Smart retail PoS systems go beyond processing transactions – operable anywhere there’s a WiFi connection, smart PoS systems track customer behavior, update inventory, and enable sales staff to complete transactions anywhere in the store.
Despite the fact that brick-and-mortar stores still account for more than 88 percent of all sales, they’re at a severe disadvantage when it comes to customer insight. Traditionally, insights on repeat customers are gained through loyalty programs, but due to the inherent friction in signing up for and checking in with card or phone number-based loyalty programs, even regular shoppers often by-pass the program.
And despite all of that, in a survey of more than 3,000 consumers in the U.S., U.K., and Canada, 63 percent said that they expected personalization as a standard of service and that many companies were missing the mark.
IoT-enabled retail POS management systems provide brick-and-mortar retail companies greater insights into what customers are buying, what they’re returning, and what customers are worth earning the loyalty of. They allow companies to track their busiest hours and automate operational processes like taking inventory and tracking returns, allowing staff to focus more on providing great customer experiences.
When a smart PoS system processes payment for a transaction, it automatically updates inventory and alerts management if something is nearly out of stock. Smart PoS systems gather data on the most popular items as well as the rate at which items are returned to help companies gain insight to optimize the retail floor.
Key Benefits of IoT-Enabled Retail POS Management
- Complete transactions from anywhere in the store – preventing long queue lines during peak hours.
- Automatically update inventory and receive notifications when items are nearly out of stock.
- Collect data on customer behaviors and better customize loyalty programs.