When Toys“R” Us ceased operations in 2018, several local toy retailers looked to fill the void using experiential retail to generate positive customer experiences with great success. We are going to explain how you can achieve similar levels of success by only using the best EPOS systems available.
Most retailers do not have the massive brand value of a Toys ‘R’ Us. However, that does not mean these retailers cannot achieve similar levels of success if they use the right equipment and the right marketing strategies. In fact, many smaller retailers are starting to find success with experiential retail, where the focus is on crafting a positive experience for the customer. The goal is to generate a positive experience for the customer – making them more likely to come back again in the future. If retailers wish to achieve a similar level of success, they will have to adopt similar marketing tactics.
Experiential retail refers to customer experience and covers several different areas that involve shopping. Whether it is the layout of the store or the technology behind online payments, every customer touchpoint contributes to experiential retail. Hence, the storefront’s overall look and arrangement are just a few of many components – one must also pay attention to the technology, which is why retailers have to invest in the best EPOS systems they can afford. Without the technology to support omnichannel marketing and a swift payment system, the attempts to do experiential retail will not be successful.
While store design and placement are different expertise, the best EPOS systems can still be of some use in this area, thanks to digital signage. Digital signage allows retailers to place digital signs in strategic places of the store to advertise certain products. For example, a clothing retail store can put an ad for top-selling products or items where inventory is piling up. Digital signage is particularly effective because it captures 400 more views than conventional static signs. However, the best EPOS systems can take it a step further and connect digital signage to inventory options. Hence, retail owners will know instantly when the product advertised is running low on inventory and make adjustments instantly to advertise a different product.
Nothing is more off-putting to a customer than long queues. In fact, customers will stand in a queue for six minutes before leaving the store without buying anything. To make sure queues are not piling up, it is always best to add additional registers or places where customers can complete their purchase without standing in line. This is where the best EPOS systems come into play – retailers can set up impromptu cash registers using nothing but an iPad to conduct payments as if they were conventional registers. Cashiers can log into the system, so sales and inventory information will be collected and stored for analysis within the EPOS system itself. Furthermore, retailers can set up iPads at different parts of the store, so customers can check themselves out, without joining a queue. With EPOS software, retailers can keep lines short and moving, contributing to experiential retail that prioritises the customer’s time.
Part of experiential retail is making the shopping experience as convenient as possible, and a huge component of this is making online and physical interactions as seamless as possible. Hence, retailers need the best EPOS system they can afford.
A high-quality EPOS system merges online and physical marketing channels by providing access to a centralised inventory system. With the EPOS software, retailers can oversee operations, like click and collect where customers make their purchase online, but come to pick it up in person. These services contribute to experiential retail because choice and convenience are the hallmarks of excellent customer service, made possible with EPOS software.
Studies have shown that physical stores with an integrated e-commerce store show a 37% increase in foot traffic. Find out more about integrating retail space with e-commerce for improved profitability here.
For decades, Toys R Us was the most dominant brand in the toys industry until 2018. Now, the landscape of the toy industry is changing not because of one or two corporations, but because of several businesses looking to build a positive relationship with their customers with experiential retail. This should tell us that the future of retail will be more about experiences and the affinity people have with their local retailer rather than branding. This is excellent news for smaller local retailers, but it is also important to invest in the right technology. Without the best EPOS systems, it is impossible for retailers to build the experiential retail business model they need to survive.