What is EDI Electronic Data Interchange?

A paper based exchange of business documents has represented the way business has been run for many years. But, it also comes with significant limitations, postal mail takes several days, faxes several minutes and this paper approach is error prone. Electronic data interchange is the computer to computer exchange of business documents in a standard electronic format between internal or partner resources. This electronic approach enables increased flexibility, reduced cost, increased speed and improved communication between operators. This might seem like a lot of jargon, but EDI is essentially a succinct backend process that provides for the seamless relationship between systems.

Why Does EDI Matter For Retailers?

How many retailers want to continue to use manual processes? Or physically track orders? Or keep track of relationships with suppliers?

For retailers EDI can make a significant difference, eliminating the need for basic procedural elements in the retail transaction process. Transactions can be completed with greater speed & accuracy, vital for today’s fast-moving retail landscape. EDI also ensures that systems can work together, allowing systems to communicate effectively.

EDI assisted retailers, whenever you place an order with a supplier an electronic purchase order is created within your system, with an EDI solution behind the scenes an EDI purchase order is created and sent to the supplier. Even though the supplier uses a different system their order system will be able to translate and receive the information automatically, ensuring that systems are synchronized even as requirements or information are tweaked.

After the order is ready to ship, the supplier sends an advanced shipping notice & an invoice which matches the original order. The process is reconciled within a few keystrokes, the process is automated and orders are quickly matched to ensure accuracy, consistency and timeliness within the order.

Improving The Workflow

EDI is a foundational tool for automated order processing and backend workflows. The goal of this software is to streamline and improve the workflow while enhancing supply chain predictability. But, EDI also helps to reduce friction in the operations process:

Implementing Electronic Data Interchange

EDI can be outsourced or retailers can choose to invest in their own on premise systems. Both options have their benefits, but, for most retailers outsourced cloud-based EDI is more proficient.

Internal EDI has a high level of initial investment, requiring: Software installation, hardware installation, maintenance support, map development… with outsourced EDI all of these elements are managed externally with the benefits provided to retailers & customers at the endpoint. While creating an external system might seem like creating a silo, it actually helps to break down the walls between existing silos. Cloud based EDI tools allow intercommunication between e-commerce, ERP, WMS, accounting and Point of sale. This inter-communication of tools and software allows for complete visibility of business management and assists retailers in managing the complexities of operations.

A Flexible Solution: Teamwork Commerce + SPS Commerce

SPS commerce can help retailers to integrate with most retail software’s, allowing businesses to achieve multi-system integration through EDI producing a seamless exchange of data across systems. SPS works to connect all retail systems, from legacy to eCommerce their EDI solution can help businesses to create a focused, and efficient backend process that supports retail operations.
www.spscommerce.com

The renowned experience in its new location at Rockefeller Plaza was conceptualized by FAO Schwarz to be fully interactive, rooted in both nostalgia and forward-thinking applications. The new store embraces modern mobile technology from Apple and Teamwork Retail to create an interactive experience for customers, and to empower and enable associates.

For all these reasons, FAO Schwarz chose Apple as the best fit for its business. Throughout the store, guests and Team members interact with iPad and iPhone to power experiences like the RC Raceway, where guests design their own race car using iPad and build it with mechanics onsite. In the Baby Doll Adoption experience, nurses and doctors interview potential new parents using an iPad on a clipboard. To speed guests through checkout, team members are on hand throughout the store with iPhone and iPad, allowing customers to pay instantly and securely with Apple Pay. Apple TV 4K displays product videos throughout the store, and there is a Mac mini behind the scenes serving media content server and as security access control.

FAO Schwarz offers customers mobile checkout and powers its other store operations on iOS cloud commerce provider, Teamwork Retail. Teamwork’s mission for over a decade has been to remove the friction from retail, and we recognized the need to help retailers constantly evolve. In response, Teamwork built an agile platform exclusively on iOS — because Apple makes the best products and ground-breaking features, providing immense value in the retail enterprise.

Michael Mauerer, CEO of Teamwork Retail said “Apple provides the quintessential mobile platform for Teamwork to achieve its mission of frictionless commerce. We are extremely excited and proud to be an Apple mobility partner, and most of all to help our customers, like FAO Schwarz, achieve retail perfection.”

