3 Important Factors to take Retail Personalisation to the Next Level

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For starters, more than half (52%) of consumers are likely to switch brands if they don’t receive personalized their communications. Moreover, fifty-eight percent of consumers say a personalized experience is essential when purchasing from a particular company. Those are numbers retailers can’t and must not ignore!

If retail brands are vying to thrive and prosper in this forthcoming New Year, ‘customer focus’ is crucial. As a majority of brands will go customer-centric, one of the aspects that will stand-out as the differentiating factor will be the level of personalisation that they provide. Here are few important factors that will help retailer to take their retail personalisation to the next level.

Data centricity
Before diving right into personalisation, the first step is to understand the customer and then plan as to how to go about the personalizing his/her experience. For that it is important to collect data and as far as possible, the right data. And the easiest way to do that is through loyalty programs and for which brands can encourage customers to register at the point-of-sale (POS) with an in-built CRM system. The end goal of personalisation in retail is to create high-value customers who will stick to the brand and carry out repeat purchases.

Omni-channel strategy
While an omni-channel experience isn’t a necessarily a personalized experience, it is a mandatory building block on the path towards creating a personalized customer experience. After all, a personalized experience cannot be offered if customers are treated differently if they use different channels for interacting with the brand. The very essence of omni-channel is creating a seamless and consistent experience for your customers across different devices both online and offline. They key to omni-channel is providing a consistent and personalized experience to every customer regardless of where they’re interact with the retail business.

Technology
Retail brands need to harness the power of technology, necessarily, as an enabler for optimizing their operations and processes to achieve a superior customer experience. It is with the help of technology that retail businesses can be equipped to capture and assimilate data for basing their personalisation strategy. Also, it is through technology that retailers will be able to implement omni-channel into their business. The right omni-channel retail solutions which encompass multiple modules including a retail POS software with an integrated CRM solution, as well as an omni-channel analytics solution, and many more can help retailers integrate, consolidate their business data and processes and implement the necessary strategies to offer a personalized customer experience across all channels.

Personalisation needs to go beyond than just marketing and sales – it has to truly be at the core of the business, influencing and driving every aspect of it. With the right combination of plans, processes and technology, retail brands must be ready to push their boundaries and innovate and grab every opportunity that comes their way to enable their businesses to take retail personalisation experience to the next level.

ETP Group: Omni-channel Retail Solutions assist retailers to surge ahead of the competition

ETP has recently been recognized as one of the Top 20 Most Promising Retail Solution providers in India for 2017 by CIO Review.

Consumer shopping behavior has changed drastically with the influx of technology in retail. The digital age of retail has begun to compete with the brick-and-mortar traffic but the future of retail is unified commerce, which is about creating a seamless experience both online and in-store. There has been a pressing need for omni-channel strategies that can seamlessly orchestrate customer experiences across multiple touchpoints including brick and mortar store environments, smart phone connectivity, and online sales. To deliver a unified brand-customer relationship, ETP has developed an omni-channel retail solution, ETP V5 with features such as Click and Collect, Click and Deliver, Endless Aisle, holistic view of the inventory and single view of the customer.

Based out of Singapore, ETP is an Omni-channel Retail Solutions company operating in 22 countries across Asia Pacific, India and the Middle East. “Our software solution covers areas such as omni-channel POS, mobility, CRM, marketing and promotion campaigns, procurement, warehousing, distribution, omni-channel analytics and omni-channel connect”, states Naresh Ahuja, Chairman & CEO, ETP Group.

Read more below.

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4 Important Benefits Of A Good POS Software

