The Future of Retail

The future of retail is constantly changing and evolving with new technologies and trends, and we can be sure that it will continue to do so.

Technology has always played a fundamental role in the retail industry, however never before have technology and innovation been so important to the success of a business.

Nowadays, technology encompasses everything from the administrative aspects of the business, to the relationship with customers and the customer experience.

Customers are using technology like never before and making purchasing decisions in new and different ways. In the future, we can expect even more technological advances that will affect the way we shop.

In this article we will discuss 5 key technologies for the future of retail: some of the trends that promise to continue shaping the retail industry and that should be on the radar of retail companies to anticipate strategic decisions and continue growing.

Important Trends and Technologies for Retail Companies

Being up to date is important, as both the competitiveness and the market position of retail companies depend on it. 

Among the main market trends and technologies, advances in artificial intelligence and machine learning stand out, allowing retailers to better personalize their customer experiences.

Recommendation engines will become more intelligent, capable of making more precise suggestions based on previous behaviors and preferences, in addition to search engines allowing alternative searches such as voice and images increasingly better and more options for retail.

Additionally, virtual reality and augmented reality will play a larger role in retail, offering customers new ways to experience brands and their products.

Retailers will also start experimenting with blockchain technology, which could help them create more secure and transparent supply chains, coupled with RFIDs powered by the Internet of Things (IoT).

Likewise, the ‘hyper’ personalization of experiences will be a key trend, coupled with the so-called Internet of Behaviors (IoB), which emerges as an enabler of customer experiences, as more data is available on customer interactions, not only with brands and products, but with related topics from which an artificial or human intelligence can infer a need.

Taken together, these trends point to a future of retail that is more personalized, immersive, and more efficient and pervasive than ever before.

Upcoming trends  

Stores will continue to use technology to enhance the customer experience, such as the use of interactive displays, apps and social media to connect with customers and ensure the best possible experiences.

A trend that promises to continue is the increase in online sales. More people are buying products online, and this is likely to continue as retailers improve their websites and e-commerce and offer more online shopping options with better experiences.

Another important trend is the Customer Experience, it has been a trend for stores to become more experiential. Shoppers are looking for better experiences when they shop, and retailers are responding by offering more unique store layouts and activities like classes or events.

With more and more people using smartphones, it’s no surprise that mobile payments continue to gain more and more popularity. We can also see more and more retailers exploring Live Selling and Social Shopping.

Retailers who have worked with RFID for their distribution and supply chain know the advantages that the Internet of Things (IoT) brings, both to improve operations and to improve the personalization of customer experiences.

5 Key Trends and Technologies in the Future of Retail

When new technologies and trends come together, wonderful things happen in what we could call Wow moments!

Thus, of all the retail trends and technologies, we select 5 that we are sure will be key for retail companies in the future.

1. Hyper-personalization powered by Artificial Intelligence

Personalization has always been a key element in the retail industry, from person-to-person interactions, informed and empathic feedback on a purchase decision by sales people, to personalization of online channels, powered by intelligence. artificial and machine learning.

Machine learning and artificial intelligence capabilities are growing along with customer expectations for hyper-personalized care.

Boosted by AI, retail personalization offers a unique experience optimized for higher customer engagement as well as higher conversion. Each customer experiences a different version of the eCommerce site, dynamically personalized from the first click.

Beyond CRM, retail companies need to manage and order their data to be able to personalize the experiences of each of their customers, transactional data, demographics, product type preferences, purchase history, loyalty programs, as well as behaviors purchase, providing an increasingly personalized experience.

2. Predictive Analytics to Manage the Supply Chain

Retail businesses will always have a need for faster product delivery and better inventory control. Predictive analytics can reshape supply chain and inventory management by analyzing existing data and customer behavior to ensure that the retail business always has the right stock; that is not understocked, and is not overstocked.

Combined with Big Data technologies and advanced analytics, retailers can improve efficiency on their shelves, through simulations to discover the busiest times of the month and thus schedule inventory management.

3. Augmented Reality and Virtual Reality

Augmented reality allows customers to view products in a digital environment before making a purchase. This technology can be used to provide additional product information as well as customer reviews and ratings.

Virtual Reality has been gaining popularity in recent years, with many people predicting that it will soon become a mainstream phenomenon. Retailers could use virtual reality to create a more immersive experience for customers, allowing them to view products in different settings and learn about them from different angles.

4. Customizable Products

Advances in digital and 3D printing and production technology, allow brands to offer their customers the ability to personalize items, both online and in-store.

Personalization further strengthens the customer experience, inviting them to become part of the product creation process. The Deloitte Consumer Review shows that more than 50% of customers are interested in buying personalized products.

Retailers that offer their customers the ability to personalize products have more opportunities to generate more business.

