Category: BLOG

Categories
BLOG

Integrating Retail Solutions POS for Business Growth 

One key solution that has gained significant traction in recent years in retail businesses is the integration of retail solutions POS systems. Retail businesses constantly seek ways to streamline operations, enhance customer experiences, and drive growth. These advanced POS platforms offer many features and benefits that can revolutionize the retail expe

rience and propel businesses forward in a rapidly evolving market.

According to a recent study by Fortune Business Insights, 

“The retail segment held the largest market share in 2023. This is due to the increasing adoption of PoS systems in retail shops, as it is time and cost-efficient and provides real-time data about sales performance. Moreover, this system makes it easy for retailers to manage promotions and discounts. They can apply discounts, track promotional effectiveness, and implement targeted marketing campaigns directly through the PoS solutions.”

Today, we will discuss the impact of omnichannel retail solutions on businesses and why it is necessary to adopt an ideal POS system to sustain healthy business growth. 

How Retail Solutions POS Are Revolutionizing the Retail Experience

POS systems are completely transforming how retailers interact with customers and manage their operations. 

Advantages of Retail Solutions POS Systems

Retail solutions POS systems offer a range of advantages that can significantly improve business operations and customer experiences.

  • Minimizing Human Errors: Advanced POS systems help reduce the risk of human errors in transactions, ensuring accurate and efficient checkout processes.
  • Real-Time Inventory Updates: POS platforms give businesses real-time visibility into their inventory levels, enabling better stock management and timely replenishment.
  • Detailed Sales Reporting: The comprehensive reporting capabilities of these POS systems allow businesses to generate detailed sales reports, enabling data-driven decision-making.
  • Informed Business Decisions: By analyzing the sales data and customer insights gathered through the POS system, retailers can make more informed decisions to optimize their operations and strategies.

Adapting to the Post-Pandemic Landscape

The COVID-19 pandemic significantly impacted the point-of-sale market, as it accelerated the shift towards online shopping and contactless payments. Initially, the shift to online shopping negatively impacted the POS market at the point of sale. However, retail solutions POS systems have helped businesses adapt to this new reality by enabling contactless payments, curbside pickup, and other innovative solutions to avoid direct contact. POS platforms offer integrated support for contactless payment methods, such as tap-to-pay and mobile wallets.

Integrating AI for Enhanced Capabilities

The integration of AI further enhances the capabilities of retail solutions POS systems, unlocking new possibilities for businesses. AI integration enhances features such as personalized shopping experiences, dynamic pricing optimization, and improved fraud detection.

AI algorithms can analyze customer data and preferences to provide personalized product recommendations, targeted promotions, and customized shopping experiences. Moreover, AI-powered pricing models can help retailers dynamically adjust prices based on demand, competition, and inventory levels, optimizing profitability.

Embracing Cloud-Based Retail Solutions POS

The retail industry is also witnessing an ongoing trend towards the adoption of cloud-based and POS solutions. The rising adoption of cloud-based solutions is shared among large enterprises as well as small businesses.

Cloud-based POS systems allow businesses to scale their operations up or down as needed without the need for costly on-premise infrastructure. They also allow retailers to access their systems and data from anywhere, enabling remote management and decision-making. By shifting to cloud-based POS solutions, businesses can easily reduce their IT maintenance and support costs, allowing them to focus on their core operations.

Regional Trends in Retail Solutions POS

The adoption of retail solutions point-of-sale (POS) systems varies significantly across different regions, with each market exhibiting unique trends and growth drivers. Understanding these regional dynamics is crucial for retailers and POS providers to develop tailored strategies and capitalize on the opportunities in their respective markets.

Asia Pacific

In 2023, the Asia Pacific region held the largest market share for retail solutions POS, driven by rapid technological advancements and the accelerating shift towards digital transactions in the retail landscape. It is at the forefront of technology adoption, with businesses and consumers readily embracing innovative POS solutions to streamline operations and enhance the shopping experience. The prominence of cashless payments, including the widespread use of digital wallets and mobile payment apps, is a significant factor driving the growth of the retail solutions POS market in the Asia Pacific.

North America

In the North American market, consumers strongly prefer mobile POS solutions for payment processing. This trend is driven by the surge in digital payment modes across the retail and restaurant industries as businesses seek to provide seamless and convenient customer checkout experiences. Retailers in North America are investing in mobile POS systems to improve the overall customer experience, offering faster checkout times, personalized interactions, and the ability to process transactions anywhere within the store.

Europe

The European market has witnessed a significant increase in contactless payment methods, such as tap-to-pay cards and mobile wallets. This has fueled the demand for POS systems to accommodate these payment options. European consumers have demonstrated a growing preference for online payment methods, leading retailers to invest in POS solutions that integrate with e-commerce platforms and provide a seamless omnichannel experience.

South America

In the South American market, cash usage remains the dominant payment method at retail stores, particularly due to the large unbanked population in the region. However, there is a growing trend towards adopting mobile POS solutions supported by the increasing use of mobile wallets. Despite the market’s cash-centric nature, mobile POS solutions are growing, particularly in urban areas and among younger consumers who are more comfortable with digital payment methods.

Veras Checkout: One of The Best Omnichannel Retail Solutions 

Veras Checkout is a leading omnichannel POS platform revolutionizing the retail industry. Designed to bring the power of e-commerce to physical stores, it enables seamless omnichannel and cross-store selling, empowering retailers to deliver a unified and personalized customer experience.

Key features of Veras Checkout

Enterprise-enabled with offline reliability

Veras Checkout is built to handle the demands of enterprise-level retail operations, with the ability to function reliably even in offline scenarios.

Seamless omnichannel and cross-store selling

By leveraging real-time enterprise inventory data, centralized order visibility, and advanced alerting capabilities, Veras Checkout allows retailers to sell across multiple channels and store locations seamlessly.

Rich promotional engine

Veras Checkout’s robust promotional engine enables retailers to create and manage targeted offers, discounts, and loyalty programs to drive customer engagement and sales.

Hardware Agnostic Solution

The platform is designed to be hardware agnostic, allowing retailers to integrate Veras Checkout with their existing POS infrastructure and devices.

