Is Great the enemy of Good?
Retail is now in a phase of transition. On line shopping is flattening and in-store sales are growing. Retailers are struggling to upgrade their store systems to meet high consumer expectations. The questions are: Do I rip and replace with a new system or upgrade my current system and integrate with 3rd. party software to meet these higher customer expectations. In my discussion with clients my first recommendation is to try to utilize the technology they own. This is a checklist of priority features needed to meet the new paradigm of retail.
- Support BOPIS and all the options shoppers want
- Accurate inventory visibility showing customers what’s in stock
- Support contactless payment options- 94% of Millennials and 88% of Gen Xers use payment apps
- Report and analysis tool that allows you make data driven decisions
- A single view of all customers transaction history, no silos
- Use digital marketing tools to personalize promotions and drive customer retention
- Untether your sales clerks with mobile POS
- Consider upgrading to a hosted platform if offered by your POS vendor
- Choose SaaS solutions for add on software. Their more cost effective in the long run
- Maintain and keep current with the newest version of your data security software
- Prioritize your needs implementing them one at time based on your financial and internal resources.
Take this list to your current POS vendor to determine what tools or 3rd. party integrations they have to meet these requirements. Your goal is to have a good solid technology stack to meet the new normal of retail. Your goal is future proof your business. Great is an ideal goal but in most cases good is sufficient.
Don’t let Great be the enemy of Good.