It can be very difficult to find a retail business without any technological support nowadays. Technological advancements have become an essential part of the retail industry, which is growing continuously. This blog will give you the top 4 technology trends and their benefits for retail businesses.
Overview
Omnichannel POS system
Point of sale (POS) system is a powerful tool for retail businesses to handle multiple operations at the checkout point, including payment, inventory, staff management, and many more. Thanks to its multi-functionality, POS software is widely used by many retail businesses nowadays. POS systems can help store owners organize a seamless omnichannel shopping experience. Customers can shop across online and offline channels, such as home delivery or curbside pickup.
In some advanced POS systems, such as ConnectPOS, users can also use PWA Consumer App during their shopping experiences. Consumers can access full information about products and receive personalized recommendations with this app.
Self-checkout
Self-checkout is the next technology trend for retail businesses in today’s world. It can be handled by a POS system with a self-standing kiosk and contactless payment integrations. During busy hours, self-checkout can speed up the checkout process as shoppers can pay for their own items. Retail businesses can prevent long waiting lines in the store and boost sales. Moreover, store owners can also save labor costs, because self-checkout kiosks can replace cashiers. To complete the payment, users can choose from multiple payment methods, such as credit/debit cards, digital wallets, or reward points.
Ease of use and great flexibility – these are the reasons why self-checkout is the top technological trend for retail.
ERP
ERP (Enterprise Resource Planning) is a technology designed for retail businesses to combine different operations into a unified system. In other words, it helps store owners to manage multiple parts of their business in a single platform. The system can include the managing system from different departments, such as accounting, sales, human resources, or customer service.
Furthermore, some ERP providers nowadays provide options to integrate with third-party POS, so that retailers can receive the full power of the POS system. The combination of these 2 retail technologies can upgrade your business to the next level.
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CRM
CRM (Customer Relationship Management) is the software that handles customers’ information and leads. The ultimate goal of CRM systems is to help businesses stay in touch with customers in a systematic way. Traditionally, it is particularly important for the B2B (business-to-business) model, due to the long-term sales cycle. Nowadays, CRM is also important for the B2C (business-to-customer) model to increase customers’ lifetime spend.
In fact, 84% of companies that make an effort in improving customer experiences have witnessed a rise in their revenue. Good technology like a CRM system will provide insights for retail store owners about when to reach back to a customer, and what he/she might be looking for. Additionally, this technology can also support performance tracking and provide personalized shopping experiences.
Wrapping up
With constant technological developments, this list is never-ending. However, we hope that these insights can provide a good overview of the best technology trends for retail businesses.
This blog is brought to you by ConnectPOS, a leading omnichannel POS system for retailers. ConnectPOS is available on major eCommerce platforms and compatible with the NetSuite ERP ecosystem. Contact us if you are interested!