PCI “out-of-scope” payment integrations

Veras Checkout’s payment integrations are designed to be PCI “out-of-scope,” providing enhanced security and compliance for retailers’ payment processing.

Benefits of Veras Checkout

Unified view of enterprise inventory data

Veras Checkout seamlessly integrates with Veras Stock, the inventory management solution, to provide a single source of truth for enterprise-wide inventory data, ensuring product availability and accurate order fulfillment.

Centralized order visibility across stores and channels

Veras Checkout’s centralized administrative capabilities, powered by Veras Control, enable retailers to have a comprehensive view of orders and transactions across all their stores and online channels.

Advanced alerting capabilities for proactive management

The platform’s advanced alerting features help retailers proactively identify and address operational issues, ensuring a smooth and efficient customer experience.

Empowers retailers to deliver a consistent customer experience

By integrating real-time inventory data, centralized order visibility, and advanced promotional capabilities, Veras Checkout enables retailers to provide a seamless, personalized, and consistent customer experience across all touchpoints.

To learn more about how Veras Checkout can be the perfect omnichannel retail solution for your business, request a demo today. Visit our website to learn more about Veras Checkout and other Veras Products. 

Categories
BLOG

Swipe, Tap, and Shop: Checkouts With Mobile Point of Sale Systems

Swipe, Tap, and Shop: Checkouts With Mobile Point of Sale Systems

The advancements of mobile point of sale systems have revolutionized the checkout experience for consumers when it comes to retail stores. The main reason behind this transformation is the ability to swiftly process payments, manage inventory in real-time, and provide personalised service—all from mobile devices without the restriction of counters. 


With the global mobile POS market anticipated to grow at a staggering rate of 35.40% by 2025, it’s clear that these systems are not just a trend but a cornerstone of modern retail strategy. These systems empower sales associates to conduct transactions on the go, reducing queues and enhancing customer satisfaction.

In this guide, we’ll explore the working of mobile POS systems, their benefits, and some of the most critical factors you should consider when selecting the perfect system for your business. 

Veras Checkout is one of the most trusted platforms right now. It is an all-encompassing POS platform designed to meet the demands of a dynamic retail environment. Along with the benefit of mobile point of sale systems integration, Veras Checkout offers many additional benefits that you should not miss out on. 

How do mobile point of sale systems work?

Understanding the functionality of mobile point of sale systems is extremely important before implementing them to ensure a flawless transition to an advanced checkout system. As we mentioned before, these systems represent a significant shift in how businesses handle transactions. 

Simply put, an mPOS system must be accessible from portable devices (laptops, smartphones, tablets, etc) to allow for on-the-go transactions. It empowers sales associates to process payments directly from anywhere within the store. mPOS are usually equipped with specialised hardware such as card readers or NFC sensors. When a customer is ready to make a purchase, the sales associate can initiate the transaction using the mPOS device, capturing payment information securely and swiftly.

Apart from that, mobile point of sale systems also integrate inventory management CRM, enabling real-time updates of stock levels as well as customer profiles based on their shopping choices. This seamless integration enhances operational efficiency and provides valuable insights into purchasing patterns and customer preferences.

Benefits of mobile point of sale systems

The adoption of mobile point of sale systems has many benefits for both businesses and consumers alike. In retrospect, using mPOS allows businesses to significantly reduce the time needed to finalise the transaction of a single consumer. In comparison, mPOS offers a nearly 3 times faster checkout process compared to traditional checkout systems. 

Enhanced customer experience

One of the primary advantages of mPOS systems is the improved customer experience. By reducing wait times at checkout counters and offering flexibility in payment methods, businesses can create a smoother and more convenient shopping journey for their customers. The majority of mPOS accept mobile wallets, digital payments, NFC, and other options for simplified transactions.

Increased sales opportunities

Mobile point of sale systems also open up new sales opportunities, especially in large retail chains and grocery stores. Sales associates can engage with customers directly on the sales floor, upsell complementary products, and provide personalised recommendations, leading to higher conversion rates. It is also observed that consumers may change their minds before they reach the checkout counter. Thus, it is easier to increase sales if the frontline sellers are equipped with direct access to the point of sale system via tablets or smartphones. 

Operational efficiency

From a business perspective, mobile point of sale systems contribute to operational efficiency by streamlining the checkout process, reducing errors in transaction processing, and facilitating quicker inventory management. These efficiencies translate into cost savings and improved productivity for retail operations.

How to choose the best mobile POS system?

Selecting the right mobile Point of Sale system is crucial for maximising its benefits and aligning with the specific needs of your retail environment. Therefore, we are offering some of the most crucial insights that you need to know before you choose an mPOS for your business. 

Business requirements

You should start by identifying the specific requirements of your business, such as the volume of transactions, types of payment methods to support, integration with existing systems, and scalability for future growth.

Features and functionality

Consider the features and functionality offered by the mPOS, including ease of use, security measures, customization options, reporting capabilities, and customer support services. Look for a system that aligns closely with your business objectives and provides room for customization to suit your unique workflows.

Compatibility

Ensure that the mPOS you are choosing seamlessly integrates with your existing hardware, software, and most importantly, the payment process. Compatibility issues can hinder the efficiency of operations and lead to disruptions in customer service.

Security features

Security is paramount when dealing with payment transactions. Thus, make sure you choose an mPOS system that adheres to industry standards and compliance requirements, such as PCI DSS, to protect sensitive customer data and mitigate risks of fraud or data breaches.

Scalability 

Finally, consider the scalability of the mPOS system to accommodate future growth and expansion plans. Additionally, prioritise vendors that offer reliable technical support, regular software updates, and training resources to ensure smooth implementation and ongoing maintenance of the system.

By carefully evaluating these factors, businesses can make informed decisions and choose the best mobile Point of Sale system that optimises efficiency, enhances customer experiences, and drives overall growth in the retail sector.

Vears Checkout: An all-in-one POS platform

The true measure of a mobile point of sales system lies in its ability to adapt to the unique demands of grocery businesses. Enter Veras CheckOut, the best mobile POS system trusted by a multitude of grocery businesses benefiting from its advantages.

