Retail Evolution: Why integrating your POS software is a must
The advances in credit card technology and the creation of the of the electronic payment terminal in 1982 revolutionised payment processing for businesses around the world. It leads to better cash flow management, and an increase in sales processing efficiencies, ultimately influencing customer spending behaviour.
Over the years the technology has developed, and advancements like contact-less payments, NFC and card-free payments have emerged. However the next technological wave of retail evolution is upon us, and it’s time for businesses to dive in head first.
Cloud software has been the latest revelation in technical advancements. POS, Payroll and Workforce Management, the list could go on. While each of these individually represents a leap in innovation in their own right, the true value lies in their interconnectedness.
On one level integrating Workforce Management software and Payroll software makes sense. It’s practical, efficient and creates order in what can potentially be a frustrating and time-consuming process. However, integrating POS and Workforce Management software goes further as it enables the user with the ability to make smarter decisions, such as:
1. Create rotas with the right amount of staff every time
Ever look across the store to see staff twiddling their thumbs or a huge line at the checkout? Welcome to the complex world of accurate rota management, where you’re either increasing your staffing expenses or losing potential revenue. But, it doesn’t have to be this way. By integrating your rota system and sales data, you can make smart decisions to have the right amount of staff every time.
2. Make decisions in real time
Thought you were going to be run off your feet this week, only to find that sales are slowing and business is quieter than expected? Once you’ve integrated your sales data into your rota system, you can make real-time decisions on staffing levels, rather than reviewing at the end of each month. Track your revenue and wage percentage costs in real time, so you can alter and adjust the roster as the day or week changes. Of course, all your staff is immediately notified of changes, so everyone’s kept in the loop.
3. Be future oriented, move your business forward
Stop looking backward at last week’s rotas, timesheets and payslips to make next week’s decisions. Workforce Management software has come along way from the paper rotas and time sheets. It’s now possible to not only forecast future costs, rotas and staff requirements but also automate the entire rota making process with cognitive rota software.
The rise of internet shopping and retail giants like H&M and Zara means that traditional ‘brick and mortar retailers’ need to be using every edge possible to stay competitive, relevant and front of mind for customers. Businesses that fail to embrace technology as a tool for success, are likely to struggle under the weight of the world that is rapidly embracing a more digital and connected world.
How many times have you walked into a store, only to find that you can’t be served because the company is understaffed? While the economic benefits that come from an optimised roster are apparent, the value that comes from roster optimisation is expressed tangibly on a daily basis through customer service and customer retention.
According to customer experience research conducted by thinkJar’s Esteban Kolsky, 66% of consumers who switch brands do so because of poor customer service and 85% of this customer churn could be prevented.
Kolsky also notes that attracting customers is an expensive exercise costing businesses approximately six to seven times more to attract new customers, rather than retain existing customers. Building on this, further research shows that you’re 14 times more likely to sell to an existing happy customer than a new customer. It is therefore essential that retailers are providing the best customer service experience, to ensure customer retention.
Businesses that optimise staffing rates for peak sales periods, will have the correct staff to customer ratios, creating efficient and favourable customer service experiences, resulting in higher customer retention rates. For traditional retailers, customer retention is paramount, as it not only ensures business continuity but also becomes a significant channel for acquiring future customers.
Differentiating your business through excellent customer service and optimised staff efficiency, not only provides the competitive edge but also allows for financial stability and security as you can confidently make future-oriented decisions to grow your business both financially and professionally.
POS software integration is the next step in retail evolution. Like the payment terminal revelation before it, POS data integration will change the way businesses operate and what it means to be a traditional business in a digital world.
Curious to find out what Tanda can do for your business? Book your free demo now.