3 Key Takeaways from NRF: Retail’s Big Show

3 Key Takeaways from NRF: Retail’s Big Show

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.

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Essential Features Every Good POS System Should Have

Essential Features Every Good POS System Should Have

After the pandemic of COVID19 the rise in e-commerce and digital transactions paved the way for a new era in retail and today retail businesses are exploring completely new frontiers that range from omnichannel automated experiences, to Virtual Reality and the Metaverse, but the retail revolution is here to stay.

Having the right point-of-sale (POS) system for your retail business is essential for your success. The POS system you choose will impact the efficiency of operations, customer service, and overall profitability of your business. 

It’s important to understand the key features and benefits that a POS system provides in order to make sure your business is owning the Retail Revolution and making an impact in the retail industry.

What is a POS?

A Point Of Sale system is an electronic device used to process customer orders and payments at checkout counters. It typically includes hardware such as terminals, monitors, cash drawers, printers, scanners and other peripheral devices as well as software which manages inventory tracking and sales analysis.

Essentials features for a POS to have

As retailers around the world move towards more comprehensive POS systems to keep up with customer demands, it is essential to understand what components and features are necessary for a successful use of the POS. A good POS system should not only be able to smoothly process transactions, but also provide valuable insight into customer preferences and buying habits.

Here we explore the essential features that every good point of sale system should have in order to ensure success for your retail business.

Improved Inventory Tracking

The retail industry is at the forefront of innovation and efficiency, and it’s no surprise that improved inventory tracking is one of the key elements in staying competitive. With advancements in technology, it’s now easier than ever before to track your inventory with greater accuracy, ensuring your business remains profitable.

Recent developments in point-of-sale (POS) systems have made it possible to keep track of stock levels and sales transactions almost instantly. By integrating a comprehensive POS system into store operations, retailers can get real-time insights into their customers’ buying habits which can be used to optimize inventory management strategies. This allows retailers to identify potential sales opportunities while also reducing the risk of overstocking or running out of stock. Additionally, advanced reporting capabilities make it easy to quickly analyse data so that businesses can make informed decisions about their supply chains.

Streamlined Financial Processes

The retail industry is in the midst of a revolution. Digital advancements have made cashierless transactions and streamlined financial processes possible, making it easier for retailers to tap into their Point-of-Sale (POS) systems and maximize efficiency. With the right POS system, retailers can streamline their financial operations and simplify customer payments.

By leveraging advanced technologies, retailers can benefit from more efficient data management capabilities that support greater visibility into their business operations. This enables them to quickly identify any issues or discrepancies with payment processing, as well as better track spending and inventory levels. Furthermore, streamlining financial processes helps reduce the amount of time spent on mundane tasks such as reconciliation and reporting, saving businesses both time and money in the long run.

Increased Sales & Profitability

Retailers have always had a competitive edge when it comes to increasing their sales and profitability. But with the rise of technology, there has never been a better time for them to take advantage of the opportunities in today’s marketplace. The retail revolution has made it possible for retailers to maximize their profits by utilizing the power of their Point-of-Sale systems.

In this article, we will explore how retailers can use modern POS systems to unlock their potential and boost sales and profitability. We will discuss what features are available in these systems, as well as other strategies that can help increase efficiency and cut costs. Finally, we will also provide tips on how retailers can make sure they are using their POS system correctly in order to get the most out of it.

Improved Customer Experience

As the retail industry continues to evolve, it’s essential for stores to stay ahead of the curve and develop innovative solutions that meet their customers’ needs. One way retailers can do this is by optimizing their point-of-sale (POS) system, which is essential for providing a positive customer experience. By leveraging the latest technology and features available through a POS system, businesses can create an enhanced shopping experience that promotes customer satisfaction and loyalty.

Today’s shoppers expect more from their retail experiences than ever before. They want convenience, speed, quality service, and personalized interactions. With a modern POS system in place, retailers can provide these services with ease while offering valuable insights into customer preferences and trends. This allows them to tailor their offerings accordingly to ensure they remain competitive in this ever-changing landscape.

