EPOS software in the UK is an incredible asset for many retailers based throughout the region.
Access to advanced technology in management and marketing allows many retailers to compete and stay relevant in an age where e-commerce is becoming the norm. It is an important point to make for e-commerce has disrupted the retail industry in a significant way, hurting giants like Barnes and Noble.
The retail giant struck gold last month, announcing a $34 billion dollar sale to Elliott Management. But despite the good news, there are signs that Barnes and Noble have struggled to keep up in the e-commerce age. So, in this blog post, we will highlight the key lessons to learn from Barnes and Nobles’ predicament and what to do with EPOS software in the UK.
A report revealed that online sales for Barnes and Nobles fell over 9.1% in 2018 and a further 2% in 2019 as of the writing of this article. These are grim figures when you consider that Amazon generates millions of dollars in sales from book sales. The key point of differentiation lies in the shopping experience, while Barnes and Noble have a great website they have yet to nail the customer experience on the head, the same way their competitors, Amazon and Best Buy do. The lesson to learn is that a website is not enough, you need to craft a customer experience that is fast, convenient and effortless. Select EPOS software in the UK can help by creating an e-commerce portal that facilitates shopping for your customers making purchases seamless experience.
Barnes and Nobles might struggle in sales but there is one area that works well for them: Loyalty card programs. Customers part of the loyalty program spent more money at the store and were more likely to keep their membership for next year, research showed that over 78% of customers retained their membership for another year. Other retailers can take advantage of this knowledge – by offering a membership program with a few perks that offer value, retailers can build a loyal group of customers who will spend more money at your store than customers not part of the program.
EPOS software in the UK is invaluable in building a membership program because the software provides the back-end infrastructure you need to make the program work. Furthermore, EPOS systems have reporting and analytics features that provide retailers with valuable insight into a customer’s shopping habits.
Despite declining sales, Barnes and Noble are still in a strong position because they carry little long-term debt. The retail giant reported $203.8 million in long-term debt, which is small when compared to other retail firms, which carry billions of dollars in long-term debt. Barnes and Noble have also made up for declining sales by cutting down on expenses. The relatively low cost and debt give Barnes and Nobles time to adjust to the market. Avoiding debt and keeping costs low is one of the fundamentals of business, but the case of Barnes and Noble provides a real-life case of why it is so valuable. EPOS software in the UK helps retailers streamline many of their operations: Stock inventory, marketing, analytics and security can be managed from a single platform. Ultimately, allowing retail owners to manage different facets of a retail store from just one place helps keep operational costs under control.
Barnes and Noble has been pursuing an omnichannel marketing experience and the reason is simple. Customers value online shopping but do not relish some disadvantages that come with it. For example, shipping charges, to where customers will come to a store to pick up their order in person. In fact, we have previously discussed the importance of omnichannel marketing and click and collect in today’s retail landscape and how EPOS software in the UK can help in these areas.
Barnes and Nobles have struggled to compete in the e-commerce era, but despite its current setbacks, there is every chance they can turn their situation around, especially with their multi-billion sale. The same cannot be said about most retailers in the UK, most organisations do not have millions in cash to spare, nor are they internationally recognised brands. However, there is still plenty to learn from the predicament of Barnes and Nobles, retailers who learn these lessons and implement them using EPOS software in the UK will survive, despite intense competition in the retail sphere.
Barnes and Nobles failed to adapt, but with an EPOS system, you can significantly avoid and reduce the risk of many, if not all, the mistakes highlighted above.