Here’re the top 5 benefits of POS that can boost your omni channel retail:
1. Boost revenue and profit
Omnichannel POS creates new sales opportunities apart from traditional stores, such as online marketplaces, websites, mobile apps, and social commerce, providing customers with more options to shop for their convenience.
Smooth connections of all channels can create many ways of shopping like O2O or click-and-collect. Customers can look for a product and complete an order anywhere, and choose a channel they want to receive the order. This is possible thanks to omnichannel distribution. Being present through multiple channels gives you more brand visibility and more chances to persuade customers to buy, both online and offline.
In addition, one of the best omnichannel benefits is the ability to track customer behaviors across all channels — the important data to understand customers to create personalized offers for them. Suggesting the right products at the right time will lead customers to purchase items they have an interest in, improving your sales performance.
2. Enhance customer satisfaction
Customers today demand more freedom to shop their way. The customer journey has become more complex than ever as customers can start their shopping experience at whichever touchpoint and go through other channels as they want. Therefore, you must recognize the same customers across channels to offer them a consistent experience no matter how they prefer to shop. This is another POS benefit for you: centralizing all data from all channels, such as eCommerce, mobile, physical stores, and social media.
Providing a single view of the retail brand through omnichannel is how you can foster customer engagement and increase satisfaction. Since all product data and sales data are managed under 1 omnichannel POS, you have more sources to learn and dig deeper into customer’s insights. From there, you can provide customers with detailed product information and customized content for them, together with a fast, accurate, and efficient service.
3. Boost customer loyalty
An outstanding shopping experience is a huge advantage when customers come to shop. If you exceed customers’ expectations, they’ll be more likely to return to your store. Having a satisfied and loyal customer base helps you maintain a stable business without spending too much to acquire new customers.
An omnichannel POS software can let you generate and manage loyalty programs like store credits, reward points, birthday cards, or discounts for customers who have spent over a certain amount. Besides, you can measure the effectiveness of these loyalty programs and make changes to suit your strategy.
4. Consistent product and pricing information
By centralizing all product data in one backend platform, the POS software ensures product and price consistency across all stores and channels. You can create product SKUs and edit product information quickly, then all your stores will be updated simultaneously. This removes the burden of manual input for each location which can cause errors. Now you only need a few clicks and never worry about discrepancies among stores.
5. Sync inventory data in real time
Among various POS system benefits, gaining complete visibility of inventory is essential for retailers. With an omnichannel POS solution, all data of stock flows and sales orders are connected under a central system. As your customer purchases from any channel, your inventory level is updated automatically in real time. Therefore, you no longer need to make the reconciliations between multiple platforms which is time-consuming, freeing your employees for more important tasks.
Real-time inventory lets you know which items are running low on stock to reorder. Based on lead time and forecasted demand, it can alert you of the time and the quantity you should replenish your warehouse. Thus, you can optimize your storage costs and order fulfillment, avoiding both over and understocking.
Furthermore, syncing data across all processes is the foundation of omnichannel fulfillment. It starts from the time a customer starts looking for a product, compares prices, makes an order, to the time you deliver the item to the end user. The entire journey involves many steps like pick up, warehousing, packaging, and shipping, where the data channels are closely integrated.