Veras CheckOut stands at the forefront of retail technology, offering a suite of features that cater to the nuanced needs of grocery stores and large retail chains. It’s not just another POS; it’s retail convenience packaged into a sleek, user-friendly interface. 

With Veras CheckOut, businesses gain access to:

Real-time inventory management: Stay ahead of stock levels with precision, ensuring that popular items are always available for your customers.

Flexible payment options: Cater to every customer’s preference with a variety of payment methods, making transactions smooth and hassle-free.

Comprehensive analytics: Dive deep into data-driven insights, allowing for strategic decisions that propel business growth.

User-friendly design: Veras CheckOut is engineered with the end-user in mind. Its intuitive design ensures that whether your staff are seasoned pros or new recruits, they’ll find navigating the system a breeze. 

Seamless omnichannel experience: A consistent shopping experience across all channels is not just expected but demanded by consumers. Veras CheckOut enables cross-store selling and a unified customer journey from online browsing to in-store purchasing.
Discover the full potential of Veras CheckOut for your grocery business. Reach out for a demo or visit Veras Retail to learn more.

Categories
BLOG

AI-Powered Clienteling: The Secret Behind Successful Customer Retention

AI-Powered Clienteling: The Secret Behind Successful Customer Retention

Advanced clienteling techniques are helping businesses advance rapidly by allowing them to cater to varying customer demands. It is one of the few solutions that makes it possible for businesses to benefit from the Pareto Principle. 

According to Investopedia,

“80% of a company’s revenue is generated by 20% of its customers”

It tells us the importance of customer retention as recurring customers are the primary driving force behind every successful business, whether it is a clothing outlet, speciality retailer, or a large retail chain.  Clienteling goes beyond traditional customer service by leveraging advanced techniques and personalized interactions to build strong relationships with high-value customers. 

Let us dive into the details of clienteling and understand its importance in retail businesses in 2024. If you are also looking for a powerful clienteling tool, make sure you check out Veras Affinity, a proven solution for associate-driven clienteling. 

How clienteling provides a personal touch in the digital age

Clienteling can be boiled down to a simple strategy employed by businesses, particularly in retail and service industries, to create personalized experiences for their customers. It involves building long-term relationships with consumers by understanding their individual preferences. With that, it is possible to provide tailored recommendations and shopping assistance to the customer at any point.

Proper clienteling also allows businesses to gather data about customer preferences, purchase history, and behaviors that can help devise customized services. This personal touch enhances customer satisfaction and encourages customers to return. 

Equipped with correct clienteling tools, businesses can easily engage with customers across various channels. Maintaining consistent communication helps businesses to nurture a personal relationship with the customer, thereby improving the overall customer experience. 

Advanced techniques for clienteling in retail

Clienteling is a rather broad concept that encompasses multiple different aspects. Even though there are a lot of benefits associated with clienteling, it is important to understand the advanced techniques that are extremely important when it comes to clienteling in the retail business. Here are some of the most advanced techniques available for clienteling right now that have revolutionized retail business. 

Personalized product recommendations

Personalized product recommendations involve leveraging previously collected customer data to suggest products based on their individual preferences. It relies on multiple sources such as past purchases, product browsing history, and key demographic information. Collectively, it enables correct prediction of what products a customer is likely to be interested in. By leveraging these suggestions, businesses can enhance customer satisfaction by pushing products that the customer is already planning to purchase. 

Omnichannel customer engagement 

Now that the shopping experience is being delivered to different platforms, it is becoming equally important to reach out to your customers across multiple channels, including online and offline touchpoints. This approach ensures consistency in messaging as well as customer service, regardless of the channel through which a customer interacts with the business. For example, a customer might start browsing products on a mobile app, continue their research on a desktop website, make a purchase in-store, and receive post-purchase follow-up emails—all while experiencing a personalized shopping experience.

Data analytics for predictive customer behavior

Data analytics also plays a crucial role in clienteling by providing insights into customer behavior. It is possible for businesses to analyze large volumes of customer data to identify various patterns and trends. It allows informed predictions about future customer behavior. For instance, data analytics can help businesses forecast demand for products and adjust their marketing strategies accordingly. 

The role of AI in clienteling

Artificial intelligence is a revolutionary addition to clienteling techniques as it brings automation along with various other enhancements to the system. AI-powered algorithms can analyze vast amounts of customer data in real time and make personalized recommendations. For example, AI chatbots can engage with customers to answer their queries. It can also provide them with recommendations all while learning to improve future interactions.

How retail businesses are excelling with clienteling

With a variety of tools and innovative strategies empowering clienteling platforms, the majority of businesses are experiencing the benefits of advanced clienteling. Compared to traditional sales approaches, clienteling has completely revamped the customer experience. Right now, all types of businesses can build relationships with their customers and ensure they always receive the best shopping experience on their platform. Here are the benefits of incorporating clienteling strategies into your business: 

Improved customer retention

All clienteling techniques primarily focus on improving customer retention by building a strong relationship with customers. With the help of data analytics and AI-driven insights, businesses are able to identify at-risk customers, implement targeted retention strategies such as loyalty programs, and provide exceptional customer service that fosters long-term loyalty. 

Enhanced sales performance

clienteling also contributes significantly to sales performance by enabling businesses to deliver tailored shopping experiences that resonate with customers. Through personalized product recommendations, businesses are increasing sales along with conversion rates. Moreover, clienteling is empowering sales associates with the data they need to engage effectively with customers.

Optimized inventory management

Clienteling techniques play a crucial role in optimizing inventory management by aligning product offerings with customer demands. By analyzing customer data, businesses can forecast demand more accurately. This helps reduce stockouts and even minimizes storage costs for larger stores. Additionally, businesses can use clienteling data to introduce new products that align with customer preferences, further optimizing inventory management strategies.

Effective marketing campaigns

Clienteling techniques enable businesses to run more effective marketing campaigns by targeting the right audience with their offers. By segmenting customers based on their preferences, it is possible to create highly relevant marketing campaigns that resonate with customers. Whether through email marketing or personalized promotions, advanced clienteling techniques help businesses achieve higher campaign response rates in all cases.

