Driving customer centricity, deeper engagement and higher sales, with technology.
Advanced Point of Sale (POS) systems for retailers, could do much more than automate billing, simplify payments and alert on lowering stock levels. A Smart POS could heighten retailer’s awareness on what products are being consumed most, what products if packaged together would create winning combo offers, how market demands change with seasons, how increasing or decreasing the price marginally changes consumer behavior, what brands attract high loyalty levels and other relevant insights that could enable the retailer to replenish right stocks on time and liquidate or return, others. This leads to effective supply chain management, lesser losses and higher profits. Data collected by POS, could also help retailers show relevant ads to consumers, driving engagement through meaningful ads and offers. Actionable insights from POS data can help multi-brand retailers to deepen relationship with suppliers; can help brand outlets and franchises to launch new styles based on changing market demand. Checkouts at large retail outlets can be automated with smart scanning of products, electronic bill sent to the customer’s mobile (email or app) and quick ‘peer to peer’ mobile payments.
Example: A large retail store, that has about 20 billing counters, can simplify and quicken the checkout process using Barcode / RFID detection & scanning of products, automatically generated electronic invoice and allowing payment via Mobile Wallets or UPI. Further, using continuous Machine Learning, the system could enable retailers to push relevant offers and deepen customer engagement.
Local businesses listings and eCommerce, have transformed how traditionally retailers & brands were running their business and engaging with consumers. Online Marketplaces (selling groceries, clothing, furniture, gadgets, home accessories and more) are serving as a platform for retailers, brands and consumers to come together and transact conveniently. Consumers have more choices than before, they can avail ‘lowest price guarantee’, as multiple retailers compete in offering the the most competitive price. Consumers can easily discover local produce, choose to buy and consume locally and help local retailers thrive, impacting local and global economy. With online marketplaces, Retailers and Brands, get more visibility, more reach and increased sales. Retailers, with the help of data can understand market trends, consumer behavior and buying patterns – to effectively sell and create contextual engagement with consumers. With digitized inventory management, retailers and brands can quickly supply as per changing market demands, take actions on lowering stock levels and replenish stocks on time. Online marketplaces are enabling newer, brick and mortar stores to also enter and participate in the economy.
Example: Peer to peer second hand sale platforms, enable consumers to fulfill their needs faster, by quick discovery of products that match their need, available nearby and falling within the constraints they are working with. Online platforms also ensure the seller and buyer profiles listed are verified and the transactions happening online are secure.
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