Whether you have a small business or a large company, one of the most important decisions for your retail company is to choose the best point of sale software. This decision will determine how your business information flows and how your sales evolve. 

Regardless of whether you have a good ERP (Enterprise Resource Planning) system, a point of sale system is essential to manage a retail company since it helps you to automate payment processing, as well as track sales and relevant data for operating a retail store, such as the availability of your products or items in stores and warehouses, your customer profiles, among many other management features. 

Currently, there are many different options of point of sale software available on the market, so it’s important to find the right POS option for your retail business needs. And we want to help you to do that!

In this article, we will share 5 things you must consider to choose the best Point of Sale software for your retail business, after the COVID 19 pandemic redefined the way retail companies operate. A solution that allows you to be at the forefront of technology while you meet your customer needs.

What is a Point of Sale (POS) System?

Point of sale software is computer software that helps retail companies run their business operations. Talking about the POS hardware, it can be used on desktops, laptops, or even mobile devices such as Android tablets or iPad POS, and it can include management features such as ordering systems, cash registers, inventory control, payment processing, barcode scanners, and point of sale screens where transactions are completed in front of customers.

There are many different types of POS software available on the market today, however, it is important to know how to choose the best, so it can meet the most current requirements that customers are looking for and is both easy to use, as well as a powerful system for your business to empower your sellers.

How to know if a Point of Sale software is good?

• It is simple and uncomplicated: The software should be easy to learn and use, especially for new employees.
• It offers Data Tracking: A retail industry needs to be able to track sales, general data, and other important metrics.
• It offers strong security:  POS software should include features that protect against fraud and theft.
• It is customizable: Vendors should offer a wide range of customization options, allowing retail managers to create a system that feels unique to them.
• It has a friendly interface: Good POS solutions allow employees to use them intuitively, without the need for constant training.
• It helps business owners to make real-time decisions: a cloud based POS system will allow immediate updating, synchronization and real time reports, so that the decisions you make are based on the correct information at the correct time.

Sales management, advanced inventory management, and being able to link inventory to sales are also important. Without accurate records of what is in stock and what has been sold, it becomes impossible to manage your finances or track the activity of your customers.

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

In addition, a comprehensive Point of Sale system provides tracking capabilities for your customers. For instance, being able to know who is buying what and when, or which products are flying off the shelves and which are not.

5 Tips to Choose the Best POS Software for Your Retail Company

1. Consider what your business goals are. What will you use the POS system for?

Before choosing a POS software, it’s important to determine your company’s business goals. Like any important decision, the strategy you are considering implementing is a key factor in a world with so much competition, and 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? Control inventory? Reduce administrative costs? What do you need the software to do? Do you need to track sales and data? Create customer profiles? Do customer management? Do payment processing? Support a Loyalty Program? Serve your customers instore and online, or through multiple channels? Upgrade your system to be omnichannel? 

All these mentioned tasks can be performed with different POS systems. Answering these questions before making any decisions about which POS to implement, will be of great importance in meeting your retail company’s goals.

2. Evaluate the cost-benefit relationship

When choosing a point of sale software for your retail business, it is important to consider the cost-benefit ratio. Point of sale software can improve efficiency and save you time by speeding up transactions, but it’s important to weigh the benefits against the costs. The following five keys can help you calculate the cost-benefit ratio:

• Evaluate how much transaction or payment 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 it cost your business.
• Calculate the potential gross margin for each point of sale system in your retail business.
• Calculate how much additional investment you are making in marketing because you do not have a system that allows you to integrate your marketing strategies and contact your customers, or implement customer management strategies. 
• Compare price points and POS features to find the best option for your needs.

And of course, it will be essential to consider your budget. Consider how much you are willing to spend on a POS system, since some of the more popular systems can range in price from $100 to $10,000.

Another factor to determine the cost-benefit ratio is to evaluate the current technological infrastructure of your company. Perhaps a large investment in POS hardware has already been made and the best option is to take the most advantage of it. However, in the cost-benefit ratio, no cost is greater than the need to stay current, satisfy your customer needs, and generate more sales.

Without any doubt, being up to date with an omnichannel point of sale system is one of the best investments that you can make. Far from being an additional cost or a “nice to have” software, your point of sale system will determine the company’s future, since it simplifies the management of your business and increases your sales.

3. Compare different types of POS software: on-premises, cloud based, or hybrid.

POS software comes in three main types: local, cloud based, and hybrid. Each of them has advantages and disadvantages.

Local software is installed on company servers. This means that the company has full control over it and it can easily update it. However, this type of POS software is more expensive to install and maintain than the other two types.