5. Visual and Voice Search

By combining Artificial Intelligence with Natural Language Processing and Machine Learning technologies, retailers can offer their customers alternative ways to search, using images instead of keywords, as well as enabling better voice search capabilities.

With technologies similar to Google Lens, where you can search for information related to an uploaded image, retail customers will increasingly look to the ability to upload images, for AI to sift through inventory and offer matching proposals.

This is how ASOS StyleMatch works, it finds the perfect match in the store’s catalog, based on an image uploaded by the customer. This way, more and more retailers will be able to allow their customers to interact with their inventory using voice and images.

What can we expect in the future?

The future of retail is exciting and constantly changing. The growth of e-commerce and mobile commerce are trends that are not going away any time soon. On the contrary, they will continue to grow. Retailers need to ensure that their websites and apps are mobile-friendly and offer a great online shopping experience.

The importance of customization is increasing. Customers want to feel that they are special and that their needs are taken into account. Retailers need to find ways to personalize the shopping experience for each customer.

The boom in experiential trading will continue to grow. As the retail industry has evolved, so has the consumer. Today, customers are looking for more than just a product to buy; they want a personalized and unique experience at each point of sale.

Retailers that want to remain competitive must focus on creating an engaging customer experience, achieved by combining technologies that will strategically achieve business goals while keeping customers happy.

It is essential that retailers incorporate innovative technologies that allow them to create better innovative experiences, which their customers want to share with their friends and followers on their social networks.

Get on the trends of the future of retail from the experts.

At Teamwork Commerce we are aware of the most innovative trends and we help our clients to incorporate them into their businesses, improve their operations, their performance and the experience of their clients.

Contact us to schedule a demo and discover how to be part of the future of retail technologies.

https://www.teamworkcommerce.com/demo-request/

Perspectives for the Giant of Latin America

In this ‘Panorama of Retail in Latin America’ blog, we offer a modern vision of the challenges and new trends in the ever-changing retail sector, which forces companies to change priorities in order to take advantage of the new opportunities offered by the sector, as well as overcome these challenges.

We addressed some of the most relevant aspects of retail in Latin America and made a comparison with other countries in the region, which allowed us to take a look at their own challenges and possible opportunities retailers have in each of the countries. In this article we addressed Brazil, the giant of Latin America.

General Data of Brazil

• As of January 2021, the total population of Brazil was 213.42 million inhabitants (51% women, 49% men), with an average age of 33.5 years and an urbanization rate of 87%.
• The country has 205.8 million mobile phone connections, with a penetration of 97%. 
• Internet users are 150.4 million (71% of the total population), and it has increased year-on-year from 2019 to 2020 by 8.5 million (+6.0%).

There is a total of 140 million (66% penetration) of active users in social networks. The social trend in the country is clear, with an increase of 8.2% (+11 million people) in the number of social network users from April 2019 to January 2020. 

Brazil has more than 130 million users of Facebook (the third largest user base in the world), more than 50 million Brazilians on Instagram (the second base on the planet) and more than 120 million on WhatsApp. It is the Latin American country with the largest population of social network users. 

(With Data from Brazilian Market Digital)

Retail Growth in Latin America’s Giant

Brazil ranks 71 out of 141 in the World Economic Forum’s global competitiveness index. The Brazilian economy has a stable performance and is ranked 13th globally, for its volume of Gross Domestic Product (GDP). 

The World Economic Forum defines competitiveness as “the set of institutions, policies and other factors that determine the level of productivity of a country.” So we can say that Brazil does have good conditions to invest in Latin America. 

Brazil Trade Statistics report that Brazilian retail sales “increased 4.5 percent from a year earlier in April 2022, accelerating from a 4.0 percent rise in March and higher than the 2.6 percent rise in March.” cent predicted by economists.

Brazilian retailers saw the most significant increases across a wide variety of products, in textiles, clothing and footwear (33.9 percent), fuels and lubricants (9.7 percent), supermarkets, food, beverages and tobacco (4.0 per cent), pharmaceutical, medical, orthopedic and perfumery articles (3.5 per cent). percent), and other personal and household items (1.5 percent), according to statistics from Trading Economics.

E-Commerce

Electronic commerce in Brazil has distinguished itself for being one of the most mature in Latin America. According to Americas Market Intelligence (AMI), between 2020 and 2021, e-commerce in Brazil experienced a powerful growth of 38% to reach 153 billion dollars. The consulting firm AMI expects the growth of e-commerce in Brazil to continue increasing at a CAGR of 22% between 2021 and 2025.

After two years marked by unprecedented mobility restrictions, online shopping in Brazil is still larger and more mobile-oriented. “The largest e-commerce marketplace in Latin America rose to the occasion and turned the bitter lemons of the COVID-19 outbreak into profitable lemonade at home.” 

