Point of sale (POS) technology continues to evolve at a rapid pace, and it’s leaving some retailers behind in implementing necessary upgrades.
The reluctancy comes because of the cost and time it takes to complete the upgrade, but what they don’t understand is that an outdated POS system may not only be holding their business back, but endangering their customers as well.
Today, a POS system is not just about a sales transaction; it’s also a critical source of inventory management, data collection, customer experience, theft protection and more. So failing to switch to new POS technology can have serious consequences such as slower transactions, lack of usability, and lost profits. Plus, you could be putting your customer’s data at risk.
Here are five signs that indicate it’s time to update your POS system.
1. Customer Service Suffering
Are you looking to promote creatively? Is your loyalty programming performing the way you want it to? These are questions you should ask yourself. Today’s retailers need customer-centric features such as configurable customer profiles, surveys, omni-channel integration, online order fulfillment at the store and more. If you’re not able to provide the customer experience necessary to keep up you’re your competition, then it’s time to consider updating your POS technology.
2. Omni-Channel Challenges
Do you know your inventory? Consumers are looking for a consistent brand experience, whether they’re shopping online or in stores. They don’t care where an item is in stock, they simply want it—now. It’s no longer acceptable for store associates to be clueless when it comes to real-time inventory. If you’ve got to count and make calls to other stores, send emails, etc. to see what’s in stock, then you’ve got omni-channel challenges.
3. Stuck In One Place
Feel like you need a whole team in place just to run a sidewalk sale? Or perhaps your POS system is clunky, taking up a lot of space and not offering what you need it to anymore. A Mobile POS has endless advantages with regards to enhancing the customer experience, eliminating line-ups and adding extra checkouts when and where they are needed. Take your store outside your brick and mortar business, and rack up on sales at festivals, fairs, or anywhere else you can make money.
Perhaps, mobile doesn’t sound right for you. Also consider this, if your business has a standalone POS system, it’s probably perpetually outdated. If you wait too long to upgrade, the cost to upgrade starts to increase exponentially. An integrated solution, on the other hand, allows for software updates to be pushed through automatically, without requiring new hardware or much effort on your part.
4. Data Deficient
Can you view web and brick and mortar data side-by-side? Can you see a holistic view of your customers? Reporting and analytics can be a challenge with some older POS solutions. Without the right data, how can you make any smart decisions to improve your business growth? If you want to make wise business decisions when it comes to data, consider and upgrade.
5. Stressed Out
Sometimes we can just look at technology benefits and forget about the human sanity benefits when considering and upgrade. Do you have any little quirks with your system? Maybe, the coupon button doesn’t do what it should do. Perhaps, it doesn’t do what you want it to do anymore? Do you have to show employees a loop-hole way around the weird blip in technology? Save yourself time and stress. Update and feel confident that your POS is doing what it should, and what you want it to do to meet ever-increasing technology trends.