A cloud based 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 sacrifices some control over how the software is updated and managed. Cloud based systems are easier to use than on-premises systems, and nowadays they offer much better security and performance than on-premises systems.

Hybrid systems combine elements of all three types of software. That is why it will depend on your needs to choose the modality that best suits your retail company.

4. Make sure the POS is Omnichannel 

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

There are several factors to consider when selecting an omnichannel POS platform: the digital and distribution channels that businesses use most often, how much customization is desired, for example, pricing, scalability, integrations, and partnerships available, among others. 

Advantages of having an Omnichannel POS

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

Retailers who adopt an omnichannel point of sale (POS) software can obtain several important benefits.

• Omnichannel POS terminals enable retailers to handle transactions in a more efficient and customer-friendly way. 
• Using omnichannel POS systems allows retailers to track sales, inventory, and data in a more effective way.
• Using omnichannel POS systems can help drive customer loyalty by making it easy for them to shop across a retailer’s store network.
• Omnichannel POS systems can help retailers reduce costs associated with traditional retail operations, such as labor and overhead.
• Adopting an omnichannel retail POS can position you as a leading provider of consumer services across all channels.
• An Omnichannel POS system provides a better service, helping reduce customer complaints.

5. Make sure it will help improve Customer Experience

Retailers who want to improve customer experience and increase customer loyalty, should choose the point of sale (POS) software that meets the needs of their business. The right POS software can help ensure accurate sales transactions and save you time, while it also offers reduced wait times for customers.

Clients increasingly demand great customer experiences in all aspects of their lives, specially the ones they got while shopping. This has led to a demand for POS systems that provide an excellent customer experience. Retail companies need to consider how they can best meet this demand and keep costs down.

There are different ways to improve customer experience with POS systems. Some popular techniques include providing friendly and helpful staff, user-friendly menus and kiosks, and layouts that are pleasing to the eye. It is important for retail managers to choose the right POS software for their needs, as not all systems will offer all of these POS features.

Retailers can also benefit from using retail POS systems that provide real time reports and daily analytics. This can help them understand how their customers are using the system and what areas could be improved in the future.

What’s next?

The retail industry has a wide range of POS software to choose from, each with its own set of pros and cons. The right POS option 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, business owners can 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 your Point of Sale (POS) software?

Teamwork Commerce is an omnichannel solution that provides retailers with POS, OMS, Inventory Control, CRM, and Analytics. As a leading partner of Apple, Teamwork is constantly evolving and ensures the use of cutting-edge technology. The world’s leading retailers use Teamwork Commerce to create a customer-centric omnichannel experience and be frictionless. For more information, visit www.teamworkcommerce.com

The global POS system market is projected to grow from $75.5 billion in 2020 to $138.1 billion in 2026, a 10.3% CAGR (compound annual growth rate), according to a late 2021 report by Global Industry Analysts. Mobile POS software terminals specifically are predicted to experience a slightly greater growth – 10.4% CAGR – within the next 7 years, adds the report.

Part of this can be attributed to the massive growth some retail markets are experiencing locally in different parts of the world. Another part will be accelerated as retailers spread their assets further and further across the world, diversifying both their business risks and growth opportunities.

As your company takes advantage of global opportunities, you need a POS system that will support your expansion. A POS system that already understands the global marketplace, regulations, payment processors, and more.

How Global POS Terminals Support International Expansions

International expansions require tools that can make the new stage of operations smoother, especially when you look to navigate credit card and customer data processing alongside customer sentiment and trends. A good global POS system is more than simply translated into the native language. It needs to help you meet local fiscal regulations, integrate with local payment providers, and keep your customer’s data secure around the globe.

Law & Regulation Compliance

A POS system is more than a way to track inventory and make sales in a new country. Behind the scenes, it means you’re navigating through local data management, privacy, credit card processing, tax and cybersecurity laws and regulations, to name a few. Not complying could lead to fines, reputation damage, lawsuits, or even a ban on doing business in a given state, region or country.

Therefore, when you set out to choose a global POS system for a specific market, it’s critical to choose one that’s already done the legwork, and integrated all the local laws and regulations into its devices and software products. If you plan on expanding to multiple locations, it’s best to go with a global POS system that’s immersed in as many of them as possible, and has the experts and processes in place to adapt to additional markets.

Software Localization

The first thing many people think about when it comes to localization might be translation. After all, it’s the basic step toward communication in a new country. However, true localization goes beyond that.