Statista statistics from 2021, tell us that revenue in Brazil from online purchases amounted to 161 billion Brazilian reais, more than double that of 2019 and almost 30 percent more than in 2020. 

The Brazilian consumer is completely used to sales through mobile devices, known as m-commerce, which generate most of the electronic commerce of the Latin American country. 

Commercial income is a trend that will increase in the near future. As protagonists of these times of change, the main players in this industry benefited from the coronavirus pandemic, and now the competition is fiercer than ever.

Also to give us an idea, the leading Latin American countries in connectivity are Brazil, with 165.3 million users, followed by Mexico with 96.87 million internet users.

What are the main retail trends in Brazil?

Brazilian Market Digital presents 10 Brazilian retail trends:

1. Retail digitization

According to data from the Monthly Trade Survey, conducted by the Brazilian Institute of Geography and Statistics (IBGE), the sales volume of retail trade in Brazil ended 2020 with an increase of 1.2% and a growth of 6% in nominal income.

Part of this growth was driven by the fact that, between April and September 2020, 11.5 million people made their first online purchase and, in the same period, around 150,000 new virtual stores appeared in the country, from small businesses to large physical networks that migrated to the web.

The digital transformation left theory behind and went into practice in companies in all retail segments, even in those that were less digitized until then, such as construction materials and supermarkets.

2. Pix – new payment method

Pix is ​​a payment system that is giving a lot to talk about worldwide and is one of the trends that will impact globally. 

The arrival of Pix (Central Bank Instant Payment System) is making more accessible services such as transferring money between people, paying for purchases and bills, and even collecting taxes and fees.

For retail, this represents a huge opportunity during and after the pandemic: business growth driven by customer acquisition and retention.

In the case of electronic commerce, the great advantage of Pix will be the optimization of payment processes, through simplified mechanics and reduction of delivery times due to the rapid confirmation of transactions.

3. Data: analysis, management and personalization

The storage, analysis and organized management of data continue to be the great technological differentials in the segment. Knowing how to explore the information contained allows the company to deepen its knowledge of the customer’s profile and invest in customizations in the consumer’s experience.

According to a study by Applause, a company that specializes in crowd testing and digital quality, 91% of consumers are more likely to shop at businesses that remember their information and can offer relevant recommendations and deals. This highlights the importance of the customer experience.

4. Frictionless retail IT

Is becoming very clear that customers are looking for convenience, personalization, agility, security and ease in their shopping experiences, from choosing the desired product to payment, in physical and virtual environments.

The new platforms need to identify the consumer, both in the physical and virtual environment, analyzing their purchase history, habits and preferences, minimizing friction, as well as interruptions in sales.

5. New means of payment aimed at financial inclusion

With the increase in demand for the use of online services, the financial and retail sectors have opened a window of opportunities to offer new services, in addition to transactions that facilitate the population’s access to other forms of financial transactions and credits.

The need for greater financial inclusion of the population is seen as one of the retail trends in Brazil, since it allows an even closer relationship between stores and clients.

6. Customer-centric vision and increased competition

This trend is not new, but it is possible to see that the increase of competition has made retailers rethink the whole experience in favor of the customer’s needs and desires, making the retail market more and more customer-oriented.

The new dynamic that is being established, based on new means of payment and more innovative ways of selling in retail, has the potential to further foster competition in the sector, which we are already witnessing with the growth of the new digital businesses during the pandemic.

7. New sales models

The user’s appreciation of convenience is reflected in the growth – both in launch volume and in consumer acceptance – of applications or new applications within existing products. Therefore, companies have the ability to expand and improve remote customer service.

With a Services Marketplace, for example, a company can offer the convenience of contracting essential services or desired digital products within its own application, putting them in the palm of the customer’s hand.

8. Impact on physical stores

The growth of online commerce forced Brazilian retailers to reassess the role of their stores, which led to a reinvention of points of sale. In the post-pandemic, the physical shopping experience should add even more value to consumers.

What should happen is the consolidation of an increasingly hybrid model between the digital and the physical.

9. Anti-fraud solutions to protect retail transactions

Although the pandemic has accelerated digital trends, it is also, in some way, responsible for the growth of fraud attempts in online payment methods and transactions.

The increase in the circulation of data, instant payments and digital transfers is consistent with the security that retail companies must incorporate into their systems.

10. Cultural transformation of retail

The disruption of the sector will only fully occur when there is a change in thinking and behavior within companies, so that technological evolution is intrinsic.

Companies in Brazil must develop solutions that are relevant to the national reality and that can be implemented without friction, so that they become part of the culture of a given retail chain.

This movement helps organizations in the sector to lead the evolution of their operating models, fostering competition and contributing to market growth.

What’s next for Brazil?

