Next Level Retail: Elevating Operations with the Right Technology

The rise in customer expectations, significant technological advancements, and the growth of omnichannel commerce are just a few trends that are shaping the face of retail. 

The global retail technology market was estimated at $30.25 billion in 2022, and from 2023 to 2030, it is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 29.1%. One of the key factors driving this market growth is the increasing adoption of innovative retail tech solutions that enable retailers to meet the evolving needs of their customers. 

Today, retailers have started to replace outdated solutions with advanced technologies such as mobile point of sale (POS), order management systems (OMS), and customer relationship management (CRM) tools to improve operational efficiency, boost inventory accuracy, and enhance the overall shopping experience for consumers.

The Role of Order Management Technology in Streamlining Operations

With an influx of sales channels and hybrid shopping behaviors of customers, the importance of order management technology has become more important than ever. To eliminate human error, boost efficiency, and provide high-level customer experiences, retailers require cutting-edge OMS.

With Teamwork Commerce Enterprise OMS, retailers can streamline operations, enhance visibility, improve order accuracy, and increase business efficiency across all areas. This also increases overall customer satisfaction by providing consistent and efficient order fulfillment across all channels. The solution works by capturing and processing order details, checking inventory availability, and routing orders to the best location for fulfillment, all while tracking the entire process in real time.

The state-of-the-art solution empowers retailers to support sales from any channel by leveraging a variety of in-built functionalities designed to create an effortless purchase workflow. When the OMS receives an order confirmation, order fill logic generates a shipping memo based on the designated primary location, enabling real-time data flow and absolute accuracy in order management.

Orders can then be delivered to the client’s preferred location. Teamwork Commerce can streamline fulfillment directly from the POS while maintaining simplicity and effectiveness thanks to integrations into third-party logistics and key strategic partnerships.

What’s more, the solution has an in-built Returns Manager that enables retailers to seamlessly process returns. Retailers can automate the refunds process, crediting the original source of payment regardless of the channel used for purchase. This provides greater flexibility to customers. In addition, shoppers can easily return or exchange items with little effort using pre-approved return codes that are included with the shipping documents.

Empowering Retailers with the Right Mobile Point-of-Sale Solution

Mobile POS solutions that allow retailers to transform mobile devices into portable payment terminals, playing a key role in improving the customer experience. From enabling retailers to deliver personalized experiences, and accept multiple forms of payments through to minimizing checkout process times, mobile POS is a must.

Teamwork Commerce’s Mobile POS system operates exclusively on cutting-edge iOS devices with Apple’s user interface, making it simple and quick for in-store associates to operate and provide a top-tier customer experience. Furthermore, retailers don’t have to worry about updating their system when a new form of payment enters the market. The Mobile POS software seamlessly integrates with new payment providers, retailers can quickly set up new card readers, payment gateways, or offer contactless payment.

Moreover, the solution makes it simple for retailers to exceed customer service and reward loyal customers by quickly calculating discounts, promotions, price overrides, loyalty programs, gift cards, and even tax exemptions. This enhances the customer experience, an important factor in any retail operation given that 71% of customers expect retail businesses to offer personalized and tailored interactions, according to a recent McKinsey and Company survey.

Want to transform your retail operations but unsure of the right technology? Book a demo to know why we are the best technology for the retail industry!