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How to use a POS system beyond processing transactions

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More than payments

Owners of brick-and-mortar stores will be familiar with the physical version of the point of sale or POS, while ecommerce sellers will see online checkouts as their major POS. However, the point of sale has evolved, and its evolution has brought improved utility for both types of merchants.

POS systems can feel intimidating and be non-intuitive, which means shop owners often have to spend precious time figuring out how they work.

However, ecommerce sellers that want to add physical touchpoints beyond their online stores will also need to get familiar with a POS and the ways it can help retail operations grow. It’s worth taking the time to understand the extra features a POS can offer. In the long run, the time shop owners spend getting to know those extra features will pay off in several ways.

Improve customer service

person scooping ice cream

According to a 2020 report by Hyken, 96% of people will leave a business because of bad customer service. With rising customer expectations and stiffer competition, small businesses, in particular, need to find ways to set themselves apart — the POS is one method of doing so.

There are many points at which customer service might fail, like the checkout experience, which plays a huge role in customer satisfaction. In a study from Popspots, 70% of respondents identified the checkout experience as something that influences their perception of a store more than any other factor.

The POS makes up a significant part of the checkout experience. Create a great checkout experience by unifying your online store operations with your in-store experience.

Give customers different options to pay through your POS. Customer forgot their card? No problem — they can pay using Apple Pay or by scanning a QR code.

You can also offer different ways of collecting receipts as some customers might prefer digital receipts, which you can send via SMS text message or email instead of physical receipts.

A POS can also connect seamlessly to your customer data stored in the cloud so that you have instant access to the insights and information you need to help customers.

From the customer’s perspective, you appear well-prepared and able to go that extra mile.

Track and surface essential data in real time

Staying on the topic of data, all business owners need to understand their customers’ behavior and business performance to make improvements and growth plans — and your POS system can help with that.

A POS can help your business keep track of customers and their buying habits, which, in turn, can help you identify items to stock more of or discounts to implement.

Gathering data from POS purchases helps you understand other parts of your business, like what your peak times are, return rates, and chargebacks — all information that assists with simplifying your entire operation.

By accessing customer purchase histories through your POS, you can make custom suggestions for additional purchases based on customers’ buying habits.

For example, if a customer buys a sweater from you and returns for another item, you can recommend more options on the sales floor or as they go through checkout.

This increases your store’s average order value or AOV — enabling you to increase revenue with the same number of customers.

AOV is a signal of customer retention, an important metric for businesses.

Returning customers shows that you provided a good enough customer experience to bring them back. It also means that you can focus more of your marketing budget on bringing in new customers.

Through data gathered from your POS activity, you can also create segmented customer profiles for marketing and targeting purposes.

Improve customer loyalty programs

Improving your customer loyalty program leads to more sales, and integrating the program into your POS makes the process of onboarding your customers smoother. With a good POS system, you can keep your customers updated on all of their discounts and quickly apply them as well.

Let’s look at a practical example. A clothing store might have set up a marketing campaign for the upcoming holiday season. Taking this a step further, you could also identify repeat customers from earlier in the year and offer them additional discounts on top of your existing program. Sending festive discounts during the holiday season could entice customers to pick your store over the competition during the most important sales season.

Integrate your POS system with loyalty programs and track each customer’s purchase history, shopping preferences, and buying patterns to reward the most active ones.

Offering customers discounts or free shipping at checkout based on their information will delight them and encourage revisits. Including specialized offers tailored to their specific buying habits (early access to a new product or little gifts at the holidays, perhaps?) is also part of making customers feel special.

Optimize inventory tracking and management

guitars

Sales and inventory are tightly woven, which is why the majority of modern POS systems offer inventory management features. For multichannel sellers, a POS system should let you view how much you have of an item and, if you have more than one location, which locations have it. An accurate and easy stock-tracking system is needed to keep a handle on your inventory levels and understand how and where your business is growing.

To avoid the nightmare of an online customer ordering the last of a product just as another customer buys it in your physical store, create a product catalog in your POS that lists each item with its attributes and available quantity.