“Retail needs to move faster than ever!” notes Brazilian Market, explaining that Brazilian retailers “have a window of opportunity to offer solutions that truly transform the lives of their customers.”

It is a fact that the New means of payment, access to credit, digital experiences and reduction of sales frictions, are some of the examples that should be on the agenda of the retail sector in this post-pandemic world. 

The retail sector promises a lot for the Latin American giant; the growing innovation and the adoption of new technologies make Brazil one of the countries in America with the greatest retail potential. 

Being one of the countries with the greatest potential and the largest market, retail trade in Brazil will continue to set innovative trends that will give much to talk about in the near future.

Are you ready to take advantage of the Retail Potential in Latin America?

Get closer to the experts in Retail technologies, helping Brazilian retailers to boost their businesses. Take a look at how Teamwork’s functionality, scalability, partners, and integrations set us apart. Get answers to your unique questions, and find out why Teamwork is the right fit for your retail business.

https://www.teamworkcommerce.com/demo-request/

One of the most important trends in the world of retail is Clienteling, a process that helps companies build relationships with their customers and, consequently, increase their sales. By implementing it in your retail business, you can create a more personal shopping experience for customers.

According to Price Waterhouse Coopers (PWC), customers are willing to pay up to 16% more for customized shopping experiences. With Clienteling, retail companies offer a unique experience which is optimized to allow greater customer involvement, promoting empathy between the brand, staff and customers.

“Clienteling is about more than fancy technology, customer service tips, or well-trained salespeople. And while it’s always been an important part of any good retail strategy, it has taken on new meaning in today’s omnichannel world.” – Endear

What is Clienteling?

Clienteling is efficiently using information to create intimate customer experiences. – Endear

Customer acquisition is a process that helps retailers create and manage profitable long-term customer relationships. The goal of Clienteling is to provide a more personalized shopping experience for customers and increase customer loyalty and sales.

With Clienteling, the sales staff will have a complete view of the customer and their information will be accessible for them, no matter where it was generated in the first place: an iPad, computer, or even if it was captured in another store. The information is available to all sales staff at the touch of a button.

There are several steps involved in creating a successful customer acquisition program, including identifying high-value customers, creating customer profiles, and developing customized marketing plans. It’s all about personalizing service and making customers feel at home every time they interact with your brand, no matter what channel they use.

Retailers who implement Clienteling programs can see significant improvements in key metrics like customer retention, average purchase amount, and more sales.

A PWC study discussing the importance of customer experience, and mentions that in Latin America 49% of customers are willing to abandon a brand completely, after having a bad experience with them. Conversely, good experiences pay, and one of their benefits is customer loyalty.

How Does Clienteling Work?

According to Endear, clienteling can be broken down into two main functions:

• Collecting data on customer interactions.
• Leveraging this information to craft intimate, personally-relevant brand experiences for customers.

The Benefits of Clienteling for your Retail Business.

In the ever-changing retail landscape, businesses must find new and innovative ways to keep their customers returning, and Clienteling is one of them.

Clienteling also helps build long-term relationships with customers by providing personalized service. There are many benefits to implementing a customer acquisition program in your retail business:

• Clienteling can help increase sales by providing a personal connection with each customer, creating an environment where customers feel comfortable asking for advice, and making more purchases.
• Clienteling can help improve customer loyalty. When customers feel appreciated and valued, they are more likely to return to your store and recommend it to others.
• Clienteling can turn customers into loyal fans of the brand or indirect advertisers who will speak well of the brand that made them feel so good, gave them such good personalized treatment, and excellent customer service.

Why Clienteling?

Clienteling embodies your brand’s personality, creates powerful, personal customer experiences that creates brand and customer loyalty and helps with hyper personalization of customer experience, based on brand recognition and great customer service, both online and in store.

• 80% of companies’ revenue comes from 20% of customers.
• 79% say being able to engage with knowledgeable store associates  is “important” or “very important,” according to a new survey from Tulip Retail, 
• About 73% said they would be interested in having a store associate text or e-mail them about order status, including items being shipped to the store for pickup.
• 72% who have dealt with a store associate who uses a mobile device to provide things like product info, credit card checkout, and inventory look-up said it resulted in a better shopping experience.

How Can you Implement Clienteling in your Retail Business?

There are several steps you can take to implement successful clienteling in your business, including creating customer profiles, tracking customer purchases, and providing personalized service. When it comes to delivering a great customer experience, there are a few key things you can do to set yourself apart from the competition.

Here are some tips to help you get started:

• Make sure your sales staff are very knowledgeable about the products they sell. If you can recommend products based on what your customers are looking for, they will appreciate the experience and are more likely to return.
• Take the time to learn your customers’ names and call them by name whenever possible. Show that you care about them by making them feel important.
• Welcome your customers when they walk through the door. Make them feel at home, as if they were part of your team. A company that empowers its employees to treat customers better, will always have happy customers.