It means understanding a market’s unique communication etiquette, the way customers discover products, the type of products they relish most, which sales strategies are acceptable, what they consider a great customer experience, what’s their standard for customer service, what they expect if they need to return a product, cultural phenomena and political climate, among others.

When it comes to customer relationships and transactions, you need a global POS solution that’s as tailored as possible to each market’s needs. It will help you minimize friction at crucial interaction points. Moreover, it will make the final step of purchasing feel like it was created just for your new customers, because when you work with localized global POS terminals, that’s pretty much what happens.

Global Security

A global POS system makes protecting customer data and complying with local security regulations across the globe simple. For example, stay GDPR compliant through tokenization, which allows you to secure customer data in a central location, and access it locally without ever importing it – or storing it – on the local system. 

This enables a secure, compliant omnichannel retail experience for your customers, no matter where in the world they’re shopping.

Set Your Company to Success with a Global POS System that Knows How to Grow with You

Helping retailers grow their companies and improve customer experiences around the globe is why we founded Teamwork Commerce. We believe in the power of localized operations, and embedded our software in the local preferences, regulations and laws of over 20 countries, with more on the horizon. Our POS is fully localized in twelve languages, and will keep you compliant by meeting fiscal regulations in countries like China, Brazil, and France.

Along the way, we’ve also developed teams and processes to support our global customers. We have offices in North and South America, Mexico, Europe, Australia and Asia. 

Chinese consumers are loving luxury retail. In 2020, as countries closed their doors to travelers, Chinese consumers used their international tourism budgets for luxury retail therapy. In 2021, that habit accelerated by 36% to $73.6 billion, according to CNBC. While the spending did slow down later in the year to pre-pandemic numbers, the country is still on track to become the world’s retail luxury leader by 2025, surpassing the US, adds CNBC.

One of the reasons? The population that’s doing the shopping.

Who’s Shopping for Luxury Retail in China

China Sends Mixed Messages to International Brands

Entering the Chinese market on your own can be very confusing. Let’s explore some of the considerations you need to take into account, then look at what could help you succeed.

That Time China Caused European Luxury Stocks to Drop

As more citizens grow their income, the Chinese government announced plans to step in, increase taxes for high incomes and high purchases, and redistribute this wealth for better economic equality. While it sounds good, the results weren’t great for European luxury brands. Together, their stocks lost $120 billion within two days of that announcement in 2021.

This potential tax challenge is just one of the uphill battles for international brands hoping to rely on the Chinese market for their own growth. There’s also a question of whether Chinese consumers would buy from them at all.

China Encourages Citizens to Buy from Local Brands

In addition to redistributing wealth, China is also doing its best to create a culture that keeps money, and the financial power it provides, within its borders. In other words, it’s encouraging citizens – starting at a young age – to buy from local brands and prioritize products that emphasize China’s uniqueness.

It’s working. The population seems to prioritize local brands. However, international brands still have hope, because when the borders are open and Chinese consumers travel abroad, they love shopping at internationally recognized brand name stores… and that’s something the government isn’t ignoring, either.

China Also Provides Business Benefits for International Brands Opening Shop in the Country

This is where it gets confusing. The same country that is now talking about charging extra taxes, and causing European luxury retail stocks to drop, is also the country that’s been providing business benefits, including tax reductions, to international brands that open shop in China, in a desire to get more of them to do so.

To help you become one of those brands, let’s look at three international brands that focus on this market and see what they’re doing.

3 Examples of International Brands that Succeed in the Chinese Market Anyway

Succeeding in China might not be easy, but these brands prove it’s possible.

Burberry Understands it Takes a Village

When Burberry first entered China, it knew it didn’t understand the Chinese market enough to serve it well. Therefore, it let locals lead the way – in big part, by franchising the brand to local businesses.

Once it gained better insights and the brand name gained local trust, the company upped the work it was doing in-house to strengthen relationships with Chinese customers, among others, via local social media platforms and brand-owned stores.

BMW Creates Long Term, Local Partnerships

In 2003, BMW created a partnership with a Chinese organization, which helped the company manufacture BMW cars in China and establish the brand as one of the leading luxury car brands in the country. Over the years, BMW’s share of the partnership has grown. It now holds 75% of the shares, but its commitment to the partnership is still strong. In early 2022, BMW announced the extension of the partnership for 18 more years, while also indicating it will continue collaborating with the provincial government, as it has done until now.

Pampers Succeeds When it Understands Chinese Customers’ Needs

While Pampers isn’t a luxury brand, its success story represents a vital element of succeeding in China. Way back in the 1990s, Pampers tried selling diapers in China without understanding how Chinese parents potty train their kids, and how that impacted their dislike of Western diapers. When sales weren’t great, the company reduced prices, but Chinese customers still didn’t trust it.

