor and overhead.

The adoption of an omnichannel POS system can position a retailer as a leading provider of consumer services across all channels.

Another benefit of omnichannel POS software is that it helps reduce complaints by enabling better service and a presence that customers are increasingly demanding.

5. Make sure it will help improve the Customer Experience

Retailers who want to improve the customer experience should choose point of sale (POS) software that meets the needs of their business. The right POS software can help ensure accurate sales transactions and reduce wait times for customers.

People increasingly demand quality customer experiences in all aspects of their lives, including when they shop. This has led to a demand for point-of-sale (POS) systems that provide an excellent customer experience. Retail companies need to think about how they can best meet this demand and keep costs down.

There are several ways to improve the customer experience with a POS system. Some popular techniques include providing friendly and helpful staff, providing user-friendly menus and kiosks, and having well-curated designs that are easy on the eye. 

Retailers can also benefit from using point-of-sale software that provides daily analytics and reports, which can help them understand how their customers are using the system and where they could improve in the future.

So What can we Conclude out of this? 

Retailers have a wide range of point-of-sale (POS) software to choose from, each with its own set of pros and cons. The right choice will depend on the specific needs of your retail company.

With so many options available, it’s important to do your research and find the right software for your business needs. 

There are many factors to consider when choosing a point-of-sale system for a retail business, however, we believe that by following the advice in this article, business owners can be sure that they will find the system that allows them to be at the forefront of technology and be part of the businesses that thrive in the new post-COVID19 reality.

Are you ready to choose point-of-sale software?

At Teamwork Commerce we are pioneers in retail software and we have one of the most modern and innovative POS systems. We are a cloud-based system that is constantly evolving to provide cutting-edge technology to meet the needs of the ever-changing retail landscape.

The flexible tech stack for retailers we provide includes POS, OMS, Clienteling, Inventory Control, and Reporting. With Teamwork’s omnichannel solution, retailers gain a deeper understanding of their customers to provide personalized experiences through invisible technology. 

Learn more about us and schedule a demo to take your sales to the next level with one of the best point-of-sale systems on the market.