Clienteling and Customer Data

Clienteling starts with data, but it ends with quality personal interactions. In fact, almost 80% of shoppers say they will only engage with personalized offers. Shoppers who receive a genuine text, call, or personal email are much more likely to take action than those who receive a lackluster automated email.

The best personal interactions are the real ones. It’s a very bad experience for a client to receive an automated and poorly thought-out message from a brand. A well-designed email is fine, but it’s much better when a human being is available to build a legitimate relationship and listen to the customer’s needs.

To create an intimate and unique message, promotion, or experience for each customer, relevant data needs to be easily available to every member of the team. Here’s what real-time data your team should capture.

• Personally Identifiable Information: Personally identifiable information (PII) includes a customer’s name, address, email, and phone numbers. It can also refer to his or her birthday, anniversary, and other important dates as well as whether a customer prefers to shop in-store or on his or her smartphone or mobile device.
• Point of Sale Data: Accurate point-of-sale (POS) data shows you what a customer bought, when they bought it, and if they returned it. It essentially represents that customer’s relationship with your brick-and-mortar store.
• E-commerce data: E-commerce data includes what a customer browsed, favorited, and purchased online. eCommerce data may be easier to collect than POS data, but what’s difficult is reconciling the two. (Endear’s omnichannel tracking feature calibrates customer data across multiple channels and helps your team drive sales on both.)

Clienteling is All About the Personal and Authentic. 

In today’s digital era, customers are more connected than ever, and expect a hyper- personalized shopping experience. This is why Clienteling is so important, as the process of providing a personalized shopping experience for each customer.

There are many benefits of Clienteling for retail businesses. First of all, it helps you build long-term relationships with your customers and keeps them coming back. Second, it will allow you to learn more about the needs and wants of your customers, which may result in more sales and other beneficial results.

Due to the importance of personalization in e-commerce, customer expectations are changing faster than ever. Clienteling is necessary to create powerful experiences for the customer and, therefore, create customer loyalty.

Start Selling Smarter.

Together, Teamwork Commerce and Endear equip your team with a fully omnichannel mobile retail solution with an integrated clienteling platform. Follow up after an appointment, announce new product drops, or let a customer know when that dress they love is finally back in stock. Create branded, personalized stories sent over text or email using the product catalog already linked to your e-commerce site.

https://www.teamworkcommerce.com/clienteling-with-endear/

Take a look at how Teamwork’s functionality, scalability, partners, and integrations set us apart. Get answers to your unique questions, and find out why Teamwork is the right fit for your retail business.

https://www.teamworkcommerce.com/demo-request/

Customer relationship management is the foundation of retailers meeting the demands of the ever-changing industry. Both customers and relators have been in a state of flux since 2020, and even prior to with rapid advancements in technology in eCommerce capabilities. Many consumers quickly took advantage of heightened convenience when it came to purchasing through online channels. Spending comes with more ease when the options become more convenient, that becomes a tower of packages at your doorstep.

With this increase in online shopping, many retailers responded by investing heavily in digital transformation all along their retail management ecosystem, deploying omnichannel solutions to remain competitive in what would become the new era of retail; a seamless blend between in-store and online sales channels. This required the advancement of a range of areas from mobile point-of-sale (POS), to order management systems, through to reporting analytics and secure CRM (Customer Relationship Management).

People today expect options and personalization. Whether it is a streaming service bumping curated shows to the top of your profile, the ability to have your doctor meet virtually from your couch when they are sick, or your favorite retailer allowing you to shop in the ways that work with your lifestyle. You may want to buy online and pick up in-store, others want to browse and purchase entirely from their mobile phones. Some customers still crave the complete in-store experience and the tactile and social elements of shopping.

Retailers need to cater towards any and all of these preferences. Understanding customer expectations and feedback is important to ensure customer satisfaction. In order to achieve this, retailers need an all-in-one solution that integrates completely and seamlessly with their cloud-based CRM and wider retail management system. POS systems that have in-built CRM solutions can be leveraged by retailers to streamline their operations.

Why CRM Matters

The global CRM software market is projected to grow to $49.6 billion in size by 2025, with a significant increase of almost $4 billion from 2020. By leveraging CRM, retailers can classify a customer in several ways including data led segmentation, customer behavior, purchase frequency, recency, and likelihood of purchase.

CRM plays an indispensable role in managing a retailer’s relationship with consumers. In a new environment where customer expectations continue to grow, it has never been more important for a retailer to be in tune with consumer demands, and more importantly, have the ability to deliver on them. Retailers must ensure that their CRM integrates seamlessly with their wider applications that complete an omnichannel offering, enabling an all-encompassing approach that remains flexible with changing consumer needs. This means, even if your brand has over 30 different websites, you can have the ability to handle orders and returns from any of them through sophisticated omnichannel solutions.