The most engaging and successful retailers today stay close with their customer, strive to remain engaging and interesting, and to keep the shopper feeling valued and coming back. This is where Teamwork Retail comes in. With our solution, retailers are able to accomplish seamless, engaging commerce that is ready to evolve with changing trends.

The key to successful brick and mortar stores today is delighting customers and staying current with the technology landscape. A store is the perfect place to focus completely on and entertain the customer so they can enjoy themselves. It’s a place for a brand to make an impression that keeps customers coming back and wanting more.

FAO Schwarz has made this a priority and its triumphant return, with their magnificent customer experience, is a showcase for the evolution of retail.

For more information about FAO Schwarz and Teamwork Retail, please contact Amber Hovious at [email protected]

Increased Security

The chip on a contactless card communicates with the POS device through short-range wireless technology by virtue of an embedded antenna. Upon tapping a contactless card, a cryptographic code is created unique to this transaction. Ensuring that merchants can track payments and minimize the risk of fraudulent transactions.

But, this comes with additional hardware requirements at the point of sale. Many card processing tools do not process both EMV and NFC so retailers have to ensure that the selected terminal technology is suitable for brand relevant customer requirements. If a lot of customers pay from mobile apps, NFC could be more relevant.

EMV has been so effective in reducing fraud that even credit card companies who typically bear the higher costs of producing contactless cards, aren’t hesitant to support the technology given the reduction in fraud risk.

Speed

What can be faster than a simple tap on a card processing device. On the customer side, the contactless experience is seamless: Customers can simply place their card on the payment tool and in seconds the transaction is complete. But, for retailers this process can be more complex, with additional security driving increased processing times. Leveraging hardware that is designed to handle the complexities of contactless payments is critical, 17 seconds is very different from 70 seconds.

Customers need speedy transaction times, this has only become increasingly relevant in the last 6 months, as retailers across the globe have scrambled to take payments at the curbside, or find contactless solutions to reduce the high touch requirements of traditional tools. For retailers, contactless payments reduce a key pain point in the shopping process. Rather than waiting for a customer to enter a pin, or swipe their card, retailers can have their customers quickly tap a card to complete the purchase.

While this is only available on lower priced purchases this flexibility at the point of payment helps to quickly filter through customers that prioritize the convenience of brick-and-mortar. Experience focused customers are also supported in this process, retail staff are able to focus more on these customers, providing them attention and support as needed.

Comfort & Convenience

Much of the merchant payment processing experience for customers is all about speed, how quickly and easily they can pay and get out. Customers do not want to wait in line, and they also do not want to wait to pay. Retailers and credit card processors have spent years refining their point of sale experience, ensuring that customers feel comfortable and can easily purchase their products. Simply tapping one’s card on the payment tool and then leaving the retail environment is about as simple as the process can be.

Customer experience has also shifted in 2020, consumers now demand comfort in a different format. Customers want to feel safe in the retail environment, accessing all the precautions needed to ensure their safety and continued health. Even the World Health organization has stepped out in favor of contactless payment tools. Many central banks have resorted to quarantining physical bills, or burning banknotes to reduce the risk of passively spreading the virus.

29% of consumers are “extremely” or “very worried” about catching Coronavirus from physical money and so are primarily using card payments. Consumers are also concerned about catching the virus from a card payment, through a retail staff member physically touching the card. This is reflected in the data too, 30% of consumers have started using contactless payment methods since the outbreak started. It is highly likely that this shift will be permanent, customers now understand the value of contactless payments as well as the reduction in health risks as a result.

Teamwork Commerce + Global Payments Integrated

Global Payments Integrated is part of the Teamwork Commerce integration ecosystem, enabling retailers to create an optimal customer experience all the way through to the payment process. With a range of payment tools for retailers of all types Global Payments Integrated is the ideal hardware provider for physical retail transactions. With Genius, retailers can accept a myriad of payments, speed up checkout and boost customer engagement at the point of sale. From gateway to acquiring, Global Payments Integrated is a key partner in the Teamwork Commerce retail ecosystem.

Here are some of the reasons we partner with Socket Mobile:

Socket Mobile’s goal is to provide customers the convenience and performance in a barcode scanner that other data capture manufacturers don’t offer. With certification for an ergonomic design, colorful signature, antimicrobial materials, as well as worldwide leading reputation in Bluetooth, Socket Mobile puts its best foot forward when it comes to its products. Socket Mobile has 25 years of a sound status in mobile scanning, and is continuously pushing for improvement.

