Why Should You Integrate Your Retail Store with Omnichannel POS?
How wonderful would it be if you could help retail customers complete their shopping the way they wanted to? They can get the same level of service and consistent pricing on online or in-store channels, and even have the ability to switch seamlessly between them.
Thanks to omnichannel point of sale systems, this is now possible! Omnichannel POS centralizes all your sales channels and provides a way to track and manage your customers, products, and orders in real-time on a single platform, no matter how they shop.
The Benefits of Omnichannel POS Integration
New revenue streams
Omnichannel POS opens up new sales opportunities which didn’t exist earlier for retail stores, allowing customers to place orders online or on a mobile device. You can feel a flood of business orders if your retail store gets the ecommerce and mobile channels after omnichannel POS integration.
Research proves that both these channels are one of the biggest revenue streams for the retail industry. Internet sales have played an increasingly important role in retail. In 2021, e-commerce accounted for nearly 20 percent of retail sales worldwide.
Forecasts indicate that by 2025, the online segment will make up close to a quarter of total global retail sales. Another research says that In 2021, 72.9% of all retail e-commerce is expected to be generated via m-commerce, up from 58.9% in 2017. Emerging e-commerce markets in mobile-first economies are a large driver of this trend.
Get access to real-time inventory data
Retailers can easily manage their inventory in real-time and track inventory movement with an integrated POS at both online and offline stores. A brand's inventory information is synchronized across all points in omnichannel. Any customer searching for a product’s availability will get the same result across channels.
Due to this, a customer can instantly check if the product is available online or in-store and plan their purchase accordingly. Another benefit is when it comes to setting up auto-replenishment of stocks, it can be quickly done by setting minimum and maximum stock values in their POS. It helps retailers remain worry-free about managing and ordering inventories manually.
Get valuable insights into customer data
An omnichannel strategy ensures a seamless customer experience on all channels. For retailers, that also means connecting to an infinite source of unified customer data across channels with detailed insights about customer activity like their shopping preferences, preferred products, channel-wise shopping history, most preferred channels, payment modes and more.
The retail stores can use this valuable customer data to personalize recommendations, arrange hot selling products and offer lucrative shopping offers as well as loyalty points to the end customer. This practical step of analyzing and utilizing customer data would only bring customers one step closer to the retail brand.
Sell everywhere
The operations of a retail store are limited to fixed business hours and have limited business opportunities for selling. Their only customers are the ones who physically visit them according to their needs and requirements.
Integrating omnichannel POS with a retail store gives an excellent opportunity to retailers to make their business visible and grow their overall revenue by selling on online and offline channels simultaneously and boosting their presence across channels.
Here are some impactful channels that a retail store can use to sell their products after omnichannel POS integration:
1. Social media channels
2. Brand website
3. 3P marketplaces
4. Mobile apps
5. Email
6. Referral websites
Drive customer satisfaction
Omni-channel point of sale (POS) works to better your relationships with the customers by effectively leveraging customer data and making shopping and delivery more straightforward and convenient with modern data mining.
This data can identify critical customer behaviour and shopping trends in brick-and-mortar retail stores, brand websites, or mobile apps. The gathered information allows retailers to create concise CRM processes to identify and prioritize the products most frequently viewed, purchased, or requested by the customer.
It allows the customers to engage with your services in real-time, making it easier for you to grow your clientele and overall customer base, thereby driving the highest customer satisfaction.
Allow your customers to shop the way they like
Today's customers use a combination of channels to shop the way they like. Moreover, they look for enhanced shopping experience and convenience while shopping with any retail brand.
They research online channels, check the availability and pricing of the product in local stores, and then intelligently use social media, ecommerce, mobile, and in-store channels to make instant shopping decisions.
POS integration with retail stores allows businesses to extend their reach, visibility, and impact on phygital channels, empowering customers to shop anytime and enjoy the convenience of a seamless shopping experience.
Conclusion
By integrating retail stores with an omnichannel POS, retailers can provide an excellent seamless shopping experience to the customers, whether the shoppers are in-store, online, or using a mobile app.
The POS integration also allows retailers to manage inventory and orders better and provides data that can be used to improve customer service, product availability, marketing and business operations.
If you are a retail brand keen to know the omnichannel strategy and eager to explore the benefits of integration with an omnichannel POS, book a demo with Fynd today. We are a pioneer in omnichannel retailing and have helped grow the business of numerous premium & luxury brands in the retail industry.
