MINNEAPOLIS May 28, 2019 LPA Retail Systems, a recognized leader in omni-channel retail technology solutions, developed a list of signs that a POS system is becoming obsolete and needs replacing. In general a system will be outdated in four to seven years. Replacing it means significantly better capabilities, operational efficiency, enhanced security, happy employees and—most important—a noticeably better customer experience.
LPA Retail Systems President Tim Lano said, “Most people try to get by with the technology they have because they have no concept of the degree to which a newer system will improve their business. And then there is the perception that replacing the technology will be difficult—in terms of the learning curve and also business disruption. However, the right POS system provider will deliver the service and support that leads to a seamless transition.” Following are a few signs that a POS system needs replacement.
- Omni-Channel Obstacles. Today’s retail experience requires omni-channel capabilities. Shoppers expect smooth shopping across in-person and online channels with access to the exact merchandise they want as soon as possible. Brick-and-mortar stores, websites, catalog sales, and other business channels need to operate as a single unit instead of disparate entities—that’s what a new POS system with state-of-the-art omni-channel capabilities will do.
- Unreliable Hardware. Frequent minor hardware malfunctions, such as monitors that won’t switch on or receipt printers that won’t print, may indicate that a POS system is at risk of imminent failure and should be replaced. Even if a hardware fix is possible, the cost of replacement parts and service and lost business will eventually exceed the price of an entirely new POS system.
- Few Integration Features. No one should have to continually transition between multiple platforms just to complete daily reporting. Today’s POS systems streamline the flow of data, allowing users to get all their work done in one place with one system.Common integrations include:
- Robust Reporting Capabilities: Retailers know which items are and are not selling, which inventory is lost or damaged, how employees are performing, etc. POS reports contain all the critical data retailers need to make informed business decisions.
- Email Marketing Platform: Email marketing is the easiest way to earn customer loyalty and sales. Capturing email addresses allows retailers to continuously stay in touch and engage customers.
- Accounting Software: Time-consuming accounting tasks eat up a significant amount of time. When the POS and accounting software are integrated, retailers can easily see what brings in business and what doesn’t — saving time and boosting profits.
- Customer Loyalty and Experience: Initiating and executing tailored loyalty programs and promotions, engaging with shoppers based on detailed records of their purchases and preferences, offering online order fulfillment in- store, etc. are all necessary for a great customer experience.
Any POS system that does not enable these experience-enhancing, customer-retaining capabilities should be upgraded as soon as possible.
- Time-Consuming Inventory Management. The biggest drain on any retailer’s bottom line is inventory. That’s where a new POS system can make a big difference. It will track inventory in real time and provide information at a glance; with alerts to reorder and flags on inventory that’s not moving. It will also organize products by department, category and vendor; and track markdowns and shrinkage.
“We work with the top POS system providers to deliver the best possible solution for each unique business,” Lano said. “Retailers that upgrade to a newer system will see a significant difference in how their business operates right away and over the long term. In my experience, the only regret they have is that they didn’t do it sooner.”
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