Only in 2006, when the messaging shifted to a research-based claim that diapers equal better sleep, and better sleep could drive better cognitive development, sales skyrocketed. Why? Because Pampers finally understood what actually mattered to Chinese parents.

Want to Succeed in China too? Pay Attention to Cultural Differences When Strategizing Your Marketing

As the Pampers example proves, brands can’t assume that what worked in the west will work in China. Even if a campaign worked well somewhere in Asia, it might not work well in China. Simultaneously, brands can’t just make a few tweaks and think they’re ready to go. Instead, they must customize messages to Chinese needs, and maybe even create them from scratch, just for local customers.

When you do that, you need to take the cultural, historical and political landscape, as well as its heritage and the heritage’s impact on this landscape, into consideration. This, of course, doesn’t mean adding some traditional Chinese motifs, like dragons, to your branding and calling it a day. That won’t necessarily speak to contemporary customers. You need to develop a deep understanding of local customers’ motivations and needs.
For example, men buy makeup in China, just as some men buy makeup in the US. But in China, it’s not about gender fluidity – it’s just another way to improve yourself, like building muscles or getting a degree. The messaging needs to be totally different to speak to local customers.

But differences can be more invisible sometimes – say, when what’s considered a “small” or “medium” size is different in China, or when hand gestures can have completely different historical contexts than they do in the west.

That’s why it’s important not to do it alone. Partner with local organizations, or companies that have experience successfully localizing in China, and keep open communication lines with your local audience.

Importantly, keep the respect and embrace of this rich, unique culture front and center even when you market elsewhere in the world. The internet has made the world a small space, and staying culturally sensitive to this significant market even in faraway geographical areas will go a long way in building trust with your Chinese audience.

Discover What Customers Actually Need

About a decade ago, fashion brand Kate Spade New York made a promise to inspire its customers to lead a more interesting life. As then CMO Mary Beech said at a Columbia Business School conference, the brand identified its #1 customer to be a culturally curious woman, who “lives life to the fullest… takes chances and… stands out from the crowd.”

This customer profile was front and center for all departments, from design to social media and customer service. It even led to interactive store experiences, such as signs that hid below handbags to surprise customers when they picked them up.

You can watch Beech’s full presentation here:

But this kind of customer profile isn’t accidental or made up from thin air. To discover what customers need, you need to talk to them:

=> Run surveys.
=> Invite them to roundtables or one on one calls with your team.
=> Talk regularly with your customer service and in-store employees to get direct customer feedback.

In addition, pay attention to what they share online:

=> Mine your social media and blog comments.
=> Use social listening tools.
=> Analyze product reviews on your site and on marketplaces like Amazon.

To take it to the next level, analyze what they’re saying about your competitors, too. Discover what they love about competitors, and what gaps are left to fill.

Of course, back all that with browsing and shopping data. Run product and promotional tests. See which changes speak to customers most, and adjust accordingly.

Choose a CRM that Provides a Universal Customer View

When choosing a CRM, choose one that provides a universal, omnichannel customer view, so you can start stepping away from fragmented experiences that exhaust and frustrate customers. Verify your CRM gives you:

=> Browsing history on all channels.
=> Shopping history on all channels.
=> Customer service history on all channels.
=> Loyalty program data.
=> Other engagement information, like how many channels they use to follow or engage with your brand (Do customers who follow you in three or more channels have different needs? Greater loyalty?).

In addition, it’s important to share and analyze data across silos. Customers expect to feel like they’re talking to the same “person” whether they contact you on Instagram, chat or in-store, and whether they reach out for sales or or service help. The only way you can authentically provide that feeling is by creating in-company collaborations.

Source: Brightpearl and Multichannel Merchant via CBI Insights

Provide Personal Experiences with Clienteling

The long term relationships brands build with customers through clienteling are especially strong, because they go beyond personalized experiences for segments. Clienteling creates personal, one on one relationships between a sales associate and a specific customer – although it’s especially powerful and effective when it’s empowered by technology that provides the universal customer view we just covered.
In this case, sales associates get access to customers’ preferences, wish lists and purchase history. They get to know their tastes and desires. Therefore, it’s easier for sales associates to provide product recommendations, including upsells and cross-sells, and early access to new items.

Sales associates can go the extra mile by providing gift cards for customers’ loved ones or facilitating product maintenance sessions, for example. With the help of a mobile POS, they can help customers cut the line when it’s time to make a payment, as purchases can be finalized anywhere in the store.

