Latest tools for retailers and SMBs
Retail stores or any business for that matter always look for tools that would optimize the productivity and profit of the business. Some tools are optional while some others are a must-have in the changing business trends.
The business will still run on the conventional systems, but you will be lost in the rat race of all the competitors around you. In this post, I am about to introduce you to some tools or technology that are a must for growing a small business.
- Contactless Payments
- Paperless Receipts
- Omni Channel Retailing
- Business Intelligence & Analytics
One of the primary changes social distancing had created in the retail scenario is the inclination towards digital payments and contactless payments. As the debit cards are mostly NFC, the issue retailers face is the adaptation to digital payments – Alipay/ Samsung Pay/ QR codes, etc.
The change from conventional methods to digital payments was expected, but the rate of change was exponential since pandemic struck. Least surprising at all. That is why an immediate adaptation of the latest tech to accept all those payment methods are necessary.
Currently, there are multiple devices for accepting different modes of payments, however, synchronising them to an ERP or accounting software to consolidate the data is a task.
Paperless receipts are as the name suggests digital receipts directly sent to phone or email. There are two primary benefits for the same.
The first one is the most important one in the current scenario:- avoid contact. As I already mentioned receipts are sent to their devices digitally and hence possibly avoid or at least reduce human interaction there.
With self-weighing and self – checkout points, there is minimal human interaction. The second benefit is the environmental one. You can save a lot of natural resources when opting for digital receipts.
And a bonus advantage is that the expense tracker application can access the data and add to your expenses automatically which makes it easier for you.
Unless the customer needs to store the physical receipts, promote the use of digital receipts.
Omni Channel Retail
This one is not exactly new, but a must-have! Many of you have a lot of confusion between multi-channel retail and omnichannel retail.
The basic idea of multi-channel retail is to do sales via multiple channels of online; social media marketplaces, e-commerce sites, website stores, etc. Omni-Channel Retail selling via both offline and online solutions.
The definition is very basic and there is more to it. As Google defines it
“ensuring [retailer] marketing strategies are geared toward enabling customers to convert on any channel.”– Google
The primary idea is to create a marketing loop with multiple touchpoints that ensures connection, acquisition, and retention.
Omnichannel marketing ensures customer retention by creating multiple touchpoints for a customer. i.e, the customer doesn’t drop off after the purchase, but they stay loyal to the brand and act as an indirect promoter.
The initial requirement is to create platforms where customers can purchase the items both online and offline. And both are equally important in the strategy.
There are multiple aspects for omnichannel retailing, but make sure your business does explore the same.
Business Intelligence and Analytics
SMBs usually ignore Business Intelligence and Analytics because they don’t want to read between numbers. While Business Analytics provides you with the numbers, BI reads them for you.
Yes! Small Business owners can often be confused between the data and how to read them. Analytics consolidate the data into an understandable format for you. The overall, individual, segmented sales, expenses, income, and other different aspects.
And unlike popular belief, BI and BA aren’t expensive. For example, Checkout Progress Cloud ERP offers BI App for SMB owners FREE.
The advantage of Business Intelligence over Analytics is that it gives actionable insights reading through the data. The AI will be able to reply to the questions of W5H.
I’ve already shared an article on creating an online presence for SMB. One of the main headings among them is to create a website.
Now if you are managing a retail store and often gets customer feedback and queries, make sure you set up a chatbot on the website or application.
Chatbots were automated chatting programs that answer customer queries with predefined answers. But now the situation has changed for the better.
Chatbots are an excellent way, then, to leverage brand authority outside of in-person interactions. They can get a sense of customers’ taste and lead them to a sale through recommended purchases and curated offerings.
Chatbots are proving to be the new favourite employee of SMBs according to Forbes. Sophisticated chatbots can even resolve the issue and schedule a customer service agent from your business.
This way, the customers feel like they are always on the priority (which should be the case).
Checkout Point FZCO is a leading FinTech company based in Dubai. We with our expertise in Core Technology provide an advanced yet feasible solution for Small and Medium Business around the UAE. Our solution includes Poynt Smart Terminal (Integrated POS Terminal), Tailored POS application, and integrated Cloud ERP. Another solution of ours is Hopper- Van Sales application integrated with Checkout Progress Cloud ERP.