Customer experience is given more importance these days by the business segment. A major factor which improves customer experience, in the retailing sector is transaction process. If retail business is taken into consideration a decade ago, then long queues could be noticed at the billing counters. Retailers could manage their business inventory, monitor sales, process transactions using the traditional form of POS billing system, but they had a tough time when it came to improving business and volume of sales.
Digitization has simply overrun everyone’s lives and changed completely as to how the business is run. The introduction of new technologies has also changed the retail business environment. Given below are few technological trends pertaining to retail payment which can help increase your business:
These days, digital wallets are being used by customers in large numbers to carry out electronic transactions through online service. Most shoppers carry out digital transactions, thus compelling retailers to introduce another mode of payment in the form of digital wallet transactions. Retail entrepreneurs are now in a position to accept from customers, secure and seamless mobile e-wallet transactions.
Big data analytics
With the industry growing at rapid pace with time, customers are offered with plenty of options to choose from. Meeting customer expectations is considered to be the only way for the business to achieve success and to ensure recurrence. With the help of big data technology, it is possible for retailers to know customers’ behavior and to become more efficient. With Big data, retailers can gather customers’ information like:
- Preferred styles
- Previous purchases
- Purchase and products search history, etc.
Sorting such analytics can help retailers to personalize and enhance customer experience. It can be achieved by having preferred products to be displayed and simply de-prioritize the rest.
Client loyalty management system
Such systems do allow the retailers to interact effectively with the regulars through a centralized system, thereby keeping track of gift vouchers, discounts and loyalty points. Loyalty management system as of now can be stated to be among the basic necessities for businesses in all domains. Smaller customers also can reward and encourage customer loyalty, track interactions on social media and mobile and offer rewards like cash back offers, special recognition, etc. This helps the business to improve on sales and to understand better the buying patterns.
Cloud and POS technology
These days, Cloud technology has become a craze among businesses, enabling data storage on online storage platforms allowing access just about from anywhere and everywhere. Retail POS that are Cloud based can help retailers to get information pertaining to all channels and stores from diverse location at any point of time. Besides this, central updation is possible in all systems.
Retail businesses have benefitted immensely from advanced technology. Hence, these trends are to be understood and plans made to acquire them so as to competitive.