Automation & Analytics

The retail industry has seen a revolution in recent years as businesses tap into the potential of their POS systems. Automation and analytics have become essential tools for retailers, allowing them to increase efficiency, speed up transactions, and gain valuable insights about customer behavior.

With the right automation processes, retailers can streamline operations with greater ease. The use of automated software solutions allows retailers to reduce manual labor while still maintaining accuracy in their inventory management, pricing decisions, and other important tasks.

Additionally, automation can help optimize sales staff scheduling and maximize productivity by ensuring that all employees are working in the most efficient way possible.

Analytics is also a powerful tool for retailers looking to improve their business performance.

Platform and Hardware Compatibility

The retail industry is undergoing a revolution, and one of the most important steps in taking advantage of this shift is making sure your point-of-sale (POS) system is compatible with both the platform and hardware you need. A POS system needs to have reliable compatibility to ensure that it will work seamlessly with any other technology used by your store.

Compatibility between the POS system, platform, and hardware all need to be considered when selecting a new POS system. The platform should be able to support all the applications necessary for running your store’s operations while still being easy to use. In addition, the hardware must be capable of fulfilling the requirements needed for each software application so that everything runs efficiently. It’s also important to choose a POS system that offers updates as technology changes over time; this helps guarantee continued compatibility across platforms and systems.

Unlocking the Potential of your POS System

The retail industry is in the midst of a revolution, and one of the key elements driving this change is the Point-of-Sale (POS) system. POS systems are becoming increasingly popular as they offer businesses a powerful tool to optimize operations, increase customer service levels, and drive revenue growth. With their ability to store vast amounts of information and process transactions quickly, POS systems can help retailers gain greater insight into customer behavior and preferences.

It’s no surprise that many retailers are investing in POS systems to improve their efficiency and better meet customer needs. However, just having a POS system isn’t enough—retailers need to unlock its full potential by using it strategically.

Unlocking Success

The retail sector is undergoing a revolution. With the emergence of new technologies, businesses are now able to unlock the potential of their Point of Sale (POS) system and maximize sales. By taking advantage of the latest POS systems, retailers can benefit from improved customer service and increased efficiency.

A modern POS system enables retailers to track customer buying trends, manage inventory and optimize cash flow. It also helps with staff scheduling, facilitates online ordering and ensures secure payments. 

The data collected through a POS system is invaluable in understanding customer behavior and ultimately increasing sales. Investing in a reliable POS system is essential for improving business performance within the retail industry today.

Whether you’re looking to make improvements or just starting out in the business world, unlocking success through your POS system is key to staying ahead in today’s competitive market place.

How are you taking advantage of the Retail Revolution?

The retail industry is ever-changing, and businesses need to stay ahead of the game in order to remain competitive. The retail revolution is about unlocking the potential of your Point-of-Sale (POS) system and taking advantage of modern technology. 

As a retailer, you must show leadership and take advantage of this digital transformation to stay relevant in today’s market.

From understanding customer data to utilizing various marketing techniques, you can use your POS system to customize experiences for each customer that walks through your door. By leveraging analytics and insights, you can create dynamic product recommendations and boost sales with personalized offers. 

When you take advantage of the retail revolution, you are better prepared to meet these demands and provide an optimal shopping experience for your customers.

If you want to stand out, you better make sure you are taking advantage of the retail revolution by unlocking the great potential a good POS System has in store for you.

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Customer Loyalty Programs: Types and examples

Customer Loyalty Programs: Types and examples

What is a Customer Loyalty Program?

A customer loyalty program is a type of rewards system used by businesses to reward their customers for their repeat purchases. It enables customers to earn points, discounts, and other rewards for buying the company’s products or services. These programs are designed to build customer relationships, encourage customer loyalty, and boost sales.

