Have you ever wondered how you measure up with your competition when it comes to retail technology? iVend Retail and Retail TouchPoints have developed a quiz that will reveal whether your store systems are keeping up with the times or whether you are stuck in the Dark Ages and need to upgrade your POS system.
It’s important to evaluate whether your retail system provides you with sufficient functionality including:
- Mobile point of sale (POS)
- EMV chip card acceptance
- Flexibility for the customer to begin a transaction on one channel or device and complete it on another
So, could it be time for you to upgrade store systems? Consider these three reasons:
- Shoppers want information … Now. Research for our Great Omnichannel Expectations report revealed your customers want sales associates to use tablets to access the information that will help them as they are making their purchase decisions and to enable sales associates to complete payment transactions in the aisles. If you answered no to the question about mobile POS, the customer experiences you provide in-store could be inferior to experiences your competitors provide.
- Technology ages faster than people. EMV chip card technology is new to the U.S. and it prompted (or is
prompting) many merchants to upgrade their POS systems. But what’s next? Some analysts think EMV is already outdated since near field communication (NFC) technology, which Apple Pay and other mobile wallets use, makes secure mobile payments quicker and easier. If you are just looking into EMV, you are at least a step behind your competitor looking at the next tech upgrade they will need to give customers the opportunity to use their preferred payment type.
- Omnichannel is the new black. Shopper behaviors and preferences have changed quite a bit in the last few years. They expect to be able to engage with retailers whenever it is convenient, and on whichever channel they choose — even starting a transaction on one channel or device and finishing it on another. Failure is not an option for omnichannel retailers. Customers expect accurate orders, on time, and if a retailer doesn’t deliver, there are plenty of other options for consumers to get what they want.
Better Visibility and Control
You may also consider upgrading your POS system is to gain analytics capabilities. Another question on our quiz asks how you currently track store performance. A state-of-the-art POS system — more accurately, a retail management system — can provide you with real-time metrics that you can access from any Internet connected device so you can check on key performance indicators (KPIs) or other data anytime you need it. An integrated system can provide data on sales, inventory, labor, loyalty, and more, letting you make data-driven decisions based on accurate data. Better data, better decisions.
How Do You Measure Up?
The quiz asks many other thought-provoking questions that can help you evaluate if your store systems are supporting your business — or maybe holding you back. At the end of the quiz, you will receive a score that rates your current store system based on the functionality it provides you today and how prepared your business is to face inevitable changes.
How do you think your POS system will rate?