Reach the heights of clienteling benefits with Veras Affinity

Veras Affinity is a clienteling solution designed to empower retail associates with advanced customer insights and personalization tools. It is one of the many products offered by Veras Retail that focuses on enhancing the in-store experience for both customers as well as retailers. Here’s what you get with Veras Affinity:

Associate-driven clienteling

It mobilizes the frontline workforce by providing them with detailed knowledge about products and tools to create a memorable brand experience that aims to foster lifelong customers.

Retail-hardened solution

Veras Affinity supports cross-platform access. Thus, the integration of the system is possible with minimal investment as there are little to no restrictions on supported systems. We ensure flawless performance for all of our products with installation assistance and customer support. 

AI-powered recommendations

The system uses direct associate input to strengthen its data, which in turn trains the AI to make smarter product recommendations. It also features a global search function that looks across an endless aisle catalog, helping associates find exactly what the customer is looking for.

Intuitive & responsive UI

Veras Affinity is designed to be intuitive for store associates, with an intelligent engine that anticipates customer needs and preferences, enabling personalized service across various shopping channels.
Want to know more about Veras Affinity? Visit our website today!

Categories
BLOG

How To Choose The Best POS System For Grocery Retail Chains

How To Choose The Best POS System For Grocery Retail Chains

Best POS System For Grocery
 

In this guide, we’ll be discussing the most important aspects of a POS system and how you can choose the best POS system for your business. So, stay tuned until the end so that you won’t miss out on any important information.  

Why do grocery businesses need a POS system?

There are a lot of tools that you can integrate into your grocery business. But, the importance of an on-point POS system is relatively higher than others. After all, running a grocery business chain is quite different from other run-of-the-mill businesses. It includes a unique inventory which must be accessed and updated frequently. However, updating the right price and accountability of the inventory is not the sole reason behind investing in a POS system. Here are a few more aspects that make a POS system extremely crucial for grocery chains. 

Reports and analytics

A POS system helps grocery businesses gather valuable data and generate detailed reports regarding sales, inventory, and customer information. These reports provide valuable insights such as which products are selling, peak hours of business, trends over time, etc. By analysing this data, grocery chains can make informed decisions about inventory management or pricing strategies to optimise profitability.

Simplified checkout process

POS systems also streamline the checkout process for both customers as well as employees. With features such as automated pricing, transactions can be processed quickly without needing any manual input. It also reduces waiting times at the checkout counter, improving customer satisfaction.

Integrated payment platforms

Modern POS systems offer integration with various advanced payment options, including but not limited to,  credit cards, debit cards, mobile wallets, and even contactless payments. By accepting multiple forms of payment, businesses can cater to customers’ diverse preferences with ease. It not only enhances convenience but also reduces the risk of lower sales due to limited payment options. Integrated payment platforms also facilitate secure transactions that protect sensitive customer data.

Enhanced customer relationship management

Last but not least, POS systems allow grocery businesses to track customers’ purchases and preferences with the help of previously collected data. By capturing customer data at the point of sale, businesses can easily identify potential buying patterns, send targeted promotions, and build stronger relationships with their customers. Additionally, POS systems can also integrate with dedicated customer relationship management (CRM) software, enabling businesses to provide superior customer service.

Key features to look for in a POS system for grocery

To find the best POS system for groceries, several key features must be considered before you make a choice. From real-time inventory management to secure payment portals, the selection of a POS system for grocery businesses demands careful consideration of the features and services offered by the system. These features contribute to an overall satisfactory customer experience which is key to sustainable growth for any grocery chain.

Real-time inventory management

Real-time inventory management is the most crucial part of any POS system as it allows grocery chains to track stock levels accurately as sales occur. It helps you prevent stockouts, ensuring that shelves are adequately stocked with the right products. By providing real-time visibility into inventory levels, the POS system can optimise ordering processes that can minimise storage costs and reduce the chances of stock shortages.

Customizable catalogue system

The customizable catalogue feature lets grocery chains organise products according to their specific preferences. Irrespective of the type of products you are stocking, it allows an overly simplified product management approach that includes adding new items, updating prices, and modifying product descriptions on the go. By customising the catalogue system, grocery chains can easily enhance the shopping experience for customers by improving navigation within the outlets and showcasing correct promotional offers at all times.

Mobile accessibility

Mobile accessibility is the one feature that any grocery chain POS system must have in this day and age. It enables businesses to extend the capabilities of their POS system beyond the traditional checkout counter. With mobile POS devices, employees can remotely perform various functions such as processing transactions, checking stock availability, or assisting customers with their queries. This flexibility improves the collective operational efficiency and significantly reduces wait times during peak hours.

Integrated CRM functionality

Customer relationship management or CRM has always been a preference for grocery chains. It is a key aspect that promises guaranteed customer retention for grocery chains, or any other type of business for that matter. However, integrated CRM functionality takes it a step forward as grocery chains can capture and analyse customer data directly via their POS system. By centralising customer information within the POS system, grocery chains can create special marketing campaigns with personalised promotions. It helps build stronger relationships with their customer base. Integrated CRM functionality also enables efficient customer service as employees can instantly access relevant customer data and provide personalised recommendations.

Secure payment portal

A secure payment portal is also extremely important for safeguarding sensitive customer information, all the while keeping the payment method in favour of the business. Advanced encryption technologies that comply with industry security standards, help safeguard sensitive details. A secure payment portal also instils trust among your customers, encouraging them to make purchases using different payment methods without any concerns about data security.

Empower your grocery business with Veras CheckOut 

Finding the best POS system can be challenging as it demands protracted research and analysis of features and services offered by the system. On top of that, it only makes sense to go with a trusted option which is currently being used by numerous grocery businesses who are actively benefiting from it. Therefore, we are here to offer you the best solution– Veras CheckOut. 

Veras CheckOut is the ultimate solution designed to revolutionise the way grocery businesses operate. With Veras CheckOut, you get access to an array of powerful features and services that empower your business to thrive in today’s competitive market. Whether it is real-time inventory management, flexible payment options, or comprehensive insights with analytics tools, Veras CheckOut has it all. 