4 Important Benefits Of A Good POS Software

The retail arena is getting immensely competitive and increasingly dynamic. The need to have a solid system in place that can give retail business owners a view of their sales, inventory, customers and employees, can’t be overlooked in today’s day and age. The right point-of-sale (POS) software brings with itself a lot of benefits which retailers need to make use of for enhancing the productivity of their business.
Below are 4 important benefits that a POS software solution should offer to retailers to address the needs of the modern day retail business:
•    Automation of processes: An efficient POS solution will facilitate automation of various processes including tedious admin tasks such as keeping track of sales, inventory and staff. If it is integrated with other modules, retailers can have a better view of their customer data at the POS, which will enable them to build and sustain customer loyalty. POS solutions will automate the process of cross channel inventory look-up to help in cross-selling and up-selling.
•    Business modernization: Undertaking in-store activities manually can be detrimental in terms of enhancing retail business operations. In this digital era, retailers have no choice but to upgrade from their traditionally followed processes and inadequacies, and modernize their business to optimize operations. POS software that allows automation will definitely serve this purpose.
•    Speed up operations: A point-of-sale solution that has the ability to enhance retail operations by modernizing processes and automating functions would not only help save time on various tasks but also facilitate in increasing the speed of operations. Important customer facing processes like billing can be completed in a few seconds with the help of a solid POS technology.
•    Save costs: Retail POS solutions that can automate time consuming tasks,  thereby increasing the speed of operations and enhancing the business through modernization will essentially save operational costs and allow retailers to channelize the budgets elsewhere, thus making it possible to optimize commercials. An effective POS software solution will therefore help save more than it costs in the long-run.
Retailers need to take cognizance of the above benefits and look for them whenever they are planning to invest in a new POS technology or enhance their existing systems to gain that competitive edge over their peers.

Top 5 Questions To Ask Before Investing In Retail POS Technology

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As technology continues to thrive around the world, businesses need to reevaluate their offerings and operations. In retail, the POS is where the ‘business promise’ is realized by the customer. Today, it represents much more than a system to process purchases and can be used as a powerful tool to fulfill both customer and business expectations. So here are the key checks to be made before ringing in a new retail POS system:

Does it provide true integration with enterprise data?
Julia, a customer, approaches the POS terminal to complete her purchase. Paul, the cashier, feeds in Julia’s name or swipes her membership card to access her buying history. The system interface now displays her purchase patterns and past sale analysis. Paul makes recommendations basis the most frequent bought items, preferred modes of payment, and current offerings on her loyalty credits and identifies promotions to cross/up-sell. If a product is not available in-store, he views, ships and tracks products directly from other stores or the warehouse to Julia’s desired location. Through an integrated POS system, Paul accesses real-time enterprise CRM and inventory data, store sales reports, product performance and business analysis. It empowers him to fulfill customer expectations and thus drive demand optimally.

What about omni-channel functions?
Consumer expectations are not just getting the right product at the right price at the right place at the right time, but also the right interaction and the right service everywhere! An omni-channel point-of-sale system streamlines business operations across physical and digital retail platforms. Customers value instant connect with the brand and staying informed, updated and engaged seamlessly across channels. So, while shopping in-store or on a smart device, they are greeted with personalized communication on products, prices and promotions. Retailers also manage multiple touch-points through a centralized supply chain and intuitive system interface. The capability to delight customers across multiple channels lends to a bigger market share and favorable social quotient. The sustained engagement and accessibility also fosters loyalty and distinction from the competition.

So is it completely mobile?
Often times, even the best shopping experiences are ruined by long queues at the checkout counters. In the age of instant gratification, the sight of a long waiting line would deter walk-ins and even lead to basket abandonment. Installing more POS terminals is an impractical solution in terms of added expense, floor space utilization and viability during low rush hours. mPOS technology extends the functions and capabilities of the POS system on smart devices, as an application. It helps in-store staff to approach the customers, consult them basis their CRM profile and conclude the purchase from anywhere in the store. The invoices are electronically transmitted with enough time left to receive valuable feedback from customers. Happy customers often spread the love to other prospects and drive demand. Saving in-store floor space and using cost-effective smart devices optimizes operational costs further.

But will it support business growth?
Retail is growing, markets are expanding and opportunities are abundant. Considering the time it takes to set-up or upgrade enterprise technology software, it is essential to ensure the POS system is future-ready. It needs to be easily scalable and secure with the flexibility to adapt to different markets and industry dynamism. The ROI increases steadily with low administration costs and virtual system updates across the enterprise. The POS system processes are seamlessly automated across channels, providing centralized control. This helps deliver uniform brand experience, uncompromised customer service with complete operational visibility.

Vendor or partner?
Implementing technology is a long-term commitment which requires equal collaboration between the solution partner and the retail organization. While a software vendor might support to the point of implementation, a solution partner will share business goals towards innovation, growth and profitability. It is vital to choose a solution partner who has created a solid foundation in the industry with the experience of working with retailers of similar size and scope of operation as you. Your investments are better protected with a company which has reached the scale to support you globally but keen on continual customer satisfaction to accommodate your unique requirements. The solution partner should be able to dedicate expert teams with in-depth best practices knowledge. This helps structure the implementation, training, consecutive project phases and support in line with the business projections.