Posts

Things to consider when looking for a new POS System

US Foods – The meteoric rise in mobile orders and payment options has made time more precious than ever. If your point of sale system can’t keep up, you’ll feel it in your bottom line. A POS that keeps things moving, by contrast, will pay for itself.

The POS system at Odd Duck in Austin, Texas, for example, has helped reduce drink wait times and overall turn times on tables, says general manager Jason James. The efficiency of the Toast POS allowed Odd Duck to add a new section, including five tables, that generate $250,000 to $500,000 in annual sales. Before making any changes, however, be sure to ask plenty of questions, including the following ones.

“(Diners) want ease of ordering,” says Scott Langdoc, who heads the restaurant and hospitality practice at Boston-based BRP, restaurant consulting firm, “including ordering via self-service kiosks, the restaurant’s mobile app or via a third-party delivery services.”

BRP’s Langdoc suggests adding or building extensions to existing core POS platforms so diners can order food via voice assistant technologies, including Amazon’s Alexa and Apple’s Siri.

Read Full Article: Things to consider when looking for a new POS System

Ease of Checkout, Payment Top Consumers’ Shopping List

Convenience Store Decisions – Retailers are adding to POS capabilities now while planning eventual move to cloud-based commerce platforms. According to a new report released last week by Boston-based retail consultant BRP, brick-and-mortar stores are standing up to the seemingly massive shift to online commerce. The key, the report suggests, is in the ease of the shopping and purchasing experience.

According to the report, “SPECIAL REPORT: The State of Store Technology,” the store is still a major part of the customer journey with 79% of consumers indicating they frequently purchase merchandise in a store. With an increased focus on customer engagement and the convergence of physical and digital, the point of sale or commerce platform plays a critical role in shaping the customer shopping experience. The right technology foundation is essential to support the best in-store customer experience.

“Stores remain center stage in the shopping experience, and that experience is an ever-increasing factor in where consumers choose to shop,” said Brian Brunk, principal at BRP (retail consulting firm). “Retailers understand the importance of keeping up with customer expectations; in fact, 75% are considering cloud-based platforms as part of their in-store technology plans over the next several years.”

BRP’s “SPECIAL REPORT: The State of Store Technology” is based on findings from the BRP Consumer Study and the “2019 POS/Customer Engagement Survey” and offers insights into the state of retailers’ current store technology and their future plans.

Read Full Article: Ease of Checkout, Payment Top Consumers’ Shopping List

The Store Still Matters

Despite what the media and industry analysts want us to believe, the store still matters. 79% of the consumers in our recent Consumer Study indicate they purchase merchandise in a store frequently. So, the store is not likely going away any time soon. In fact, this is likely to rise as 27% of consumers indicate their in-store shopping frequency will increase over the next 24 months.

With the store still a major part of the customer journey, the point of sale or commerce platform plays a critical role in shaping the customer shopping experience.Since the checkout process in stores is often the most frustrating aspect of an in-store shopping experience, it is important for retailers to ensure that this technology is efficient to make the process quick and easy. Most consumers (96%) feel that the ease of checkout and payment is an important factor in choosing where they shop so getting it correct is important.The right technology foundation is essential to support the best in-store customer experience and allow it to continue to evolve.

Instead of a simple checkout device, your commerce platform needs to serve as the link to customer information, shopping history and purchasing behavior across channels, not just in the store. Unfortunately, many retailers are utilizing old, outdated hardware and software that can’t support today’s requirements. This leads to associate and customer frustration because of slow transactions, lack of accessible information and potentially, increased theft and fraud. The challenge for retailers is to identify and implement a new holistic commerce platform across channels that addresses these issues and avoids being obsolete in a year or two.

More than half (53%) of the retailers in our 2019 POS/Customer Engagement Survey are focused on adding capabilities to their current POS with 41% focused on implementing a unified commerce platform so retailers are heading in the right direction. But we challenge retailers to look at cloud-based solutions to enable real-time capabilities and create a scalable and agile platform that supports your evolving business needs.

A cloud approach enables you to significantly reduce infrastructure, improve security and increase operational effectiveness by centralizing data management and processes. This allows you to be more agile so you can continue to meet your ever-changing customer needs and make sure that your store still matters.

I encourage you to download the BRP SPECIAL REPORT: The State of Store Technology for more information on what today’s store environment requires.

Brian

Outdated POS poses challenge for omnichannel retail: BRP

Luxury Daily – According to new research, almost all consumers consider the ease of a retailer’s checkout process when choosing where to shop, pointing to the importance of having up-to-date point-of-sale (POS) systems in place at bricks-and-mortar stores.

A report from Boston Retail Partners finds that about half of retailers are planning to replace their existing POS within the next three years, with many opting for updates such as cloud-based systems and mobile checkout. Even with ecommerce growth, many customers are still shopping in-store, warranting investments in making the experience as positive as possible.

“Checkout is often the most dreaded part of the shopping experience and much of it can be influenced by having the right processes and technology,” said Brian Brunk, principal at BRP, retail consulting firm. “In fact, 96 percent of consumers indicate that ease of checkout and payment are important factors when choosing where to shop.

“Understaffed checkout lines, or not enough, cumbersome processes for customer or loyalty lookup and slower payment processes are just a few examples,” he said. “Retailers should consider ongoing reviews for process improvements, as well as technology updates to POS and payment options. “Customers desiring self-checkout solutions is also on the rise and should be a consideration by every retailer,” he said.