Creating a Holistic Approach

The general aim of a CRM tool is to establish and strengthen the relationships between customers and the retailer. In order to build a successful relationship, a business must know their customers, understand their habits, and respect their values. With all these points combined, retailers should have the necessary information required to understand consumer demands as well as business needs. Customers are more likely to return when they feel that the retailer “gets” them.

Shopping at your favorite store should feel like shopping with your best friend.

The right CRM allows retailers to create a single source of information around every individual customer, enabling consistent visibility of every shopper. A holistic customer view enables retailers to visualize customer purchasing habits across sales channels, allowing them to easily segment customers. The capability to access all customer data in one place gives retailers the ability to build meaningful relationships with shoppers and create customer loyalty.

The appropriate CRM also enables customers to use their earned loyalty benefits or stored value across any channel with customer data & assets centrally visible. In addition, the software should be user-friendly and allow businesses to integrate external applications and tools to maximize efficiency.

Meanwhile, with consumers becoming increasingly conscious about how their data is used, GDPR compliance is now a significant consideration to keep in mind as well.

Importance of a GDPR-compliant CRM

An appropriate CRM should not only fulfill business needs but also ensure the safety and security of both consumers and business. The retail sector has been named one of the top targets for phishing attacks, according to the FBI Internet Crime Complaint Center (IC3). Retailers without the right technologies can put themselves and their consumers at risk. An advanced CRM system with state-of-the-art security elements should never be overlooked.

For any retailer, customers and their data are the most valuable assets – compromising on the security of these assets can lead to huge fines from regulators. On top of that, retailers can lose consumer trust and business reputation, all due to a lack of the appropriate security measures in place.

The modern CRM should allow retailers to store customer data securely in a separate repository, which is accessed and referenced only when needed by associates, without ever revealing or importing customer data into a local system. This minimizes the risk of a breach – both externally and internally, and makes data security simple, easy and compliant.

An All-Encompassing Solution

It is vital to have a strong POS system that is user-friendly and flexible when it comes to integration. In order to bolster the CRM, retailers should move towards all-in-one integrated retail solutions that cater to business needs in sync with each other. Retailers need a solution that is compatible with the wider retail management system – from POS through to CRM and order management, as well as reporting and analytics. This combination can support retailers’ productivity with increased synchronization, while providing seamless integration and user experience. In retail terms, one size seriously fits all.

Delivering a great user experience is the key to building positive customer relationships. However, in order to achieve this, retailers should be able to utilize the data from the CRM to seamlessly adjust operations across the wider management ecosystem. It also creates a more harmonious experience for associates who only must learn one system, versus two or three to complete their daily tasks. This eliminates a tremendous amount of user error.

Modern POS solutions configured in smartphones and tablets can provide information and access to the entire customer history through customer profiles in the mobile POS app. This can enable retailers to attract and retain customers by providing personalized experiences, which is what most of us are looking for in our tech-driven world. Based on marketing data statistics, 90% of people were drawn to personalized content.

Retailers need to understand that while cloud-based CRM is important, it must be used as part of a wider, all-encompassing retail stack. This can allow retailers to cover all bases in order to remain competitive and flexible to changing consumer demands. Those using an all-in-one solution can gather all information in one place. This can further strengthen their position in an increasingly saturated landscape and provide retailers with an advantage over their competitors.

Being a Savvy Consumer of Customer Data

Retailers can use data from their POS, CRM, and OMS to better understand their customers. Companies can create new designs based on what is selling with their top buyers and create deals targeted to when customers are buying. Imagine learning that 60% of all online orders are being shipped within an hour of Charlotte, North Carolina? It might lead to an exciting new endeavor for your business. Setting up a solid foundation allows ample room for growth. In today’s retail world, that starts with your omnichannel retail solution.

Teamwork Commerce is an omnichannel solution that provides retailers with POS, OMS, Inventory Control, CRM, and Analytics. As a leading partner of Apple, Teamwork is constantly evolving and ensures the use of cutting-edge technology. The world’s leading retailers use Teamwork Commerce to create customer-centric omnichannel and frictionless experiences, and offer exceptional customer service. For more information, visit: https://www.teamworkcommerce.com

1. Have Seamless Customer Experiences

Improving customer experiences through a Point Of Sale (POS) technology is a key to increasing sales for retail businesses. However, to create a truly seamless customer experience, it’s important to consider all aspects of the buying process, from the customer doing pre-purchase research, to ordering, receiving, and the post-sale experience.

Delivering seamless, integrated shopping experiences across all channels has become the bare minimum that most customers today demand. This is how smart retailers have achieved memorable experiences for their customers, who feel well served by any channel.