Sales associates can also use their mobile POS to gain access to the unified customer data, and add their own, as they document every interaction. Put together, the brand gets a rich database that enables it to reach out and engage with the customer long after she left the store, so she can feel cared for no matter which channel she prefers to use next.

Create Emotional Connections

Brain studies show that we often make purchase decisions based on emotions first, then rationalize these decisions afterwards, reports Psychology Today. Therefore, the deeper emotional connections you can create with customers, the likelier they are to buy and keep coming back.

Consider why customers are buying, or how buying from you or engaging with your brand makes them feel.

Emotional Needs

Let’s take fashion, for example. Buying clothes can be fun, but maybe not as much if all the representations you see are of beauty models you might never achieve. But when you buy from a brand like Aerie, which continuously showcases models of different body types, races and physical abilities, you might feel valued and beautiful on a whole other level.

Values and Purpose

Alternatively, you might buy from this brand because it represents and advocates for your values, whether it’s diversity or sustainability. You might choose this brand over another because you prefer to give your money to a brand that has more financial power than you do to drive the change you want to see in the world.

Opportunities for Trust Building

Just as importantly, you’re likely to stay with a brand that takes responsibility, shows empathy and helps you find resolution when things go wrong.

When Things Go Wrong

Customer centricity is a fun topic when we’re planning marketing strategies, checking out innovative technology options, and brainstorming ways to pamper our most loyal customers. It’s easy to think that if we do all these things, it’ll be all rainbows and unicorns from now on.

And in a way, we’re not completely wrong. When companies take one more extra step toward customer centricity, customers are likelier to forgive their mistakes and keep buying.

That extra step is empathy – especially when things go wrong.

According to CEB, most customers who reach out for support already tried to resolve things themselves, which means they already feel frustrated. Then, we’ve all experienced contact centers that require us to jump through hoops, contact multiple touch points, explain our issue over and over again… only to get blamed for doing things wrong ourselves, or otherwise getting treated poorly.

No wonder that CEB reports that “customer service interactions are actually 4x more likely to lead to disloyalty than loyalty.”

It’s critical to invest in tools and training that facilitate more empathetic, customer-centric service.

The Secret Nobody Tells You About Customer Centricity: It Actually Shouldn’t Be Your First Priority

In fact, it’s very challenging to create customer centricity if it’s your number one priority, because it isn’t created in a vacuum. It’s created by people – your employees.
The challenge is, “a third of employees aren’t truly engaged on the job” and it “cost[s] companies between $450 and $550 billion a year,” reports HR Dive. When employees aren’t engaged, they often do the minimum. When they don’t feel appreciated, they often won’t go out of their way to think outside the box and innovate. When they feel stuck at a job that mistreats them, they might come off frustrated and annoyed in customer interactions.

In one company, management was so oblivious to the employee experience, that it simultaneously asked them to take actions and threatened to fire them if they took said actions. No matter what the company did to motivate its employees, or what bonuses it “threw” at them, product development remained slow and the company kept losing money.

To prevent this from happening in your company, treat your employees as your number one customer sector. Discover what they actually need, get a universal view of their experience, personalize their journeys in your company, create emotional connections, and be there for them when things go wrong.

When you do that, it’ll be much easier for them to help you successfully implement these strategies with your prospects and paying customers.

Traditional retail POS solutions have been monumental in helping companies manage in-store transactions, but as the years pass, retailers that aim to stay relevant, or even lead the in-store customer experience in their industry, realize they need more.

They need a POS they can access anywhere in the store, one that provides access to omnichannel customer data, and allows for personalization opportunities that customers want to experience time and again.

Enter mPOS systems.

Instead of long lines and purchase abandonment…

At best, long lines are a cause for frustration. At worst, they might cause customers to abandon their purchase altogether, missing out on the opportunity to enjoy this product they actually want to buy while your company misses out on the opportunity to build a relationship with a happy customer.

… Create an Efficient, Personalized Experience

When sales associates have mPOS systems, they’re able to charge customers from anywhere in the store, reducing lines and frustration. This frees sales associates from being stuck at a single terminal, letting them provide a more customer-centric experience with an easy, speedy check-out.

They can also take the satisfied customer experience to a whole other level. With a mobile POS application, your team can have on the go access to customer data, including the customer’s past purchases, cart abandonments and browsing history. This single source of information around every customer enables sales associates to make personalized recommendations on the spot – which is a good thing, because 80% of US adults want retailers to personalize their experiences, reports McKinsey & Company.