Read Full Article: Outdated POS poses challenge for omnichannel retail: BRP

Survey: In-store shoppers want…

Chain Store Age – Almost all consumers consider one factor important when selecting a brick-and-mortar store to shop. According to “Special Report: The State of Store Technology” from BRP, retail consulting firm, 96% of consumers indicate they look for ease of in-store checkout and payment. Sixty-eight percent are likely to choose a store offering buy anywhere, ship anywhere service over one that doesn’t. And more than 55% indicate that in-store technology like self-checkout, product locator, inventory lookup, and endless aisle are important factors when choosing where to shop.

In good news for brick-and-mortar retailers, 79% of consumers say they purchase merchandise in a store frequently. In addition, 75% of brick-and-mortar retailers will have implemented a cloud-based POS system in the next three years, including 23% who have one that works well and 52% who will replace or install one.

Looking at how many retailers are using cloud-based store systems, the study finds business intelligence/enterprise reporting (40%) and CRM (35%) systems are most commonly delivered via cloud application or service, followed by inventory (27%) and order management (24%).

BRP’s “Special Report: The State of Store Technology” is based on findings from the BRP Consumer Study and the 2019 POS/Customer Engagement Survey.

Read Full Report: Survey: In-store shoppers want…

BRP Report Identifies Tokenization as Top Retailer Priority

Store Brands – A new study indicates that retailers are having varying success providing the shopping and payment options customers want.

According to “Special Report: Security” from Boston Retail Partners (BRP), retailers are lagging in implementing a single-token payment security solution across the enterprise. Tokenization enables retailers to remove sensitive information from the network by substituting payment card data with a token which is used as an identifier, but has no exploitable value or meaning. In addition to the increased security offered by tokenization, it is also key to enabling a shared cart across channels.
BRP analysis shows that only 38 percent of retailers have implemented a single token solution, and a mere seven percent offer a shared omnichannel cart. Yet 56 percent of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP and practice lead, BRP Consulting. “Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels.”

Read Full Article: BRP Report Identifies Tokenization as Top Retailer Priority

How retailers can meet consumer expectations

StoreBrands – A new study indicates that retailers are having varying success providing the shopping and payment options customers want.

According to “Special Report: Security” from BRP, retail consulting firm, retailers are lagging in implementing a single-token payment security solution across the enterprise. Tokenization enables retailers to remove sensitive information from the network by substituting payment card data with a token which is used as an identifier, but has no exploitable value or meaning. In addition to the increased security offered by tokenization, it is also key to enabling a shared cart across channels.
BRP analysis shows that only 38 percent of retailers have implemented a single token solution, and a mere seven percent offer a shared omnichannel cart. Yet 56 percent of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP and practice lead, BRP Consulting. “Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels.”

Read Full Article: How retailers can meet consumer expectations

BRP Report Identifies Tokenization as Top Retailer Priority

Convenience Store Decisions – Only 38% of retailers have implemented a single token solution across the enterprise. Tokenization offers increased security and enables a shared cart across channels, according to a report by retail management consulting firm BRP. BRP’s SPECIAL REPORT: Security says that retailers must continuously reexamine their policies on customer payment and personal data as new dangers emerge that require enhanced security measures.

Tokenization enables retailers to remove sensitive information from the network by substituting payment card data with a token, which is used as an identifier but has no exploitable value or meaning.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior vice president and practice lead of BRP. “Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels. What began as a solution to remove payment card data from a retailer’s environment has found additional value in substituting Personally Identifiable Information (PII) to help drive omni-channel use cases. We continue to see improved security practices across the retail industry in efforts to thwart malicious attacks and remain compliant with regulations, but this is a never-ending challenge.”

Read Full Article: BRP Report Identifies Tokenization as Top Retailer Priority

The Amazing Disappearing Checkout

Digital Transactions – Amazon’s tech-laden Go stores are disrupting in-store checkout. But as other merchants look to follow suit, it’s becoming clear there are lots of ways to get the checkout to check out.

Consumers so loathe waiting in line at checkout that half of all shoppers avoid entering stores with long lines, according to data from RetailCustomerExperience.com, a Web portal for retailers. Additionally, one-third of shoppers who enter a store will leave without buying if they think checkout will take longer than seven minutes.

That’s a lot of lost traffic and sales. To reduce friction and speed up service at checkout, retailers are looking at ways to marry more aspects of the e-commerce shopping experience to the physical point of sale.

“While Amazon can afford to spend that kind of money per location, most retailers can’t,” says Ken Morris, principal for BRP, retail consulting firm. “Self-service technology can be an expensive proposition for retailers, just look at in-store kiosks. But if the phone can be the gateway to a frictionless checkout environment, it’s worth a look, provided it can deliver the adoption levels needed to make it work.”

Read Full Article: The Amazing Disappearing Checkout

Study: The omnichannel features customers most want are…

Chain Store Age – Consumers desire a specific omnichannel shopping capability, but few retailers offer it. According to “Special Report: Real-Time Retail,” a new study from BRP, retail consulting firm, 56% of consumers indicated that they were likely to shop at a retailer that allowed them to have a shared cart across PC, smartphone and brick-and-mortar channels versus a retailer that does not offer this service. Yet only 7% of retailers offer this shared cart concept.

The study also identifies other disconnects between what consumers want from an omnichannel experience and what retailers are providing. For example, 87% of consumers want a personalized and consistent experience across all shopping channels. But only 53% of retailers indicate that personalization of the customer experience is a top priority.

Read Full Article: Study: The omnichannel features customers most want are…