This way, you and your employees can quickly and accurately access information about products your customers are looking for to find whether it’s in stock — all without having to leave the customer’s side.

With proper inventory-to-POS integration, you’ll always know which products are or are not in demand by the number of sales. Low-stock alerts while a customer is checking out will help you keep hot items on your shelf. Alternatively, alerts about slower-moving products will let you know when to offer discounts to help move stock or remove them from your shelves.

Find a POS that scales with your business

If you’re looking to create or improve your physical stores, your POS should be scalable and adaptable with the tools and integrations to help your business grow, no matter its size.



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Growing a Business

2023’s Festive Formula: Small Business Success in the Extended Holiday Season

Navigate the unique landscape of the 2023 holiday shopping season with our expert guide. Discover how small businesses can capitalize on extended consumer spending, leveraging the latest trends in personalization, online marketing, and fast fulfillment. From creating an enchanting in-store experience to mastering the digital realm, learn how to harness consumer behavior shifts for a prosperous holiday period. Get ready to transform challenges into opportunities and make this festive season your most successful yet!

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The holiday season is a pivotal time for small businesses globally. With 2023’s extended holiday shopping period and consumer trends towards affordability and unique experiences, small businesses have unique opportunities to thrive.

Understanding the Holiday Shopper

Modern consumers are trading down, seeking value while also desiring experiences and personal connections. They prefer businesses offering unique, personalized services, and community engagement. This shift opens up numerous opportunities for small enterprises.

Creating a Festive In-Store Experience

Physical stores can become holiday attractions. Creative decorations, themed events, and promotions, coupled with an omnichannel approach combining in-store and online experiences, can attract and retain customers.

Leveraging Online Platforms

A strong online presence is critical. Enhance your digital platforms with festive themes, promotions, and gift guides. Utilize AI and generative AI for personalized marketing and improve online interactions through advanced chatbots.

Harnessing the Power of Social Media

Social media offers a platform for inspiration and engagement. Utilize platforms like Pinterest, Instagram, and YouTube to inspire and engage your audience. Collaborative promotions with other businesses can create unique experiences.

Personalization and Customer Service

Personalization is crucial. Use customer data to offer customized experiences and promotions. Exceptional customer service, both in-store and online, is vital to meet high consumer expectations.

Fast Fulfillment and Inventory Management

Consumers expect fast fulfillment options like same-day delivery and curbside pickup, especially among younger demographics. Efficient inventory management and transparent communication about product availability are essential.

Post-Holiday Strategies

Extend holiday strategies beyond December. Post-holiday sales, exchanges, and New Year promotions can drive ongoing traffic and sales. Use this period for collecting feedback and data analysis for future strategies.

Conclusion

The extended 2023 holiday season offers small businesses the chance to adapt and excel. By embracing consumer trends towards value, experiences, and fast fulfillment, and leveraging technology for personalization and efficiency, small businesses can enjoy a successful holiday season.


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Growing a Business

Unlock the Power of Email: 2023’s Ultimate Guide to Personalized Marketing Mastery

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In the rapidly evolving digital landscape, email remains a cornerstone of business communication. Contrary to the whispers of naysayers, email is not an antiquated relic but a dynamic tool, continually adapting to the latest trends and technologies. In this article, we explore how small businesses can craft compelling email campaigns that resonate with today’s audience.

1. The Art of Personalization

Gone are the days of generic, one-size-fits-all email blasts. In 2023, personalization is not just a buzzword; it’s a necessity. Utilizing data analytics to segment your audience and tailor your messages can significantly increase engagement rates. Personalization goes beyond inserting a first name; it’s about crafting content that reflects the individual interests, buying behaviors, and preferences of your subscribers.

2. Mobile-First Email Design

With the majority of emails now opened on mobile devices, a mobile-first design approach is crucial. Emails should be visually appealing and easily readable on smaller screens, with responsive design and clear call-to-action (CTA) buttons. Additionally, loading times should be minimal, and images optimized for quick and efficient loading.