Introducing, the SocketScan series of Bluetooth barcode scanners – standing out in a crowd, not only because their color options (blue, green, red, yellow and white), but because of user-friendly attributes and diverse capabilities. Users can work longer hours with comfortable ergonomics and a long-lasting battery. SocketScan was built for a versatile world with 1D, 2D and laser scanning options. It was built with user-friendly icons and notifications to make the user’s job easier. Socket Mobile’s data capture devices were built to work for the user.

Socket Mobile continues to provide compatible, reliable, customizable, data capture products designed for people. Socket Mobile works hard, so users don’t have to.

The Loop Solution

Loop is a company that has developed a payment solution for your keychain, the Loop Fob, and a companion application, LoopWallet. There’s a 90 percent chance that this keychain payment system will work with your existing point of sale system. The LoopWallet app is is PIN protected, and all the servers are fully encrypted, and the Fob can be set up to be unusable if it’s lost or stolen. You can configure it to various levels of security to be used either just like a credit card, or with one of two higher levels of security that require a connection to your phone.

You can load all of your credit cards, debit cards, and membership cards onto a single device that stores them all and can switch between them on the go. You can set it up by plugging the fob into an iPhone and swiping in new cards. The app later helps you select which card to pay with. It’s easy to use and works just about anywhere. Instead of swiping like a typical card, you hold it above the area on a point of sale system where you would swipe a card. The fob then uses Magnet Secure Transmission technology to emit a burst of data that tricks the POS system into believing the card has been swiped, passing along identical data.

The only drawback is that, since the technology is new, you have to explain how it works to every single cashier you check out with.

Moving Toward the Future of Retail

The Loop device is just one of the many ways that retail is moving toward a more technologically advanced future. Even if you haven’t encountered such a card-free payment device yet, there are other modern retail solutions that you probably have encountered, such as the increasingly prominent iPad POS system. iPad POS systems provide a more mobile and flexible retail experience for your customers. A cloud-based iPad POS also streamlines your behind the scenes operations, giving you more time to concentrate on what really matters.

If you’re interested in moving your retail business closer to the future of retail, it might be time to upgrade to an iPad point of sale system. Contact Teamwork Commerce today to find out just how easy this new system is to implement and learn.

Apple products such as the iPad are becoming more integrated into how businesses, especially retailers, operate. These small and powerful devices offer similar functionality to larger PC counterparts but are thin and light enough to be carried around all day. Companies that want to integrate iPads with their point-of-sale systems can do so by establishing a mobile POS to complete sales anywhere in the store.

Looking ahead, Apple devices figure to play an increasing role in how payments are accepted, according to a recent IDC report. The research firm indicated the company is focusing on both the offline and online commerce experience.

James Wester, IDC practice director at IDC’s Worldwide Payment Strategies division, said Apple has made it a goal to make payments more streamlined and convenient for users.

Retailers still not realizing potential of the iPad

Despite the advantages of iPads in the retail space, businesses in this field are still not embracing the devices as much as other industries. A Good Technology report detailing mobile adoption during the fourth quarter of 2013 found the retail sector only accounted for 2 percent of iPad activations from October through December.

Retailers, consumers can benefit greatly from Apple device

Retailers interested in lowering costs, replacing old PCs and enhancing the consumer experience owe it to themselves to consider incorporating devices like Apple’s iPad into their stores. One of the main issues with stationary POS systems is that the checkout lines are often congested at one location of a store. If a shopper has a problem that requires 10 minutes to address, other people in line become frustrated and the line continues to grow.

Sales reps walking around the store with tablets in hand and an iPad POS system in place can limit such occurrences from happening. Employees using the device can assist shoppers anywhere at any time throughout the store, completing checkouts on the spot.

As Apple makes improvements to its offerings to enhance the payment experience, retailers also invested in the Apple ecosystem and devices such as the iPad will be in great position to benefit from the improvements coming their way. As the Good Technology study found, not many companies in this field have taken the leap just yet, so forward-thinking brands can get a leg up on the competition in both the short- and long-term.