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Retailers suffered significant blows to their revenue and business models during the height of the global pandemic. As retailers continue to rebound and work to address labor challenges and declines in revenue, companies are reevaluating business models and utilizing software programs further to enhance functionality and work toward effectively solving bottlenecks that hinder efficiency and profits.
U.S. retail is always a closely studied component of economics. It functions as a gateway to product and service distribution to consumers and is always used as a gauge for consumer price indexes, a compiled average of what a household spends on consumer goods and services. Additionally, economists cite retail statistics and trends to forecast economic growth and strength.
The U.S. Bureau of Labor Statistics has reported that the retail job sector is projected to decline by 587,000 jobs from 2020 to 2030, the largest decline of any sector. As the industry continues evaluating their business models to address ongoing staffing challenges, software specialists may offer new resources and enhancements to mitigate the significant issues the retail industry is facing.
Franchise Point of Sale (POS) systems have earned prominence due to their versatility and ability to optimize workflow. With significant declines in retail labor personnel, optimizing workflow can be quickly prioritized.
POS systems are often mistaken as being used exclusively at retail registers to facilitate quick, digital-based payment options or for expedient processing of orders. For e-commerce, digital-based payment and ordering options are primarily focused upon for POS system selection, but let us look deeper into how an optimized POS system can alleviate in-person challenges for retailers.
Effective franchise POS systems enable standardized, established processes across multiple locations. This ensures streamlined protocols for customer orders, payments, and management expectations, reducing miscommunications and costly errors resulting in lost inventory, revenue, and sales.
Software designers can program franchise POS systems to be highly versatile. Managers can also rely on enhanced systems to accurately track inventory, analyze reports that highlight what products/services generate the most revenue, and even predict future sales activity. Software specialists can enable franchise owners and retailers to optimize business processes across all locations thanks to pre-installed settings and features, reinforcing the sustained value of franchise POS systems.
A robust franchise POS system is paramount for most businesses to implement standardized protocols and succeed in a competitive marketplace. The following features are key to having a fully optimized POS system.
Cloud-based operation. Having a POS system that can be accessed and utilized from remote locations enables company managers to immediately implement any changes, review pertinent data, and organize workflows according to specific circumstances.
Detailed data monitoring and reporting. A POS system that monitors customer habits such as repeat purchases, categories of purchases, and volume of sales enables companies to gain unique insight to customer spending habits. With this invaluable data, companies will tailor advertisements and marketing campaigns for products and services that generate the most revenue while reducing expenditures on inventory that fails to turn a profit.
Streamlined and Consolidated Inventory Management. Operating multiple franchises in different locations is challenging, so implementing a POS system empowers retail owners to manage inventory and consolidate the entire process. Software programming specialists enable a POS system to place multiple inventory orders that include different products for selected franchise locations simply by having company officials make a few clicks and data inputs. This feature facilitates convenience and streamlines the entire inventory management process.
Easy Customization. No two businesses have the same exact needs or pain points, even a franchise operating under the same banner. Skilled software programming specialists adept with customization can work to seamlessly integrate new features with existing systems, such as Verifone, Ingenico, PAX, Equinox, and Clover without any workflow disruption.
Customized CRM. Customer relationship management is integral to running a successful business. Today’s CRMs are more versatile than their predecessors, enabling companies to create nuanced customer data reports to aid them in building personalized relationships to facilitate repeat business and customer sales. Customized CRMs can be created and implemented by expert-level software developers to exceed the needs of today’s business demands.
Continued labor reports cite staffing issues and supply chain logistical challenges that impact retailers. These factors have created unprecedented stress on economies, but there are available resources to transcend these trends that force companies and stakeholders to reevaluate business plans moving forward.
Expert-level software designers are invaluable resources as they continue enhancing POS systems that empower companies to run multiple businesses in different locations efficiently while streamlining workflow amidst rising labor turnover and supply chain challenges.
Utilizing a custom, versatile POS system assists companies with tailoring their business plans. Modern POS systems need to solve specific pain points, ensuring minimal workflow disruption and working toward reversing revenue losses exacerbated by the global pandemic.
Chetu does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsement from either party unless otherwise specified. This blog should not be construed as legal advice.
Founded in 2000, Chetu is a global provider of custom software development experts, solutions and support services. Chetu's specialized technology and industry experts serve startups, SMBs, and Fortune 500 companies with an unparalleled software delivery model suited to the needs of the client. Chetu's one-stop-shop model spans the entire software technology spectrum. Headquartered in Plantation, Florida, Chetu has fourteen locations throughout the U.S. and abroad.