Cash registers are like Game Boys; cutting-edge technology in the ‘90s, not so much now.
You might be falling behind the curve if you’re still using a cash register or even a legacy point of sale (POS) system. Technology is evolving rapidly, and if you’re just hanging on for dear life, you might get a little overwhelmed.
We get it; the big boys have more access to technology, right?
But there are various technological advancements you can take advantage of in your small business! The five technology trends we’ll highlight today can level the playing field for boutiques, shops, and small stores in 2024.
Let’s dive in!
The retail environment changes rapidly, and whether you own a boutique clothing store or a small hardware shop, you’ll need to embrace technology as it develops. Technology reshapes your customers’ expectations and behavior, and implementing the right solutions is no longer optional.
Modern POS systems let you see what’s selling and what isn’t, help you manage marketing campaigns, target your ideal customers, and make inventory management a breeze. Without a modern POS system, you rely on outdated technology and manual processes to help run your store.
Not only that, but your customers will also notice if your operations aren’t smooth. They want speed, communication, and convenience. And everything happening in the retail space right now is geared towards making those things happen.
We could just tell you about the latest tech trends, but we want this to be actionable, so we’ll also highlight how you can use the tools you already have access to that will modernize your store and your customers’ experience.
Your small business’ success relies on your relationships with your customers. And modern technology continues to make it possible to treat customers well so they keep coming back to your store.
As technology improves, it will take personalization to a new level. But for now, a modern POS system is a great way to engage customers.
For example, your POS can quickly capture customer details, and your webstore can do the same. With a unified view of each customer, you can try various strategies to engage them:
Amazon and Netflix use engines to personalize recommendations, and you can, too. The better you know your customers, the better their experience will be.
Related Read: 3 Essential Ways a POS Can Improve Retail Customer Management
Let’s look at a few statistics:
Can you see the trend? Customers want an omnichannel experience, and they expect it to be consistent. They want the same level of service online from your physical store.
You need technology that facilitates online and in-person experiences. It can’t be disjointed — pricing discrepancies and inconsistent branding won’t do — it needs to be unified. Modern POS systems are vital.
Related Read: 5 Things You NEED To Know About Omnichannel POS
With a modern POS system, you can handle online sales easily, track inventory across all sales channels, and manage customer loyalty programs without needing separate systems.
Whether it’s paper straws or eco-friendly packaging, consumers and stores alike are moving towards more sustainable practices. In fact, 70 percent of customers feel sustainability is more important than brand names.
To align with your customer base, you need new initiatives to become more sustainable and the tools to help you do so. The most obvious place to start is reducing waste or shrinkage.
Automated inventory management helps prevent over-ordering, and stock rotation stops products from expiring on shelves. Retail — particularly the fashion industry — has a reputation for discarding unsold items.
As a small business, you can buck this trend by adopting better waste management practices. Think of grocery stores partnering with food banks or hardware stores donating unwanted tools to schools.
Related Read: 4 Strategies To Improve Retail Loss Prevention in Your Store
Other things to consider:
Modern POS systems play a role in sustainability initiatives, from reducing paper receipts to managing inventory and reducing waste. Be transparent about your quest to help the environment!
Modern, cloud-based POS solutions are a must-have for small retailers. Manual processes are a thing of the past and lack data, critical sales reports, and inventory visibility. POS systems now leverage automation and integrated apps to help run your entire operation.
One clear example is the ability to manage inventory. Leading POS systems sync your products, sizes, and availability across online and brick-and-mortar channels. You can provide the omnichannel experience your customers crave, and sell anywhere you want. Y
our POS has various capabilities and keeps getting better:
With technical tasks covered, you can focus more on your customers and provide a better experience.
Related Read: Retail Inventory Management Software: 5 Top Solutions and Providers
We can’t do an article about tech trends without mentioning artificial intelligence (AI) and machine learning (ML).
Modern POS software already uses a mixture of AI and ML — automated inventory software can predict demand based on historical sales data and seasonal trends — but this technology will continue to advance in 2024.
What else?
While you don’t need to worry about them immediately, you’ll want to continually monitor these trends and other emerging technologies to stay ahead of the curve.
Innovation moves fast, and your customers move just as quickly! From personalized recommendations to sustainability, technology will play a growing role in your operations — and none more so than your POS system.
Is it time to upgrade your POS system? Without automated inventory management, robust reports, and integrated customer loyalty programs, you’re missing out on technology that’s easy to use and implement.
At Comcash, we see your POS system as a central hub that connects your back office to your front of house. Don't get overwhelmed by manually linking online sales, daily reports, and accounting spreadsheets. Instead, let your POS system centralize and automate your critical operations so you can focus on your team and your customers.
Take a few minutes to see our POS software in action by scheduling a demo with our retail experts today. You’ll see firsthand how modern technology can help your business win.