What is the future of retail?
The industry is fluctuating between fortune and failure because technology is disrupting the age-old tradition of buying and selling goods from a store. However, it is not all doom and gloom. In fact, the future of the retail industry is looking bright provided you make some adjustments to match the preferences of consumers. In this blog post, we will explain how you can prepare for the future with epos for retail.
EPOS for retail is your best asset for preparing for the future. The technology can expand and improve functionality in various departments so you develop a firm foundation that will keep your business prosperous for years to come.
Retail will make a comeback, but with a different purpose. Experts predict that the purpose of retail space will change from commercial transactions to building relationships with consumers. If you wish to repurpose retail space into a hub to build a positive relationship with your customers, then EPOS for retail will be a great asset to help in this transition. You can track purchases, set up email/SMS marketing campaigns and develop loyalty campaigns to help you build relationships with your customers. EPOS systems are that vital piece of the puzzle you need to develop an excellent relationship with your customers.
The future of retail will be cashless. While cash has been the default method of payment for decades, NFC has paved the way for a new method of payment via mobile devices. Customers prefer to pay from their mobile devices because it is easier quicker and safer than pulling out a card. Millennial customers, a demographic that makes up millions of pounds in sales, rarely use cash in their payments.
Preparing for the future of retail means preparing for a future where customers pay for goods without cash. EPOS for retail can help you pave the way to cashless payments thanks to its chip and pin feature, which allows you to take credit and debit cards for payment. There is also an online portal that lets you take orders and have the payment processed online.
Facebook and Instagram are no longer just places for friends to interact online, they are hubs for digital purchases. Customers are likely to find new brands or the best offers from their favourite ones via social media. When they find something they like, customers want to get their hands on it immediately. The best way to give customers what they want is to provide an online ordering platform through your social media accounts. It is hard to accomplish this on your own, but with EPOS for retail, it will be done effortlessly. EPOS systems feature an online ordering portal, which you can connect to your social media profiles.
Customers use both digital and physical channels to shop, and customers expect the experience to be smooth and frictionless. People expect a smooth, seamless shopping experience. Research shows that people are likely to drop a retailer if their shopping experience is negative. Hence, your best bet is to provide a smooth shopping experience through both online and physical channels. To accomplish this, you need to give attention to an omnichannel shopping experience, click-and-collect and easier time handling returns, which can be accomplished with EPOS for retail.
Retailers hoping to compete will have to improve and innovate at a constant rate. The standard rate of innovation is a year or two, however, to stay relevant retailers will have to deliver new products and services at a constant rate. Retailers have to devise new products that will resonate well with their customers. The best way to know what customers like is through EPOS for retail. The software features sophisticated analytics and reporting features that give you insight into customer preferences and habits, providing the groundwork you need to innovate and improve.
The future for retail will see changes to brick-and-mortar stores, a faster rate of innovation, zero friction in their shopping experience, cashless payments and the option to shop through social media. If you want to adopt, then your best bet is to invest in EPOS for retail. With this new asset, you will be able to innovate, adapt and succeed soon.