Source: Epsilon Marketing

Give Loyal Customers Extra Love

Mobile POS makes it simple to reward loyal customers by quickly calculating discounts, promotions, price overrides, loyalty programs, gift cards, tax exemptions and more. Since mPOS software gives your team access to customer data at their fingertips, your sales associates can easily see whether the customer has joined the company’s loyalty program, is celebrating a decade of purchases, or just spent more than usual in the past month or quarter. Then, the sales associate can use the software to offer promotions that are tailored to this customer’s specific needs.

Effortlessly Go the Extra Mile in Helping Customers Find Their Desired Products

Sometimes a customer really wants to buy an item, but that item is out of stock pretty much everywhere. But a good sales associate never forgets her top customers. If the sales associate is at the store, serving other customers or organizing merchandise, and notices the item has reappeared – or sees another product she knows her customer will love – she can log into her mPOS software, and drop the customer an email right there and then.

Even better, the mPOS software can automatically notify the sales associate when the product is available again somewhere in the company.

Either way, there’s no more waiting for “later,” when she can get to a computer, and risking forgetfulness or the product going out of stock again.

Turn Returned Products into a Retention Opportunity

“96% would shop again with a retailer based on a good returns experience,” reports Narvar. Mobile POS makes the return process simple by giving sales associates a customer’s purchase history right at their fingertips, so there’s no need for them to wait in line or fish through the recycling bin for the receipt.

Source: Narvar

A mobile POS can give your team incredible control over returns (no matter which of your locations the customer purchased from) with features like Buy Online Pick-Up In-Store, Buy Online Return In-Store, Buy Online Ship from Store/Warehouse, and Endless Aisle.

Mobile retail POS solutions that give you deep access to data let you leverage this returned purchase as a retention opportunity. Maybe you can offer store credit or a discount, or access to an exclusive event, and maybe you just accept the return with a smile and remind your customer how valuable you know she’s been to the business for years, and how much it matters to you that she’s satisfied with every item she keeps.

Let Your Customers Pay the Way They Want To

With mPOS systems, you don’t have to worry about updating your system when a new form of payment arrives on the scene. Mobile POS software can easily integrate with new payment providers, while you can expand payment methods on mPOS devices at the touch of a button.

That lets you easily accept credit cards, configure new card readers, or offer contactless payment, which is a growing retail trend. According to Payments, Cards & Mobile, over 40% were already using contactless payments before the pandemic, and now over 75% use it multiple times a week.

Seamlessly Tap into Popup Opportunities

Planning on pop up stores at special locations? Looking to sponsor conferences or festivals, and do some product sales along the way? Worried about commerce shutting down in another lockdown, and wanting to verify you can move outdoors for a little while?

mPOS systems let you do that without changing much about your employees’ workflow, or needing to train them on new technology or ways of working, like you might have to do with traditional retail POS solutions. Being able to just pick up where you left off in the store, at least in one aspect of your operations, simplifies the process and takes some of the concerns off your team’s shoulders.

Scale to Your Bottom Line’s Content

Many mPOS software products let you integrate with other software products, add more digital options, activate more points of sale with a click of a button when you expand the number of sales associates, and provide a personalized experience that seamlessly continues any interaction customers have had with your company on any channel.
Teamwork POS can be installed on any iOS device easily through the app store, and allows you to train new employees in a fraction of the time by using common gestures and a sleek, easy-to-learn interface.

With a mobile POS, you’ll find it’s a surprisingly efficient way to delight your customers while simplifying your employees’ everyday work experience, making scaling your company through retention and advocacy easier as well.

Omnichannel retail strategies are now a must for retail businesses.

After the COVID19 pandemic, customers went from offline to online, like never before in the history of online shopping. Expecting no less than consistent experiences through all channels.

So no wonder why in 2020, the year of the worldwide lockdown, the top priority for 59% of American retailers was to integrate Omnichannel capabilities into their POS Software, according to Finances Online statistics.

Omnichannel customer experience is something customers want brands to provide, and smart retailers know it. In this article we are going to show you not only why omnichannel strategy is important for your retail business, but why it is important to have one that is at least good.

We will help you understand the difference between omnichannel and multichannel, what makes a good omnichannel strategy, we will touch upon five examples of successful omnichannel strategies, and finally, we will give you 5 keys for a successful omnichannel strategy for your retail business.

Some Benefits of an Omnichannel Strategy

There are several benefits of implementing an omnichannel strategy for your retail business.

First, it can help you better understand your customers’ needs and desires. By tracking interactions and behaviors across all channels, you can identify trends and patterns that would otherwise be missed.