The idea behind customer loyalty programs is simple: companies want to make sure that their loyal customers keep coming back. They do this by offering incentives such as discounts, rewards points, free gifts, or special offers on future purchases. By creating an incentive structure that rewards frequent buyers with exclusive benefits and privileges, companies can help ensure a steady stream of returning customers. 

Additionally, these programs give businesses the opportunity to gather valuable data about their customers which can be used to develop more effective marketing strategies in the future. 

How does a Customer Loyalty Program work?

A customer loyalty program is an effective way to reward customers for their loyalty and encourages them to make repeat purchases. Loyalty programs come in many forms, including points-based systems, discounts and special offers. By understanding how a customer loyalty program works, businesses can use these programs to boost sales and build relationships with their customers.

When a customer signs up for a loyalty program, they are usually required to provide personal information such as name, address, and email address. This information is then used by the business to track purchases made by the customer over time. The more the customer shops with the business, the more points or rewards they accumulate that can be exchanged for goods or services from the business. Businesses also use this information to target customers with special promotions and offer tailored specifically for them. 

In addition to providing points and rewards, loyalty programs can also be used to keep track of customer purchases or shop history. This information can then be used by the business to identify potential customers who are likely to want more products or services from the company. 

Why are Customer Loyalty Programs important for your Retail Business?

Customer loyalty programs are an essential tool for any retail business looking to increase sales and attract new customers. Offering incentives to customers for repeat purchases is one of the simplest, yet most effective ways to boost customer satisfaction and ensure continued loyalty. Loyalty programs not only reward loyal customers with exclusive discounts but also allow businesses to better understand their customer base and make informed decisions when it comes to marketing and product offerings. 

When implemented correctly, customer loyalty programs can have a lasting impact on a business’s success. Not only will it help create a positive brand image, but it can also help increase revenues by encouraging more sales from existing customers. Additionally, the data collected through loyalty programs will provide valuable insights into what products customers prefer, allowing businesses to tailor their future offers accordingly. 

Types of Loyalty Programs

Not all loyalty programs are created equal though; there are many different types of loyalty programs that businesses can use to tailor their rewards to their customer base. 

The three main types of loyalty programs include points-based, tier-based, and hybrid. 

Points-based loyalty program

This is the most popular type and allows customers to earn points with each purchase they make, or even by leaving reviews, sharing them on social, or playing a game. These points can be redeemed for rewards like discounts or free products. 

Some examples of this kind of rewards programs are: 

  • Kohl’s Rewards: In general, with this Rewards Program you can earn 5% Kohl’s Rewards on every purchase, every day. The earnings are added to the Kohl’s Rewards balance and can be converted to Kohl’s cash to be spent on the store.  
  • Zappos VIP: This brand, globally known for its customer service, has a Rewards Program in which you can earn 1 point per 1 USD spent, 1 point extra if you have an Amazon Prime membership, or even 5 and 10 points for logging in and reviewing items you’ve bought.

Tier-based programs

This type of program organizes customers into levels based on how much they spend over certain periods of time, offering greater rewards as they move up in tiers. 

Spend-based loyalty programs

These programs are becoming an increasingly popular way for companies to reward their customers and build brand loyalty. These programs provide incentives based on how much customers spend, with discounts or access to exclusive products or services being offered as rewards. 

Hybrid loyalty programs

The hybrid loyalty programs combine elements from both points and tier systems in order to attract more customers and offer greater flexibility in terms of how rewards can be earned or redeemed. 

Some examples of these kinds of loyalty programs are: 

  • Starbucks Rewards: One of the best-known coffee shops in the world first launched a mobile app to manage its loyalty program, when this was not as common. In this program, you earn Stars every time you get a coffee or food at Starbucks, and you can redeem them for rewards like free food, drinks, and more. They also give you special levels. 
  • Sephora Beauty Insider: This wildly popular Rewards Program lets you earn points for each purchase like a traditional point system, but with the difference that you can choose how to use your rewards points. They also have special levels and benefits per level, from savings to special experiences.
  • Bloomingdale’s Loyallist Program: This Program allows you to earn points on every Bloomingdale’s purchase, giving you different Statuses like Loyalist, Top of the List, and Top of the List Unlocked, depending on your Annual Net Spend at Bloomingdale’s. Each Status has different perks from free shipping, to exclusive events.

