Emerging Trends in Retail POS technology

LionWise Apparel Retail Service

 

Retail technology in Point-of-Sale applications is changing at a faster pace than we’ve seen in quite some time.  To keep pace with the competition and improve their business operations merchants must keep up with the latest advancements.  Here we take a look at three evolving retail technology trends and why the changes they bring to the table are gaining ground in the marketplace.

With a low price point and the computing power to get the job done, tablets are becoming a viable POS technology option for merchants:

Tablets are becoming an effective customer service and line-busting tool

Today, merchants can dynamically deploy Point-of-Sale (POS) software applications on tablets to process payments on the sales floor to prevent situations where customers are waiting in long lines.  Staff can adjust to time of day peak traffic flow, alleviate ad-hoc demand spikes and take customers out of the queue line to handle complex or lengthy issues that would otherwise delay overall service.

Additionally, tablets can be integrated with the Point-of-Sale (POS) inventory management functions giving staff the ability to assist with stocking issues, provide access to customer purchase history or loyalty information, along with other data that may be used to aid in suggestive selling.

By improving the shopping experience, Kiosks are becoming more relied upon to enhance customer loyalty and help sell more merchandise:

Kiosks are still intimidating to many shoppers, but there is a growing segment of the population that will embrace the use of a kiosk instead of waiting for assistance.  Shoppers can use kiosks to obtain detailed information about a stores’ products and services including product features, prices, comparisons and on-hand availability.  Kiosks can also be used to provide access to items that are not available in-store, but may be ordered right from the kiosk.

Kiosks can also contribute to the customer experience in non-traditional ways by accepting job applications, processing credit applications, managing gift registries, and selling gift cards.

RFID is making it’s way back to the forefront

RFID has been hyped to be the “next big thing” in the retail technology arena for many years, and after several slow starts it’s making it’s way back to the forefront of merchant’s hot-list once again.

It seems that this time around, declining RFID reader and tag prices coupled with a Point-of-Sale solutions’ ability to integrate handheld and fixed-unit RFID tag reading capabilities are finally bringing momentum to the item-level RFID tagging push.  By using RFID tags on products, the Point-of-Sale system can make it easier to facilitate periodic inventory counts because unlike barcodes, RFID tags can be read hundreds at a time vs. one-at-a-time for bar codes.  RFID tags can be read even if it is covered by the object or not visible.  The tag can be read inside a case, carton, box or other container.  Advances like this allows merchants to get better insight into both their bottom line and their inventory, helping to ensure they have the optimal product-mix on hand.

RFID tags can generally be used to access more specific product information vs. scanning a standard UPC.  As a result, RFID allows merchants to share a greater variety of product information with customers, but it also provides more actionable information to the merchant.  By tracking and generating reports on RFID reads, merchants can determine when and how often a product was viewed by customers and whether or not it was subsequently purchased.

The LionWise Retail POS Solution

While it could be argued that large scale adoption of each of these emerging trends are targeted at the higher-volume retailers, you should take the time to evaluate each of them thoroughly prior to purchasing  your POS system for your business.  At LionWise, we take the time to evaluate your particular business situation and match you to the best solution for your unique needs.  The right POS system will simplify your life and increase the profitability of your business. Click here to learn more about the LionWise Retail Point-of-Sale system.

 

 

 

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