Second, an omnichannel approach can improve customer loyalty. When customers are able to interact with your brand on their own terms, they are more likely to develop a strong connection and be more likely to return in the future.

Third, it can help you make more sales, as customers are looking to buy the products they want, when they want them, and form the channel they prefer.

Finally, an omnichannel strategy can help businesses improve customer service. By providing a seamless experience across all sales channels, businesses can ensure that customers are satisfied, not only with their shopping experience but with what happens next.

A well-implemented omnichannel strategy will allow you to provide a great customer experience, gain more happy returning customers and increase your sales.

Omnichannel vs Multichannel

Omnichannel and multichannel are two different terms that are often used interchangeably, but they actually have different meanings.

Omnichannel means that your channels work together for the benefit of your customers, and therefore for your retail business.

Most brands have a multi-channel presence, with various touch points and sales channels. They are available through social media, on their website, and have increased traffic on mobile devices as well, but if their channels receive information that is disconnected from each other, that is, if they do not work together, then they are not omnichannel.

Omnichannel Strategy in Retail

How does a good omnichannel strategy look in retail?

As a response to changes in buying patterns and customer expectations retailers had to implement omnichannel strategies.

For your retail business, omnichannel means being there for your customers through all the different channels they expect to purchase from, from digital channels to physical stores.

This means being present at all times and through any channel, in order to meet customers needs and allow them to buy the products you sell when they want them, and from their preferred channel.

A customer can be entering your website from a mobile device, a desktop computer, or both at the same time, while calling your business on the phone and writing through Whatsapp, Facebook Messenger or other social media channel.

Whether they send you an email, or respond to one that your company sends them, whether they contact you through Facebook, Whatsapp or your e-commerce platform, from any of the online channels, or from a cash register in a physical store , the customer will expect a quick and satisfactory response.

Customers are everywhere, smart retailers are doing something about it!

An important study by Harvard Business Review revealed in 2017 that 73% of consumers use multiple channels during their shopping journey. After the pandemic, we can all agree that number has surely increased.

Omnichannel customers spend more, according to the same study by HBR, which says omnichannel customers “spent an average of 4% more in store and 10% more online than single-channel customers.”

So smart retailers know that “Omnichannel Customer Experience matters more today than ever”, as the the global omnichannel retail commerce platform market is expected to grow from 2.99 billion it had in 2017, to $11.1 billion by 2023, according to Market Research Future.

Omnichannel is the means to provide a great customer experience, which according to Forbes 86% of buyers are willing to pay more for, whereas according to PWC 32% of customers “will walk away from a brand they love, after a single bad experience.”

What makes a good omnichannel strategy?

If an omnichannel strategy refers to a business method that employs multiple sales channels to reach customers in an integrated and seamless way, then a good omnichannel strategy will give your business the possibility to integrate marketing, sales and customer service to provide a great Customer Experience.

A good omnichannel strategy combines elements of sales strategy, digital marketing and customer service, with the aim of giving customers a fully integrated experience, regardless the channel they use.

In this way, a good omnichannel strategy seeks to improve the customer experience, and ultimately achieve more sales by creating a sustainable ecosystem for the brand.

A good omnichannel strategy goes far beyond merely having a robust online presence, a strong digital marketing, great customer service and good online shopping experience, and yet it encompasses all of these areas.

A good omnichannel strategy combines great instore experiences with great user experience at both, the online store and the multiple channels in the customer journey map, providing a brand experience.

5 Omnichannel Strategy Examples

Disney

Disney’s omnichannel experience is one of the most remarkable out there. It starts from the moment you plan your trip, immersing in a wonderful experience. All channels communicate with each other and work seamlessly together.

The magic band experience is unique, as it gives you one-touch access to Disney theme parks, unlocking your hotel room door, connecting to Disney Photo Pass photos, and charging purchased food and merchandise to your hotel bill.

This bracelet takes the customer experience to a very high standard, along with internet of things (IoT), providing information to the different systems, so that the customer lives an unforgettable and truly wonderful experience.

Apple

Apple was among the first brands to take the omnichannel experience to the next level, offering devices that seamlessly communicate with each other through iCloud accounts.

In the same way, customers exchange messages with contacts through different devices from the same account, regardless of the device, whether it is the iPad or the iPhone or a Macbook. All information is available through the omnichannel experience provided by Apple through the iCloud account.

One thing retailers can learn from Apple’s omnichannel strategy is to ensure that their customers don’t have to repeat information. Anyone who uses iOS across any device and has an iCloud account knows what we’re talking about.

Starbucks

The success of Starbucks omnichannel experience is in its Starbucks Rewards app, which is considered by many as one of the most prominent omnichannel strategies in the market.