On top of that, you will be handling Veras CheckOut via an extremely user-friendly interface designed to make the program easy to adapt for everyone. So whether your employees are already familiar with the POS system, or just getting started now, Veras CheckOut can ensure a seamless transition. 

Want to know more about Veras CheckOut? Contact us now or visit our website verasretail.com. 

 

Categories
BLOG

Integrate A Next-Gen Inventory Management System with Veras OmniView

A professional woman with a tablet in hand, smiling and standing in a modern clothing store, surrounded by neatly organized shelves full of various apparel.

Integrate A Next-Gen Inventory Management System with Veras OmniView

Looking back at the history of the inventory management system, it is a journey of evolution, to say the least. From the basic token punch cards used in the early 1900s, we have observed a significant leap forward in tracking and managing inventory. However, the advancement of the inventory management system was solidified in the 1950s with the advent of computers, allowing real-time tracking and a whole new level of data streamlining.

Today, it is possible to integrate a next-gen inventory management system with Veras OmniView. It represents a significant advancement over existing competitors by offering a solution that streamlines the process of locating, picking, shipping, and restocking inventory altogether. It also caters to the needs of the modern cross-channel shopper and can be seamlessly paired with existing ERP systems.

Let us discuss the evolution of the inventory management system over time and how you can benefit the most by choosing an advanced service like Veras OmniView. 

How Inventory Management Systems Have Changed Over Time

Driven by technological advances, inventory management systems have undergone various changes over time. The updates in the system were based on the changes in business needs, as well as the increasing demands of the end-users. With a more capable inventory management system put in place, large retail chains have managed to suffice for the evolving business needs without any problem. From manual inventory management to AI-powered management systems, here’s a glance at how inventory management systems have changed over time. 

Manual Systems

Before the advent of computers, inventory management was primarily manual. Businesses relied on handwritten records, ledgers, and physical counts to track inventory levels and transactions. As we can imagine, this approach was extremely inefficient because of its time-consuming nature & possibility of errors.

Computerised Inventory Management 

The emergence of computers in the business world revolutionised inventory management. Basic inventory management software for business was developed around this time to automate tasks such as tracking stock levels and managing orders. Here, we have observed efficiency and effectiveness in the process like never before. 

Barcode Technology

It is impossible to misinterpret the sound of the signature *beep* of scanning grocery items. For decades now, we all, at some point, have stood in line while the cashier checked out our shopping with the help of a barcode scanner. These barcodes allow accurate identification of products along with extremely fast data entry processes. 

Cloud-Based Inventory Management

The advent of cloud networking led to the development of cloud-based inventory management systems. These systems offered benefits such as remote accessibility to the system along with an increased window for scalability. Cloud-based solutions also allow inventory tracking between multiple stores so that overstocking or understocking problems can be eliminated.

AI and Machine Learning

Recently, inventory management systems for businesses have started benefiting from artificial intelligence and machine learning. AI-powered algorithms can analyse vast amounts of data to predict the upcoming demand so that inventory levels can be optimised accordingly. It also makes it possible to identify demand patterns so that businesses can stock the right product at the right time of the year. 

Benefits of Implementing A Cutting Edge Inventory Management System

The main reason behind the quick adaptation of the modern inventory management system is the array of benefits it enables for businesses. Therefore, it is crucial to choose the right option for your needs so that you can stay ahead of the competition and provide your clients with the service they desire without any shortcomings. However, it is only possible by understanding the benefits of choosing an advanced inventory management system.

Data-Driven Insights

Advanced inventory management systems provide helpful insights based on the existing data. With the help of advanced analytics, these tools can develop an approximate trend for supply, demand, and upcoming stock needs. With that, businesses can easily benefit via access to real-time data on inventory levels, sales trends, supplier performance, and more. 

Stock Level Optimisation

Such systems also provide crucial insights into sales trends, helping businesses maintain optimal stock levels. By doing so, it is possible to prevent overstocking and stock-out problems, which are detrimental to business operations, especially large grocery retail chains that usually have to choose overstocking to prevent stock-out issues. On top of that, it is also a cost-effective move when it comes to grocery items that have a limited shelf life. 

Efficient Management

Automation is very important for businesses these days as it helps to save invaluable time which would’ve been wasted otherwise if manual operations are considered. It helps to streamline processes such as order fulfilment, replenishment, and inventory tracking. Apart from time-saving, it also enables employees to focus on strategic tasks rather than routine manual operations.

Enhanced Customer Service

Accurate inventory management also leads to improved order fulfilment and faster delivery times. In retrospect, it greatly contributes to enhanced customer satisfaction. With real-time inventory visibility, businesses can easily fulfil orders at a fast pace while minimising problems like backorders to provide a seamless customer experience.

Real-time Inventory Tracking

Last but not least, advanced inventory management systems offer unprecedented visibility into the supply chain, allowing businesses to track items in real-time and respond quickly to any issues that arise. This is the most efficient method of optimising inventory as well as resolving inventory-related problems that are quite common for large retail chains. 

Why Should Businesses Prefer Veras OmniView?

Veras OmniView includes an innovative omnichannel inventory management system for business,  designed to revamp the retail experience completely. It optimises the process of locating, picking, shipping, and restocking merchandise, making it an all-in-one solution for retail chains. It also brings a comprehensive solution that addresses the needs of today’s cross-channel shoppers, ensuring that inventory is managed efficiently across all sales platforms. Here are the key features of Veras OmniView: 

  • Real-Time Inventory Tracking
  • Simplified Location-Based Management
  • Integration with ERP Systems
  • Operational Efficiency
  • Enhanced Service & Productivity
  • Flawless Integration with Veras Checkout

Veras OmniView is not just an upgrade; it’s a redefinition of the inventory management system. With its easy deployment and highly accessible browser/mobile versions, it manages to significantly enhance chain-wide operational efficiency. It also empowers retail personnel to deliver outstanding service by simplifying location-based inventory management and reducing wait times for customers.

Want to know more about the best inventory management system for business? Click here to learn more about Veras Omniview and other offerings from Veras Retail! 

