The future of POS solutions in the post covid retail environment
Fashion retail is one of those industries that the pandemic has hit the hardest. Shopping malls have either been closed or subject to limited hours of operation, with a dramatic decrease in store traffic and revenue respectively. As a result, many retailers have either suspended the start or roll out of their new projects. Regions are only now starting to recover from the impact of COVID, but travel restrictions are limiting growth hence we are seeing activity in geographies that were not previously regarded as innovators.
Online sales growth
There was a huge growth in online sales during 2020, this can be partially attributed to the low base that it started from, but the pandemic limitations were the main driver. This has forced even traditional brick and mortar retailers into developing their digital channels.
“49% of shoppers make unintended purchases while picking up their item in-store.”
For non-food retailers, such as fashion, jewelry, and cosmetics, the in-store customer experience is fundamental to their existence and a vital touchpoint of their brand communication. Once the pandemic restrictions diminish these stores will return, so it is vitally important to ensure that the in-store technology is able to support the rapid growth of the online channel.
A physical shop is still needed
According to the Oracle ‘Setting the Bar’ customer research, 75% of consumers who go into a store are likely to make an additional purchase, and 49% of shoppers make unintended purchases while picking up their item in-store. So, offline sales matter too.
A reassessment of technology is required, something that can empower and inspire a digital native to engage customers in an experience that transcends the four walls of retail, and the best helper is your POS.
Feel the same
According to the 19th edition of the Bain & Company Luxury Study, online is set to become the leading channel for luxury purchases by 2025, with the tourism spend, led by China, shifting to domestic markets. It would therefore be rash to exclude from the picture any communication or sales channel that retailers could benefit from.
It has been presented many times, and proven during the pandemic, that the goal for modern retail is to ensure that customer does not feel any difference between the sales channels he communicates with, or even during his journey between them.
Understand how your POS solution will allow you to keep pace with modern trends
When you think about your POS system, do you have positive answers for the questions below:
- Does your POS support multi-currency/multi-language/multi-tax operations?
- Can you manage different brands within one POS system?
- Does your POS system support all omnichannel scenarios like BOPIS, ship from store, etc, or complex loyalty programs?
- Can your POS execute all operations from a mobile device, either phone or tablet?
- Does your POS support operations in both a small store with 1 POS terminal, or large flagship store with tens or hundreds of POS terminals?
From a technology perspective, it is important that you understand if your solution can handle high loads, be customized to meet your needs, has rich out of the box functionality, supports cloud or hybrid architecture, and has a lengthy and sustainable roadmap.
Having these necessary elements in place will make your POS system a solid foundation for your current operations and future development.
Author: Mikhail Bugrov,
Business Development Director Retail HRS
