Upgrading Your Retail POS System? New Research Offers Insights and Buying Guidance
Chicago, Illinois - 9/23/2015 - A new study published this month by Starfleet Media suggests that next-generation retail management and POS systems are meeting the end-to-end needs of modern-day merchants in ways that would have been difficult to imagine only a few years ago.
The study, called The 2015 Smart Decision Guide to Retail Management and POS Systems, is based on a survey of 147 industry practitioners across multiple retail categories.
The Smart Decision Guide, which is currently available for complimentary download, notes that recent advances in retail technology encompass both software and hardware, with the most obvious change being the adoption of handheld tablet devices. More than three-quarters (76%) of survey respondents cite the benefits of mobility as a top reason to upgrade their POS systems.
New data security and payment processing requirements also factor into the equation. So, too, do various core feature improvements, including more robust data analysis and reporting capabilities. From rising consumer expectations to payment compliance mandates, the research suggests that there is no shortage of reasons for merchants to upgrade their retail management and POS systems.
Following are a few key research findings:
- 92% of respondents believe that improving customer loyalty and satisfaction are the biggest benefits that retailers can expect to gain with the right Retail Management and POS System, followed by improving staff productivity and store operations (87%), meeting new payment processing and data security compliance mandates (84%) and increasing revenues and profitability (72%)
- 77% of small retailers, and 63% of midsize and large retailers, cite “significant” or “dramatic” improvement in overall performance and business results after upgrading to a next-generation retail management and POS system
- 89% of survey respondents agree that it is “important” or “very important” to use technology to better accommodate customers’ ordering and payment preferences while 83% agree that it is “important” or “very important” to leverage customer profile information to improve sales and marketing activities, including loyalty and rewards programs
According to the study, retailers have three primary objectives in mind when it comes to new technology deployment. The first is to streamline business operations with the goal of increasing management and staff productivity and overall efficiency across the organization, leading to greater cost savings. The second is to drive revenue growth, which is accomplished through improved marketing and sales effectiveness. The third is to enhance the customer experience, which should improve customer satisfaction, loyalty and brand advocacy — and, ultimately, increase revenue and profitability.
The authors of The 2015 Smart Decision Guide to Retail Management and POS Systems note that next-generation retail management and POS systems are “coming to serve as the central hub of all of a merchant’s operations, fueling sales, marketing and customer service activities across multiple channels while providing visibility into everything from financial and operational performance to merchandise inventory status, customer order fulfillment and loyalty program profiles. Next-generation POS systems have evolved almost beyond recognition in terms of their sophistication and comprehensiveness — in some cases, morphing into unified, omnichannel technology platforms.”
Starfleet Media recently released a Smart Decision Guide on a related topic: next-generation POS systems for restaurants. The 2015 Smart Decision Guide to Restaurant POS Systems is also currently available for complimentary download.
About Smart Decision Guides
Smart Decision Guides serve as definitive resources and required reading for decision makers researching selected niche markets with the intention of making a purchase decision. The content is independently produced, without editorial involvement from company underwriters, providing for unbiased, fact-based information and buying recommendations.
