With technology disrupting the retail landscape, many companies have struggled to adapt, thus failing to meet customer expectations in addition to being unable to stay relevant.
Staying relevant has never been more important than today. With so much competition in the marketplace, retail brands need to devise systems that help understand not just what their customers want, but how they want it as well.
Of course, I understand that not all retailers are equal in size and resource capacity. Smaller retailers cannot spend millions on market research – instead, they can invest in technology that will help them achieve their goals. For example, EPOS systems for retail.
What do we mean when we say ‘stay relevant? It means being the first choice when consumers want a unique shopping experience that they can’t get anywhere else. Amazon is an excellent example of a relevant brand. If consumers want something quickly and without needing to visit a shop, the first place they will go to is Amazon. Many luxury brands in the UK have not stayed relevant, relying on dated methods to sell to consumers, and as a result, have failed. By contrast, other retail brands have adapted and have seen their business grow rapidly.
The best way to stay relevant is to develop an omnichannel experience. Customers value convenience and quick service. Therefore an omnichannel market is the best way to provide that experience. Several brands have adopted an omnichannel to great success by using online and physical stores to create a unified customer experience, thus staying relevant in the consumers’ eyes. Those who have failed to remain relevant have struggled, even major retailers with strong branding.
If small retailers want to remain relevant, one key option is to invest in EPOS systems for retail.
To stay relevant, retailers need to understand how their customers are engaging with their brand. EPOS systems for retail are a great asset because they record vital information like sales, financial flow, tax rates and income levels. The information is stored in the system, processed and presented in the form of charts, graphs and reports. Retail owners can then draw up information to view sales on a weekly, monthly or yearly basis.
Knowing sales data helps retailers stay relevant because it helps owners understand their customer demographics – what they are buying, when they are buying and how they are buying. The information can be used to devise ideas that lead to better services to customers.
EPOS systems for retail improve the shopping experience because customers value speed, efficiency and convenience. EPOS systems can deliver on that front by accelerating the checkout process via enabling users to complete payment transactions in a few seconds. If customers have a question about what item is in stock, employees can pull up the information instantly, as opposed to going into the stock room and checking manually.
Furthermore, if retailers have an online store, they can provide an omnichannel marketing experience – for example, click and collect, which is a service that allows customers to order online but collect in person.
Amazon stays relevant by enticing customers to come back for repeat purchases. One method used by Amazon is personalised recommendations for each customer. Customers keep returning because they had a pleasant shopping experience the first time and know that Amazon has what they want. Smaller retailers can adopt a similar scheme through EPOS systems for retail.
Retailers can then collect vital information on their customers through loyalty programmes. The information can be used to devise personalised recommendations to customers, incentivising them to come back. As a result of this, retailers get to stay relevant to customers, much like the way Amazon has.
As a retailer, you have to consider other services vital to the customer experience, such as delivery and refunds. Both systems can be improved if you use EPOS systems for retail. The systems offer many support functions like delivery tracking so if your customer orders a product online, they can track the status of the order with little to no hassle
With this in place, customers can be assured that their delivery is on the way, which makes for a better shopping experience. Not many retailers are fond of refunds and returns, however, with an EPOS system, you can collect feedback from these transactions to discover why customers are returning the products in the first place. Thus, you can make smarter orders that will reduce the incidents of product returns (and refund requests).
In an age of intense competition, it’s essential to stay relevant to the consumer. Staying relevant means being the first name on a customer’s mind when they want something. Retailers who fail to connect with customers will struggle to survive in such a competitive landscape. Small retailers can stay relevant in the eyes of consumers by investing in an EPOS system for retail. EPOS systems can help them stay relevant by improving customer service, incentivising repeat purchases and giving customers more options.
To learn more about building a successful retail business with EPOS systems, visit the eposEX blog.