    Paid loyalty programs

    The Paid Loyalty Programs require customers to pay a fee to join and receive rewards or exclusive offers. These may include discounted rates on products and services, bonus points, or even cashback opportunities. The cost to join can vary depending on the program’s structure; it could be a one-time fee, monthly subscription, or annual payment plan. Depending on the program, members may also receive extra perks such as priority access, upgraded services, or special discounts not available to non-members. 

    • Amazon Prime: Amazon’s Prime membership program is a very famous paid loyalty program with which you can get free delivery, popular movies and shows in Amazon’s streaming services, and exclusive deals, for $14.99 a month. Loyalty programs can become a big differentiator when most of the products you offer can be found in many places and at different prices, as with Amazon.
    • Bed Bad and Beyond: With this loyalty program, you can get a 20% off your entire purchase every time you shop, free standard shipping on every order, and many more benefits, for $29 a year. 
    • Uber One: in 2021, Uber introduced its new membership program that brings together the best of Uber rides, delivery, and groceries. With this membership, you can get an Unlimited $0 Delivery Fee on Uber Eats, Uber One Perks including special offers and promotions, and many more things for $27 per month. 

    Value-based Loyalty Programs

    In these programs, businesses have the opportunity to incentivize their customers with rewards that matter most to them. Customers can redeem points for products and services they already use or sign up for offers from participating partners. This not only helps retain existing customers but also encourages new ones by providing more value for their money. Additionally, these types of programs give businesses insight into customer behaviors, allowing them to better customize offerings according to customer preferences. 

    Game Loyalty Programs

    In a Game or Gaming Loyalty Program, players may earn points that can be redeemed for various items such as gift cards or discounts on digital content. Some loyalty initiatives might also offer access to exclusive tournaments or competitions with attractive prizes. Some brands have used gamification in their apps or websites, but it’s not yet very common to be introduced as part of loyalty programs. 

    Partnered programs

    are more than just discounts or freebies – they can help create long-term relationships between businesses and their customers by offering additional services like personalized advice and deals on products from partner companies. Businesses can also use these partnerships to gain access to new markets, increase visibility, and boost revenue streams. 

    • Three and easyJet. Three, a UK telco, partnered with easyJet to target young travelers with their package ‘Go Roam’ to allow customers to get free easyJet upgrades and go through easyJet data, calls, and texts in 71 destinations at no extra cost. This partnership, although it ended some years ago, was used by many people and it brought many benefits for both of the companies. 

    Conclusion. How the different types of Loyalty Programs can help your retail business? 

    Customer Loyalty Programs can offer a great way for companies to keep their customers coming back. These programs provide customers with incentives and rewards that they would not otherwise receive, making them beneficial to both the customer and the company. 

    In this blog, we offered you some examples and types of Customer Loyalty Pograms for you to get some inspiration and start building yours. Don’t forget that, along with Loyalty Programs, assuring a seamless shopping experience that focuses on customers is key to improving customer loyalty. In the long run, if you want your loyal customers to come back again, is important to first give them an experience they won’t forget. 

    Teamwork Commerce can help you improve Customer Loyalty. With Teamwork’s omnichannel solution, retailers gain a deeper understanding of their customers to provide personalized experiences through invisible technology. 

    Teamwork Commerce is a flexible tech stack for retailers that includes POS, OMS, Clienteling, Inventory Control, and Reporting – a cloud-based system that is constantly evolving to provide cutting-edge technology to meet the needs of the ever-changing retail landscape. 

    We are trusted by top retailers globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, and Catbird. Learn more at www.teamworkcommerce.com

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    7 Omnichannel Strategy Best Practices for your Retail Business

    7 Omnichannel Strategy Best Practices for your Retail Business

    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.