Merging online and offline interactions allows customers to purchase products from anywhere, anytime, and in the way that works best for them. It also allows business owners to better understand customer needs and preferences, which can lead to more sales.

An omnichannel integration can also help reduce the time it takes to resolve customer complaints and increase the accuracy of customer data. Plus, it can help employees better understand customer needs and preferences. Additionally, an omnichannel strategy can help retailers reduce the costs associated with offline marketing campaigns and increase revenue from online shopping.

By using a mix of online and offline channels, companies can create an omnichannel experience for their customers and increase their sales.

2. Analyze the data of the Point of Sale Program

Using a POS system, is essential to gather all the important data for your business that will allow you to make real-time decisions:

• Manage inventory: Check inventory statuses in the warehouse and in different stores.
• Manage deliveries and returns.
• Automate shipments. BOPIS: buy online, pick up in-store
• Manage information about products and customers
• Manage employees. Time cards and sales performance.
• Analyze real-time data of brick and mortar stores and e-commerce
• Analyzing KPIs performance indicators is essential to increasing sales in your business.

Remember that we can only improve what we can measure.

With a Point Of Sale system, retailers have access to KPIs like total profit and profit margin, which are clearly laid out in POS system reports, allowing retailers to track profitability and ensure that their inventory actually helps generate revenue.

The POS system can provide information about which products are selling more than others, and strategic decisions can be made. A deeper analysis will allow you to see where to place the best-selling products, colors, or models in the store, or which vendors are the sales champions in that period.

Due to this information, retailers can make better decisions that allow them to increase sales, save and make more money in a smarter way.

3. Leverage real-time speed with cloud-based POS systems

Time is decisive when it comes to making decisions quickly and safely, and this can be achieved with cloud-based systems that have the power to update inventories instantly each time a garment is sold or returned in a store, even if they are online stores or a consumer shop in the e-commerce of the business.

With a mobile point of sale, vendors can easily scan and charge for items, making transactions quick and easy. Also, there are different add-ons like the card readers, barcode scanners, cash drawers or receipt printers on the market that help compliment your POS hardware.

Also, inventory is easy to manage and track when using a mobile point of sale (mPOS) system like an iPad. That is because the iOS systems, in addition to the simple understanding and ease of use, allow users to enter data quickly and effortlessly using on-screen keyboards or touch screens.

Using an iPad POS App can take your retail business to the next level by combining the efficiency of a mobile POS, with the versatility and extraordinary customer-centric design of the Apple iPad. Your brand will gain versatility and a mobile device with the highest technology using POS for iPad, which gives you the guarantee of great performance and an innovative look.

4. Empower your POS by having Fast Check out in stores

Much of the customer experience happens in the store, so a key strategy is to ensure that your check-out process provides a fast, agile, and seamless experience, every time a consumer shops in your store. Point of Sale systems that allow payments with mobile devices, tablets, or iPads can make a huge difference, allowing sales staff to have mobility inside the stores, and go where customers are.

A study conducted by Capterra found that retailers using a mobile POS system in the United States increased from 32% in 2017 to 46% in 2020, and continue to increase. The study also reveals that 64% of the retailers surveyed agree that the adoption of a Mobile Point of Sale system helps them increase their sales, and 82% say that having the mPOS allows them to achieve seamless customer experiences.

A mobile point of sale (mPOS) system can improve the performance of retail businesses by speeding up transactions and providing greater accuracy. If you have an easy-to-use cloud-based mobile POS solution, not only will transactions be faster in-store, but cloud synchronization will also mean that every transaction is reflected across all company areas, and your inventory will be updated in real-time, both in the physical store and in e-commerce.

5. Having the Right Information, at the Right Time

A good retail POS system also allows you to track sales and inventory levels on a daily, weekly, or monthly basis, so you can make informed decisions about future sales and pricing.

Once the customer is ready to pay, the sales staff can have the correct information about the products sold to the customer or the discounts that can be made, increasing the ticket at that moment.

In addition to this, email campaigns can be carried out with certain offers or advertisements for each client based on the information provided by the Point of Sale system, and the inventory stocks.

Retailers can also benefit from using retail POS systems that provide real-time reports and daily analytics. This can help them understand how their customers are using the system and what areas could be improved in the future.

What the future holds

Increasing sales with a Point Of Sale program will require a comprehensive strategy that includes proper data management. A strong sales strategy, combined with the right POS system, can be a game-changer for retailers when used to their full capacity.
The insights provided from sales data alone offer valuable insight to your sales staff, but the key is to use it appropriately to make convenient decisions that truly impact the growth of your company.

Regardless of whether you are a small business or a large chain of stores, your Point of Sale System must be easy to use and have a friendly interface, since it is important that salespeople have a friendly experience, which allows them to bring faster service and be more efficient.