Categories
BLOG

Move Beyond Win/DSS Limitations With Omnichannel POS

POS
 

Move Beyond Win/DSS Limitations With Omnichannel POS

Win/DSS has been an indivisible part of retail point-of-sale systems for decades now. Although it enabled retail businesses to expand beyond the reach of manual operations, Win/DSS itself has started to lag in this age of fast retail market. From outdated technology to security vulnerabilities, retail businesses find themselves at a turning point where they must confront the limitations of their existing infrastructure and opt for an upgrade.

Let us dive deep into the challenges posed by the legacy Win/DSS platform and its solution. 

Common challenges faced with legacy Win/DSS platform

Using Win/DSS as a point-of-sale system in this day and age brings a myriad of challenges to a retail business. It includes hurdles with IT, operation flow, and personnel problems. The Win/DSS platform was initially introduced before the age of mobile POS and the digital commerce revolution. As a result, it is simply turned into an outdated system that cannot be tailored to match the growing requirements of retail business expansion. 

Outdated technology hinders operational efficiency

Legacy Win/DSS platforms often operate on dated technology stacks that struggle to keep pace with modern demands. These systems lack the agility required to meet the evolving needs of businesses. Outdated technology can source various problems such as slow processing times, limited functionality, and cumbersome user interfaces. These factors collectively affect operational efficiency and impede productivity in general. 

Compatibility issues with modern software

Compatibility issues are quite common with legacy Win/DSS platforms, especially when it comes to new-gen software. Newer software solutions are developed using updated frameworks and libraries that are not fully compatible with the outdated architecture of legacy platforms. This incompatibility leads to integration challenges, creating functionality gaps between legacy systems and modern software tools. The most common example of the same would be legacy Win/DSS struggling to integrate cloud-based solutions or other similar web-based services.

Security vulnerabilities and data integrity concerns

Outdated security protocols pose the biggest challenge for retail businesses. Legacy Win/DSS lack the robust security features that are crucial for protecting sensitive data. Moreover, the longer a system remains in operation, the greater the likelihood of unpatched vulnerabilities. Data integrity concerns also arise from data validation, integrity checks, and audit trails that are missing from legacy Win/DSS, making it difficult to ensure the accuracy & reliability of stored information.

Lack of scalability & flexibility for growing businesses

Legacy Win/DSS platform lacks the scalability required to accommodate the evolving needs of growing businesses. Such platforms are built upon rigid architectures that struggle to adapt to changing business needs such as increased transaction volumes or expanding user bases. Additionally, the lack of flexibility makes it challenging to introduce new features & workflow customisations. 

Win/DSS migration made easy with Veras CheckOut

While the challenges explained until now may feel overwhelming, the solution is relatively straightforward. With the aim of overcoming the limitations of legacy Win/DSS, Veras Retail acquired the tech in 2016. With access to the core components of the JDA stack, Veras Retail has managed to develop a more secure and robust alternative- Veras CheckOut. Veras CheckOut is a modern omnichannel POS that can single-handedly eliminate the challenges of the legacy Win/DSS platform, offering a future-proof resolution. We offer a clear migration path with Veras CheckOut so that you can easily modernise your retail businesses.

Modularize your systems 

Veras CheckOut brings a service-based architecture that allows retail businesses to modularize their systems effectively. By adopting this architecture, you can break down the platform into smaller, independent services, with each service handling a specific functionality such as strike payment processing, promotions, and clienteling. This modular approach significantly enhances flexibility & agility within the retail environment. It makes integration of new services, or removal of obsolete ones very easy, without disrupting the entire system. 

Real-time inventory management

With the real-time inventory management feature, retailers can monitor their inventory levels, movements, and availability at any time. It is a crucial requirement for optimising stock levels, primarily to prevent overstocking. By leveraging up-to-date inventory data, businesses can make informed decisions regarding purchasing and replenishment.

Simplified approach to successful promotions

Veras CheckOut simplifies the execution of complex promotional strategies through its range of features aimed at streamlined promotional activities. It allows retailers to manage a wide range of campaigns such as discounts, coupons, loyalty programs, and even targeted offers. With Veras CheckOut, you can segment your customer base, personalise promotions based on customer preferences, and track the effectiveness of each campaign in real-time. This comprehensive approach to promotional strategies enables retailers to drive customer engagement and exponential increase in sales.

Centralised control to monitor key metrics

With any modern solution, there are usually problems that revolve around the control of the system. To eliminate that, Veras CheckOut offers a centralised administration & control approach. It provides retailers with a unified dashboard through which they can monitor key metrics across their entire operation. Veras CheckOut’s central administration and control empower retailers to make data-driven decisions for continuous improvement across the organisation. 

Conclusion

The era of legacy Win/DSS platforms is long gone, considering the advancing needs of retail businesses. Right now, Win/DSS platforms struggle immensely while trying to keep up with advanced data collection policies and compatibility with modern technology. So, the time has come for you to consider ideal solutions such as Veras CheckOut to help you transform your POS. Our modern omnichannel POS is the perfect option for a variety of retail businesses looking forward to migrating from a rigid Win/DSS platform to a service-based POS. 

Want to know more about Veras CheckOut? Contact us now or visit our website verasretail.com.

Categories
BLOG

How Hyper-Personalization Is Transforming Personalised Services in 2024

Personalised Services in 2024

How Hyper-Personalization Is Transforming Personalised Services in 2024

The retail industry is undergoing a major transformation, driven by the rising expectations of customers demanding personalised services. 

According to the National Retail Federation, 

“The future is hyper-personalised; it has been for some time now. The challenge for 2024 is delivering hyper-personalization while respecting customer privacy, protecting data and serving up just what they had in mind — in real-time.” 

Join us as we delve into the intricacies of hyper-personalization and its profound impact on retail businesses in 2024.

Hyper-Personalization: Offer personalised services to your customers with data, AI, and automation

Hyper-personalization refers to the practice of curating products, services, and experiences to the specific needs as well as desires of individual customers. It goes beyond traditional practices such as customer feedback forms or POS interactions. It leverages advanced technologies such as data analytics, AI, and automation to create a complete shopper profile for every individual customer and serve them with the ideal shopping options, offering the best chance at making a sale. As a result, retail businesses can offer personalised services and boost customer retention.

