Have you heard of the Pareto principle? If this theory holds true, it means that 80% of your business revenue is generated by 20% of your customers. So how can you entice this 20% to patronise your business frequently? By providing them with the best retail experience, of course! After all, positive customer experiences are closely linked with strong brand loyalty.
That sounds great! But you are probably wondering how you can achieve this goal. Would you believe it if we told you that a retail POS system plays a significant role in this endeavour? It is true. Let us share how you can use your POS system to improve your customer’s shopping experience, thereby cultivating brand loyalty.
1. Remembering your customers and their preferences
A study conducted by Accenture discovered that 56% of customers are willing to make a purchase if a staff recognises them. So can you remember the faces of every customer who patronises your business? Unless you have a photographic memory, the answer is: probably not. But what if you can let your POS system do the heavy lifting for you?
A robust POS software is more than capable of accumulating all kinds of customer information, provided your customers let you. Consumers are often wary of providing personal information as they do not wish to be bombarded with advertisements. Therefore, you need to be creative to get them to part with their personal data. For example, you can entice them with a loyalty programme, allowing them to get special discounts when they sign up as a member. A POS system can make this possible and easy to implement.
However, there is a lot more you can do with your customers' details. If you are also operating an e-store, you can consider enhancing the online shopping experience for members by providing them with product recommendations based on their past transaction history. The possibilities are endless, and all of this is possible with your retail POS system.
2. Identifying your valuable customers
It makes business sense to keep your biggest spenders happy. After all, a happy consumer translates to a loyal customer. A POS system with built-in customer relationship management (CRM) features can help you identify these VIP customers, allowing you to show your gratitude towards them.
The most obvious way to reward their patronage is to offer them attractive combos, value-added product bundles, and discounted packages to let them know you treasure them. However, there are other ways you can approach this. Why not provide them with a personalised experience? Mailing them a gift voucher and a card during their birthday month not only shows you care but also encourages them to spend further at your store.
Customers enjoy being treated like royalty, and these initiatives help embellish their experiences, thus improving their loyalties. These incentives also give them strong reasons to continue patronising your business. After all, if they can only get the best deals from your store, there is no reason to frequent a competitor.
3. Provide a seamless shopping experience
It is all well and good to remember your regular customers’ preferences and reward their loyalty with special discounts. But to get the ball rolling, you will first need to provide them with a positive shopping experience to encourage them to complete a transaction. Suppose customers are struggling to find their desired products. In that case, you are not getting their business, much less their personal information, which allows you to convert them into members.
A retail POS system can help in several ways. Firstly, if your customers cannot locate an item they need, they will most likely leave frustrated. Your POS system can streamline the inventory management process, providing you with regular updates to let you know when you are running low on your products. This way, you ensure that there is always sufficient stock to meet consumer demands.
Secondly, you can reduce customer waiting time by utilising your POS system to the fullest. For example, you can integrate RFID technology into your POS software to speed up the billing process. Subsequently, this saves your employees the time and hassle of scanning each product individually, thus shortening the checkout times for your customers. This can make a world of difference, as nothing repels customers away like long queues and waiting times.
Are you ready to provide your customers with the best shopping experience? In that case, you will require the best POS system to help you implement the above-mentioned strategies efficiently. If you need help choosing the most suitable system, do not hesitate to contact Suntoyo Technology. Our team will be glad to assist you with selecting your ideal POS system.