Point of sales in the retail industry is an area surrounding the cash register where customers execute payments for purchase goods. POS is important for retailers as customers make purchasing decisions on high-margin products and other decisions right here. Earlier, cash registers were used to store cash and a few other information, but currently, POS evolved with more functionalities that provide retailers a chance to be ahead in the competition. Retailers need to put in some extra effort around segmentation and engagement policies to make a strong and long-lasting connection between the brand and customers. The best retail pos system market was valued at USD 9.26 billion in 2020 and is expected to grow at a CAGR of 9.5% from 2021 to 2028.
POS actively helps in enhancing customer experience, here are a few of the ways:
Supports a growing range of preferred payment types
Customers vary from each other, and so does their mode of payment. Customers happen to make a critical decision at POS, and as a retailer, one will never want them to cancel a transaction due to the unavailability of the required payment option. A good retail POS will take care of this and go beyond traditional payment methods.
Provides quick product-related information
The integration between POS and product catalog helps in quickly looking up for any item and gives related information.
The retailer can integrate POS with other modules as well, such as inventory management or loyalty plans, this can bring customers immense happiness. POS checks the status of products and keeps updating in real-time this way; retailers can minimize situations where customers can’t buy a product because it is out of stock. Similarly, customers are delighted to be rewarded for their consistency and loyalty towards the brand.
A customer-facing display means customers being involved in the entire transaction process keeping it transparent. They will be able to see the cost of each item and can even provide feedback, which helps in improving services. Customers can also submit their personal information through an interactive kiosk, and later they can be provided some discount coupons on their birthdays or anniversaries.
If a retailer has multiple outlets, then they need to maintain price consistency across stores. Since POS offers a digital database, retailers can make amendments across all outlets easily.
Retailers may need to run promotions or discount coupons to keep their inventory moving; POS will let retailers do this with ease, avoiding manual price updating or product-related information. It will let retailers identify which stock has to be moved and how much should it be priced based on various parameters, and it automatically triggers an email/SMS to customers.
The retail POS system allows customer profiles to be attached with its purchasing history, and this becomes easier to identify shopping patterns and making customized offers for them. POS will let one categorize customers based on the amount they spend on shopping, and then retailers can accordingly suggest if they wish to cross-sell or up-sell.
Accurately answers customer query
With the help of POS, any sales associate can correctly answer customers’ questions by simply checking details of the product or purchase-related information on their database. It saves time for customers as well as retailers and eliminates chances of confusion.
Connectivity across all the stores
POS offers a centralized database that enables retailers to check, modify, or update information from anywhere. This is convenient for users as they do not have to particularly travel to the same store for customized offers. In fact, in case of return or refund, they can walk to any store, which is closer to them, this feature enhances the customer experience greatly.