POS technology is undergoing a significant shift, moving away from cumbersome, outdated systems to user-friendly, cloud-based solutions. These are integrated, feature-rich solutions capable of growing successful fashion retail businesses. Stores like Nordstrom are embracing cloud and mobile POS advances to create a seamless experience for their audience, with the fashion chain enjoying 15.3 percent increased sales after POS deployment. A cloud-based POS system benefits fashion retailers in several distinct areas: cost-savings, customer experience and ease of use.
Traditional POS systems come with substantial upfront costs for specific or proprietary hardware and installation, with Entrepreneur estimating that the typical system costs $20,000. A cloud-based system is much more affordable because it works with existing PCs, Macs, tablets and smartphones. This allows fashion retailers to reinvest the money into other parts of their budget.
The customer experience is one of the main differences between a business and its competitors. Instead of playing a race-to-the-bottom pricing game with the competition, fashion retailers can create a seamless shopping experience, especially when the system comes with mobile POS features. Instead of making customers come up to the cash register, cashiers can go to them with tablets in tow for check-out. This configuration is more convenient to the customer, and it comes off as more polished than an aging POS that works slowly and goes down often, removing the ability to process payments. A POS solution should make it as easy as possible to collect payment from customers, and should provide added conveniences such as eReceipts that are easy for the customer to save and retrieve.
A cloud-based POS solution does more than process payments. It can also manage a store’s loyalty program, customer relationship management, analytics and inventory management. Real-time sales and inventory data plus the easy collection and analysis of customer information provide significant value to the store. Many cloud POS systems are multi-platform, providing many options for interacting with the system from anywhere on most or all devices.
Loyalty programs are particularly useful, and many customers are more attracted to businesses that offer customized discounts and rewards. Customer data is necessary for creating these personalized offers, and 62 percent of customers are willing to make that trade. The more data fashion retailers can get from customers, the more ways they can maximize revenue while also improving the customer experience.
A cloud POS solution provides a fashion retail business with critical tools for growth. An integrated solution offers low entry costs, more useful data and makes customers happy, so there are many good reasons to consider trading in an aging system that is a detriment to the business.