Delivering Customer Value Through Your POS System
All businesses need to offer value to their customers, everything from the products customers buy to the services they expect, and this holds especially true for in-store experiences, where the customer judges everything from sales interactions to product presentation. A key part of delivering value to a customer is through the point-of-sale (POS) system, which is essential to provide the service and convenience that customers demand today. Through the excellent customer service and increased efficiency the right POS system offers, you will be able to grow your market share and improve revenue over the long-term.
How To Offer Customers The Value They Want
At the most basic level, McKinsey & Company defines customer value as how much a customer is willing to pay for a product. In other words, if you price a product at $2 but the customer is willing to spend $3, your customer walks away with a dollar’s worth of value.
However, value goes much deeper than the simple concept of price, since a business is not just about the product itself, but how that product is presented to the customer, how the customer perceives a product, and what type of efficiencies you as a retailer can produce behind the scenes.
After all, focusing only on the price in terms of the value is misleading. A person may be willing to pay more for a product for the time it saves them, whether you can deliver the product on time, and whether the product is backed by a brand the customer trusts.
In order to excel at delivering value, you want to examine what your value proposition is, do research on what the average customer is willing to spend, and analyze strategies you have in place for helping improve the customer experience.
Delivering Value Through Your Store Solution
One of the key drivers of value for brick-and-mortar retailers is their store solution, especially when their POS system can deliver a variety of functionalities that go beyond what retailers usually expect from a point-of-sale.
Essentially, you want a POS system that does more than just help you process credit cards. Instead, you want a complete store management solution aligned with your online-to-offline (O2O) commerce strategy, that helps you drive traffic to your stores while boosting revenue. A store solution that features assisted selling, price optimization or enterprise-wide stock visibility capabilities, is key. You also want to be able to perform a variety of operations without changing your user interface, like when creating quotations or layaways. In fact, studies have demonstrated that 93 percent of retailers desire a POS system that has inventory management built into it.
In many ways, a POS system should also help you change the culture and mind-set of your company to deliver value to your customers.
When a customer has a question about a specific product size or color, you want a POS system that not only tells you if it’s in stock in your store, but can also tell you if it’s available at your nearby store locations. When a customer returns to your store to make a purchase, you want a POS system that immediately recognizes them as a part of your loyalty program. When a customer approaches a sales associate on the floor, you want an employee who can look up product information, check on available discounts, complementary products and process purchases with a mobile POS. Or when a customer is buying a voluminous product you want to offer convenient delivery options like home delivery or van rental service.
These are all customer interactions that help customers perceive value in your brand, and walk away with a positive retail experience.
With Openbravo, everything you need is under the umbrella of one seamless Store solution platform, including mobile and cloud capabilities. Openbravo is a way for you to help your customers understand the value you can deliver, both in terms of the products you offer and the service that backs them.
Join Openbravo on February 18th for a live webinar that will change the way you view what a Store Solution can do. If delivering customer value is your priority, you won’t want to miss this interactive presentation. We will provide a demo of the Commerce Suite‘s capabilities, including detailed features like the ability to perform cross-store inventory checking, pull up detailed customer information in real-time, build loyalty programs, gift cards or personalized offers, and utilize a rich product search no matter where you are located in your store with a cloud POS.
Thursday 18th of Februrary at 17.00 CET in Spanish