However, hyper-personalization also comes with challenges, especially in terms of customer privacy and data protection. Customers are becoming more aware and concerned about how their personal information is collected and shared by retailers. Hence, they expect transparency and consent over the use of their data. Therefore, retailers need to balance the benefits of hyper-personalization while protecting the customer’s privacy. 

Simplify your promotional strategies with Veras Activate 

Veras Activate provides a centralised dashboard for employees where they can manage all aspects of their promotional campaigns with ease. This includes offering the perfect promotions directly at POS, or even online to the customer. As you can imagine, getting exclusive coupons incepts an idea of privilege in the consumer, which turns into trust down the line. Businesses can also customise the Veras Activate platform to design complex rules regarding promotional offers to better suit their business model. With the advanced price simulation feature, you can also test the promotional strategies and find the outcome before actually implementing it. 

Furthermore, Veras Retail will soon introduce a smart promotions engine with Veras Activate. This advanced integration will offer promotional strategies based on analysed user data to provide more accurate and impactful promotions. The data will be collected from diverse sources such as sales, customer history, demographics, and even current market trends and competitor activities. 

How to protect customer privacy while delivering personalised services?

The sudden shift towards hyper-personalisation is also a relatively unique experience for customers, which also raises significant concerns from a consumer point of view. To address these concerns and meet the heightened expectations of their customers, businesses must follow a few protocols while implementing hyper-personalisation: 

Ask for consent

First and foremost, retail businesses must ask customer’s permission to collect and use their data. It includes a clear explanation of what data you need and how you will use it to provide a better experience to the customer. This also gives the customer the option to opt in or opt out of the program, respecting their preferences.

Minimise data collection

Retail businesses should only collect the data that is necessary for personalization purposes. Thus, avoiding the collection of any sensitive information or PII, which is an important part of data minimization principles. Also, make sure to perform regular audits of the data collected to ensure it aligns with your business objectives as well as regulations policies such as FTC (Federal Trade Commission).

Maintain Transparency

The next step is to be completely transparent about your data practices and policies revolving around hyper-personalisation. Provide the customers with easy access to your privacy policy and data protection rights. Inform them regarding any changes to your data policies, while allowing them to review and update their preferences at any point.

Data Security

The most important protocol is to implement robust security measures to safeguard customer data against any form of unauthorised access. It includes safeguarding the collected information using industry-standard encryption, multi-factor authentication, and other security protocols.

Veras Affinity: Connect with your customers on a personal level

Veras Affinity is a one-stop solution for retail businesses when it comes to accessing customer insights and preferences. It grants business personnel access to the priorities of their customers based on their purchase history, preferences, and feedback. More importantly, Veras Affinity is a completely mobile solution that ensures instant access to customer insights from anywhere. Moreover, Veras Affinity utilises the vast potential of AI for completely automated recommendations. To make things more interesting, Veras implements a highly intuitive user experience with Veras Affinity to make the system more engaging for employees. 

Conclusion

Successful integration of hyper-personalization undeniably brings extraordinary opportunities to enhance customer engagement and maintain a high customer retention rate for retail businesses. However, it is only possible by carefully addressing the potential risks regarding customer privacy. To make it possible, Veras is offering advanced AI-powered retail solutions: Veras Affinity and Veras Activate. These comprehensive tools can streamline data management, personalise promotions, and help you foster a deeper connection with customers.

Don’t miss out on the opportunity to revolutionise your retail business. Contact us now to learn more about Veras Affinity and Veras Activate.

Categories
BLOG

Elevating retail experiences with Veras Extend: A revolutionary customer experience application

POS

Elevating retail experiences with Veras Extend: A revolutionary customer experience application

February 7 2024

Recent changes in the retail landscape make adopting an Enterprise Omnichannel Point-of-Sale (POS) system not just a preference, but a vital necessity. Veras CheckOut emerges as the best POS system for retail, leveraging real-time enterprise inventory data to seamlessly integrate the power of e-commerce into brick-and-mortar stores. Let’s explore the key features that make Veras CheckOut a game-changer in the retail arena.

Enterprise-Enabled Excellence

Veras CheckOut’s enterprise-enabled design, coupled with offline reliability, ensures that your retail operations continue smoothly even in the face of connectivity challenges. This feature guarantees uninterrupted service, instilling confidence in both customers and retailers alike.

Seamless Omnichannel Experience

In an era where customers demand a consistent experience across various touchpoints, Veras CheckOut is the best POS system for retail. It enables cross-store selling effortlessly, allowing customers to transition between online and in-store shopping without missing a beat.

Rich Promotional Engine

Enhance your POS retail solution and engagement strategies with Veras CheckOut’s rich promotional engine. Run targeted promotions, discounts, and loyalty programs directly through the platform, creating compelling and personalized shopping experiences that drive customer loyalty.

Hardware Agnostic Flexibility

Adaptability is key in retail, and Veras CheckOut delivers by being hardware agnostic. This flexibility allows retailers to choose the POS hardware that aligns best with their operational needs without sacrificing functionality.

PCI “Out-of-Scope” Payment Integrations

Security is paramount in retail transactions, and Veras CheckOut prioritizes this with PCI “out-of-scope” payment integrations. This not only ensures secure payment processing but also simplifies the compliance process for retailers, minimizing potential risks.

Close up of male hand holding smartphone in payment terminal, Paypass technology concept.

Veras Stock: Facilitating Store-Level Processes And Enhancing Customer Experience

Veras CheckOut goes beyond transactional capabilities by including Veras Stock, a comprehensive inventory management solution. Accelerate store-level processes, simplify inventory management, and meet consumer expectations by ensuring accurate and real-time visibility into enterprise inventory data.

Veras Control: Centralized Administrative Capabilities

For streamlined operations and optimal business performance, Veras CheckOut integrates Veras Control. This centralized administrative tool allows central office support staff to monitor, configure, and deploy changes to the in-store CheckOut environment in real-time. From setting up new stores to defining business process flows, Veras Control ensures alignment between stores and corporate levels.