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    Solving the biggest global retail challenges with Google Cloud and Teamwork Commerce

    Solving the biggest global retail challenges with Google Cloud and Teamwork Commerce

    Retailers are facing unique challenges in today’s retail landscape. Customer behavior is rapidly changing and well-established retail organizations cannot rely on their old ways of operating. The world has seen accelerated changes in customer behavior in the last few years – with things like Buy Online Pick Up In Store (BOPIS) quickly becoming the standard of omnichannel retailers. Now we are seeing physical retail remaining stronger than expected. In addition, direct-to-consumer eCommerce brands are opening stores for the first time. As a result, retailers must invest in technology that is flexible enough to face the new challenges of the future.

    Breaking Down Data Silos

     

    Paul Stuart is an 84-year-old American brand that offers exclusive and custom-tailored clothing, sportswear, footwear, and accessories for men and women. Using legacy technology, Paul Stuart faced challenges with inventory management, customer data information, and inventory optimization in their stores. Access to data – including measurements and order status, is paramount to providing the best customer experience for their global client base.

    Paul Stuart merged the in-store and eCommerce operations with Teamwork Commerce, a cloud-based solution powered by Google Cloud. By implementing a cloud-based solution, Paul Stuart’s associates have vital data at their fingertips. They gained the ability to fulfill orders quickly, no matter the channel, using the secure CRM and real-time inventory functionality of Teamwork’s order management system.

    By deploying Teamwork’s robust platform, Paul Stuart has changed the customer experience in all stores; brick-and-mortar and eCommerce, since they are fully connected with a Google Cloud-backed solution.

    Meet Demand at Scale

     

    Many retailers face the challenge of meeting increased demand during peak times. Expandable resources during peak times are essential to eCommerce brands with big sales, exclusive launches and product drops. Teamwork moved to Google Kubernetes Engine (GKE) to assist with the increase of website users around the holidays. GKE has allowed Teamwork clients not to overload the system when thousands of people are shopping that big sale or performing tasks like checking their gift card balances.

    Retailers like Catbird, one of the world’s leading ethically sourced jewelry brands, see massive fluctuations in order volume during peak times. As a result, Catbird adopted Teamwork Commerce technology, which relies entirely on GKE, to give retailers access to an expansive fulfillment network to meet customer demand.

    Teamwork utilizes Google BigQuery, Cloud Composer, and Looker to provide its clients with instant responses to any analytical query and to help bring the power of data-driven decisions to all aspects of business operations. In addition, clients can utilize ML models with BigQuery ML and Vertex AI to solve demand forecasting problems connected to replenishment, assortment planning, and product allocation.

    Global Expansion Means Adapting Fast

     

    Compliance is becoming more and more crucial in different regions. Teamwork Commerce’s global Cloud Headquarters (CHQ) runs on Google Cloud, allowing retailers to house their data appropriately, depending on the location of their physical stores, to stay compliant with local laws and regulations. Teamwork clients can rest assured that their future growth is supported by Google Cloud’s growing global coverage. As of October 2022, Google Cloud is available in 35 regions and 106 zones across over 200 countries and territories. Google Cloud’s massive global infrastructure is designed to deliver software solutions like Teamwork Commerce to clients, no matter where they are around the world.

    Teamwork Commerce’s Secure CRM solution provides the highest level of security to protect customer data. In addition, the platform is completely GDPR compliant and constantly evolving. The Google Cloud platform makes customer data accessible on all retail channels, enabling engagement and customer-centric sales journeys.

    With Teamwork Commerce and Google Cloud, global retailers are positioned to stay ahead of the competition with the foundational strength to solve complex issues using exciting and easy-to-deploy technology.

     

    MaryPaige Ferm

    Director of Global Partnerships, Teamwork Commerce

    Vaughan Layne

    Enterprise Account Executive, Google Cloud

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    How to Choose the Best Point of Sale Software for your Retail Company

    How to Choose the Best Point of Sale Software for your Retail Company

    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.

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