3. Interactive and Visual Content

Incorporating interactive elements like surveys, polls, or clickable sliders can boost engagement and provide valuable feedback. Visual content, such as infographics and videos, can increase open rates and make your emails more memorable. With the rise of platforms like TikTok and Instagram, incorporating short-form video content into your emails can be particularly effective.

4. Authenticity and Brand Storytelling

Consumers are increasingly drawn to brands that showcase authenticity and a compelling narrative. Use your email campaigns to tell your brand’s story, share your values, and build a deeper connection with your audience. This approach not only fosters loyalty but also differentiates your brand in a crowded market.

5. AI-Driven Email Optimization

Artificial Intelligence (AI) is reshaping email marketing. From predictive analytics that forecast the best time to send emails to AI-powered copywriting tools that help create compelling subject lines, integrating AI can significantly enhance the effectiveness of your campaigns.

6. Privacy and Data Protection

With growing concerns about data privacy and the introduction of regulations like GDPR, ensuring the privacy and security of your subscribers’ data is more critical than ever. Be transparent about how you collect and use data, provide easy opt-out options, and maintain compliance with data protection laws.

7. Measuring Success and Adapting Strategies

Finally, the success of an email campaign is in its metrics. Open rates, click-through rates, conversion rates, and unsubscribe rates provide insights into what works and what doesn’t. Regularly reviewing these metrics and adapting your strategy accordingly is key to continual improvement.

Conclusion

Email marketing remains a vital tool for small businesses, offering a direct line of communication to your audience. By embracing personalization, optimizing for mobile, leveraging interactive and visual content, staying authentic, utilizing AI, respecting privacy, and adapting to feedback, your email campaigns can achieve greater relevance and impact in the ever-changing digital era.


This article aims to provide small businesses with up-to-date insights and actionable tips on creating effective and engaging email campaigns that align with current trends and consumer expectations.

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AI

Revolutionizing Marketing: The Power of AI in the Digital Age

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Embracing AI-Powered Marketing: Transforming Brands in the Digital Marketplace

In the crowded digital marketplace, standing out is challenging. Enter AI-powered marketing, a revolutionary upgrade transforming brands into digital powerhouses.

Hyper-Personalized Campaigns: Beyond Basic Personalization

Gone are the days of generic marketing. Today’s gold standard is AI-driven hyper-personalization. This approach uses customer data analysis to create deeply resonant, individualized marketing campaigns. With AI’s ability to segment audiences based on intricate criteria, including purchasing history and browsing behavior, your messages can hit the mark every time.

Enhanced Customer Journey Mapping

AI’s capabilities extend to mapping the entire customer journey. By predicting needs and preferences at each stage, AI aids in crafting narratives that guide customers from discovery to purchase, integrating your brand into their personal stories.

SEO Wizardry: Mastering Search Engine Dynamics

With ever-changing algorithms, SEO is a complex puzzle. AI serves as a sophisticated navigator, deciphering these changes through machine learning. It aids in keyword optimization, understanding search intent, and aligning content with search trends.

Predictive SEO

AI tools offer predictive SEO, anticipating search engine and user behavior changes. This proactive stance ensures your brand’s prominent visibility in search results, capturing the right audience at the right time.

Social Media Mastery: Crafting a Digital Narrative

AI transforms social media strategies from uncertain to precise. By analyzing vast social data, AI provides insights into resonating content.

Content Optimization

AI analyzes performance data to recommend effective content types. This data-driven approach refines your social media content strategy.

Engagement Analysis

AI examines user interaction nuances, understanding engagement patterns. It helps tailor interactions for maximum impact, including adjusting posting schedules and messaging for increased relevance.

Conclusion: Navigating the AI-Driven Marketing Landscape

AI-powered marketing is essential for thriving in the digital age, offering precision and personalization beyond traditional methods. For small businesses, it’s a chance to leverage AI for impactful, data-driven strategies.

As we embrace the AI revolution, the future of marketing is not just bright but intelligently radiant. With AI as your digital ally, your brand is equipped for a successful journey, making every marketing effort and customer interaction count.

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