Veras Extend: Mobile Selling for the Modern Retailer

Veras CheckOut doesn’t stop at traditional checkout processes; it extends its capabilities with Veras Extend. This feature empowers retailers with mobile selling options, including inventory management, clienteling, unified product search, price checks, and self-checkout, making it the best POS system for retail.

In conclusion, Veras CheckOut is not just a POS retail solution; it’s a comprehensive ecosystem that addresses the diverse needs of modern retail. From ensuring the right product availability through Veras Stock to providing central office visibility and alignment with Veras Control, this platform is poised to elevate your retail experience and keep you ahead in the competitive landscape.

Categories
BLOG

Elevating retail experiences with Veras Extend: A revolutionary customer experience application

asian-consultant-salesman-electronics-household-appliances-store-selling-working-machine

Elevating retail experiences with Veras Extend: A revolutionary customer experience application

January 27 2024

In the dynamic realm of retail, where seamless customer experiences are paramount, Veras Extend emerges as a groundbreaking customer experience application. This innovative solution caters to the evolving needs of modern consumers who seek a blend of digital and physical interactions during their shopping journey.

mPOS Device: Transforming retail operations

Veras Extend functions as an advanced Mobile Point of Sale (mPOS) device, redefining in-store operations. By seamlessly integrating with Veras CheckOut’s ERP, CRM, and other payment systems, it acts as an additional register, providing associates with the same pricing and promotions for streamlined operations. Associates can effortlessly conduct full point-of-sale transactions, ensuring secure payments, and even suspend transactions for completion on a standard register. The versatility of mPOS extends to offsite events or easily adding an in-store register, enhancing flexibility and efficiency.

Revolutionizing customer engagement with Affinity Clienteling

Driven by an ultra-responsive and intelligent engine, Veras Affinity within Veras Extend anticipates and fulfills customer desires. Through pre-defined preferences shaped by intelligent algorithms and ‘quick tips,’ it delivers highly personalized recommendations. What sets Affinity apart is the direct input from associates, strengthening data and training the AI to make smarter recommendations, thereby driving sales and enhancing customer relationships.

Endless aisle capabilities

Veras Extend’s unified product search transforms associates into informed guides, allowing them to search the entire global catalog. This enables the presentation of product availability, relevant promotions, and recommendations for similar items, reducing lost sales and meeting customer expectations. The capability to seamlessly ship to the store or directly to the customer from the mobile device adds a layer of convenience.

Enriching in-store exploration with price checker and 360 product view

Veras Extend’s Price Checker elevates the in-store experience, offering not just pricing details but an interactive touchscreen for shoppers. This empowers customers to explore products independently, providing a 360-degree view through rich product descriptions, images, and customer reviews. Additionally, shoppers gain visibility into all applicable promotions, accessories, and complementary items, delivering a holistic in-store experience that combines the best of brick-and-mortar and e-commerce.

Efficiency redefined with self-checkout

Veras Extend supports self-checkout, aligning with the preferences of 66 percent of shoppers who opt for self-service. This not only gives customers choice and speed but also enables retailers to maximize personnel productivity during off-peak hours. The utilization of floor space for driving more transactions ensures a seamless and efficient checkout experience.

customer experience application

Veras Extend: A comprehensive customer experience application for your retail business

In the era of elevated retail experiences, Veras Extend stands out as a comprehensive customer experience application, reshaping how retailers engage with and delight their customers at every touchpoint. Experience the future of retail with Veras Extend, where innovation meets customer-centricity. To know more, connect with our team today.

Categories
BLOG

Perfecting the retail connection with the Veras Retail application suite

happy-couple-is-walking-trough-supermarket-carrying-list-with-groceries-tablet-scaled

Perfecting the retail connection with the Veras Retail application suite

January 26 2024

A robust retail application suite has now become a cornerstone for success in the industry. Keeping this philosophy at heart, we created the Veras Retail suite, a comprehensive set of retail tools designed to perfect the retailer-customer connection at every touchpoint of the shopping journey.

At the core of our retail application suite is a commitment to enhancing customer experiences. From personalized product recommendations and promotions to empowering in-store associates to deliver enhanced services and ensuring efficient inventory management to seamless checkouts, we empower retailers to elevate their sales strategies and foster customer loyalty.

Veras Retail Application Suite- More than just advanced tools

But what sets us apart extends beyond these individual solutions. Retailers leveraging the Veras Retail Application Suite benefit from a specialized focus on industry nuances. Here’s how-

Tailored solutions for specific verticals: From fashion to footwear and home goods to electronics, we ensure that the features and functionality provided in our solutions are precisely attuned to the unique needs of each industry.

Omnichannel capabilities: Retailers can seamlessly manage their business across various channels, spanning brick-and-mortar stores, e-commerce platforms, and mobile devices. This holistic approach ensures a unified and cohesive customer experience regardless of the shopping avenue.

Integration capabilities: The system seamlessly integrates with other essential tools like accounting software, e-commerce platforms, and marketing automation tools, streamlining operations and enhancing efficiency. In addition to these, Veras POS boasts advanced features encompassing customer and employee management, promotions, and robust reporting and analytics. The Extend platform further augments this with capabilities for mobile services, self-checkout, and clienteling, providing a comprehensive solution for diverse retail needs.

Flexibility and scalability: The Veras Retail Application Suite offers not just tools but works as a partner that grows with the retailer. The system is designed to be flexible, allowing retailers to tailor solutions to their specific requirements, ensuring they can easily expand their system as their business flourishes.

male-hairdresser-using-digital-tablet-2-scaled

The Veras Retail Application Suite is designed to adapt to the ever-evolving trends of the industry and the ever-changing demands of the customers. With a strategic focus on every touch point of a shopping journey, this retail application ensures elevated services and experiences every single time. Built to create unparalleled customer connections and deliver retail success, our retail application suite truly helps retailers break new ground. Connect with us today to know more.

Veras Retail

2325 W Utopia Road
Phoenix AZ 85027, U.S.A.
+1 855 496 3832
info@verasretail.com

+1 855 496 3832

© 2024 Veras Retail All rights reserved.

Terms of Use  |  Privacy Policy