It’s important that you have the full Point of Sale system that allows you to accept cards, read barcodes, have a ticket printer, and everything you need to make sales in a physical store.

A Mobile Point of Sale system offers many advantages for retail businesses. It’s faster and more efficient than a traditional cash register, transactions are processed quickly and smoothly, and inventory is easy to manage and track. Another positive feature is that sales reports are effortlessly generated, so customer data can be easily accessed and used for marketing purposes.

Leading brands are executing successful omnichannel strategies along with their marketing strategies, and know the difference between omnichannel and a multichannel strategy, achieving success across every buying channel, gaining happy customers, and increasing their sales. Customers expect to be listened to through any channel with the same benefits, so your system must offer payment processing for all forms of payments available, such as credit cards, cash or even gift cards.

Are you ready to choose your Point of Sale (POS) software?

Teamwork Commerce is an omnichannel solution that provides retailers with POS, OMS, Inventory Control, CRM, and Analytics. As a leading partner of Apple, Teamwork is constantly evolving and ensures the use of cutting-edge technology. The world’s leading retailers use Teamwork Commerce to create customer-centric omnichannel and frictionless experiences, and offer exceptional customer service. For more information, visit: https://www.teamworkcommerce.com/demo-request/

This article originally appeared in Retail Merchandiser

Retailers who didn’t have a reliable online presence were quickly forced to adapt during the Covid-19 pandemic. Left with no option to physically welcome customers, many stores had to begin or enhance their digital channels. For some, this meant relying on an eCommerce platform that was underprepared for an online-only approach. Worse still for others, they had to create one from scratch. Retailers were immediately put on the back foot, and their ability to deliver a high-quality customer experience suffered as a result. However, from a consumer perspective, while the convenience of online shopping provided a breath of fresh air, many missed the experience of physically being in-store, sampling products, and receiving an in-person customer experience.

Fast forward to 2022. The pandemic is almost behind us and stores are open once again. Retailers are now facing a new challenge: providing the best possible service to customers who want the convenience of online shopping, but the high-quality experience of in-store shopping. With an optimized omnichannel strategy, retailers can find the right balance between online and in-store, and provide a unified shopping experience for their customers.

Seamless Flow of Information

The ability to effectively blend online and in-store channels is highly reliant on communication between the two. There is little more frustrating than finding a product online, only to discover that the item is out of stock once you arrive in-store – and vice versa. Retailers should be looking to provide a flow of information that is completely unhindered, from point-of-sale (POS) systems right through to their websites.

To deliver a truly great customer experience, information between channels has to flow seamlessly without any silos. This includes everything between physical and digital channels, event digital marketing strategy and customer service. Everything must be aligned and communicated effectively to ensure that customers have the most accurate and up-to-date information around product availability, delivery or pick-up slots, and even ongoing deals and promotions.

An all-encompassing omnichannel solution

Today’s customers shop on their terms. If a retailer cannot meet their demands, they will find one that can. The key to not only growing a customer base, but perhaps more importantly, retaining existing customers, is to give consumers a range of purchasing options that fit their needs.

In a post-pandemic environment, with many professionals being given much more flexibility in their working hours, their shopping habits are changing significantly. They are at home more often, able to take deliveries more easily. However, they also have the freedom to buy online and pick-up in-store if they want to.

According to eMarketer, buyers will spend $95.87 billion via click and collect this year, a 19.4 percent increase year over year (YoY). Furthermore, PWC also finds that more than half of shoppers view an efficient delivery or collection service as ‘always’ or ‘very often’ important. Before the pandemic, these additional services were seen as a ‘nice to have’. Today they are essential.

In order to achieve this, retailers need an all-encompassing omnichannel solution, which includes POS, order management, inventory control and customer relationship management (CRM) to ensure a consistent and streamlined experience, regardless of channel and stage of sales process.

With an omnichannel POS Software, retailers can ensure that their customers have a consistent shopping experience regardless of where they buy from or how they interact with the brand.

Remaining agile

The last few years have proven to the retail sector that flexibility is integral to long-term business success and sustainability. Those who were able to shift quickly to the requirements of the pandemic and resulting lockdowns in 2020 benefited much more than those who had previously operated with a limited eCommerce offering, let alone the retailers that had relied solely on a rigid in-store only approach.

The pandemic may be nearly in the past, but with an omnichannel approach, retailers can not only remain agile and competitive in the short term, they can use the latest technology to ensure long-term business sustainability. Retailers need to know their customers on an individual basis. They need to understand how they like to shop, where they want to do it, how they want to be marketed towards and even approached in-store.

The more retailers can cater towards their customers, the better the overall customer experience will be, and the more likely they will be to return. This can only be achieved with an all-encompassing omnichannel solution that keeps a seamless flow of information across all channels.

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