How does this experience work? Whether by card or app, you can order your coffee and pay, but unlike other loyalty cards you can top up your card with money from your phone while you’re in line, if you haven’t already done so from the website, or you can also do it by the counter at the store, and of course your profile gets updated through all digital channels and point of sale, in real time.

Amazon Prime

Amazon’s vision is to “Become the most customer-centric company in the world”, and therefore there is much to learn from what they do, because they always focus on customers, creating a positive and unique experience.

The Amazon single customer account allows you to browse through all the services that Amazon offers, whether you want to watch a movie, buy a book or an item that is sold on its platform, use AWS services and even apply for a job.

If you want to know more about the reasons why customers prefer Amazon, we recommend this blog on our website: https://www.teamworkcommerce.com/5-ecommerce-trends-shaping-retail-businesses-in-2022/

FAO Schwarz

The dream toy store for little princes and princesses, which has appeared in classic Hollywood films such as Big, with Tom Hanks, has had an amazing rebirth, offering it’s customers a successful omnichannel strategy.

It is known the iconic New York toy store has long lines, but the staff can move throughout the store with an iPad and make sales on the go, search for products or whatever the customer may require.

Worthy to mention that the iconic toy store FAO Schwarz decided to choose Teamwork Commerce as its Point of Sale solution to support the omnichannel experience they provide (You can check the success story here).

It is true that children also enjoy a good omnichannel strategy, as it is true they will be the customers of the future. 

5 Keys for a Successful Omnichannel Strategy

1.- Make sure you have an industry leading Omnichannel Solution

One that provides retailers with Point of Sale (POS Software), Order Maanagement (OMS), Inventory Control, CRM and Analytics, that ensures a consistent experience, regardless the channel. 

It is imperative that your brand always knows how to service customers, no matter what stage of the sales process they are in. 

With an omnichannel POS Software you can ensure that customers have a consistent shopping experience regardless of where they buy from or how they interact with the brand.

2.- Provide a seamless flow of information between channels, including point-of-sale (POS) systems and websites

Ensuring that the information between your channels flows seamlessly and has no silos is essential to guarantee a great customer experience. 

All communication channels, from physical stores to digital channels, together with a seamless integration to your POS Software, digital marketing strategy and customer service, must be perfectly aligned in order to provide a great customer experience. 

3.- Know your Customer’s Journey Map

Knowing your customer’s journey map is essential for a successful omnichannel strategy, since you will know where your customer prefers to buy, how they prefer to do it, and which channels you should take into account to deploy marketing strategies and increase sales.

Identifying your buyer persona is not the only important thing, you also need to know what path your customers follow when they enter the universe of your brand.

4.- Deploy effective Omnichannel Marketing Campaigns

Retail marketers know the importance of omnichannel marketing as a consistent brand presence across multiple channels, instore and online, push notifications, marketing automation, events, call-centers, SMS, e-mail, WhatsApp, Social media platforms and every other marketing channel available to reach target audiences in compelling ways. 

Make sure you promote the brand in all channels, including social media and mobile apps.

5.- Measure your Omnichannel Strategy and adjust accordingly

Measure the performance of your omnichannel strategy constantly and make adjustments as necessary. Measurements might include how often customers contact you, how long it takes them to complete a transaction, and what is the customer satisfaction after completing a transaction.

Without measurement there is no way to improve. So if you have a clear goal and vision for your omnichannel strategy, and know what you want to achieve and how you want your customers interacting with your business across channels, then you can make sure you’re on track. 

Conclusion

Having an omnichannel strategy is important for your retail business because it allows you to provide a better customer experience, increase sales, and optimize operations.

In retail, a good omnichannel strategy means that your customers can buy your products when they want to, how they want to, and even pick them up wherever is more convenient for them, or have them delivered straight at home.

Improving your omnichannel strategy pays, since it is the means for a great customer experience.

By leveraging the power of e-commerce and physical stores together, you can create a seamless shopping experience that your customers will thank you for.

The most successful brands out there are using good omnichannel strategies that are not only giving a lot to talk about, but that are making their customers happy, and that are making the world a better place.

So if you’re not currently implementing an omnichannel strategy, now may be the time to start doing it.

Take your omnichannel strategy to the next level and give your customers a perfect omnichannel experience with Teamwork Commerce.

Are you ready to move forward with omnichannel retail?

Enter Teamwork Commerce. Schedule a demo to discover how you can build an omnichannel seamless experience and exceed customer expectations with Teamwork Commerce’s leading omnichannel approach to online and offline shopping.