The Health and Natural Product Retailer’s Guide to Leveraging Retail Technology
Evolution of Retail Technology
Retail technology has come a long way since the first cash register was invented in 1879. In the past few decades especially, retailers have learned that they must adapt to remain competitive and meet the expectation of a technologically savvy consumer. The technology tool that has revolutionized the retail experience is the point of sale (POS) system. No longer just a payment processor, quality POS systems are now all-inclusive hubs that allow store owners to track inventory, manage customer information, offer flexible promotions and loyalty programs, and streamline day-to-day business operations. These systems are a combination of both hardware and software that deliver a collection of problem-solving capabilities customized for your health and natural product business.
The point of sale has become a vital and valuable tool for:
Health and Natural Food POS Software
To stay competitive, health and natural product retailers need to adopt the essential technologies that allow them to work smarter while giving customers the experience they expect. The ideal point of sale software will allow you to run a more efficient business, saving you both time and money on a daily basis, in addition to building the customer relationships that help take your business to the next level.
Companies selling in the health and natural product industry need retail technology that will help:
- Build Trust in Your Brand
- Nurture Customer Loyalty
- Deploy Omnichannel Inventory Management
1. Build Trust in Your Brand to Win Market Share
Consumer trust in your brand is extremely hard to regain once it is lost. It is critical to be one step ahead of your shoppers, especially given consumer’s broad access to information today. To gain trust in your brand, health and natural foods stores need to offer transparency in what your consumers care about most. For example, your customers care about where their purchases come from. Ensure that your staff is educated on the origins and substances behind your products, and that you have adequate research to back any efficacy claims. If your store is stocked with reputable products, you will be able to distribute honest advertisements, claims, and promotions. This will also help differentiate you from your competition.
Additionally, retail technology should be used to empower your staff to provide a positive customer experience. If a customer has a negative experience they could lose trust in your brand. In fact, studies have found that 42% of Americans will completely stop shopping with a brand after just two bad experiences. To prevent this, use all available resources to present shoppers with the best experience possible. Some effective ways of using technology to meet consumer expectation include:
The presence of advanced retail technology, along with the quality and transparency of your products, will allow your health and natural food store to gain that highly sought-after level of consumer trust.
The Health and Natural Product Retailer’s Guide to Choosing a Point of Sale and Back Office Management System
2. Nurture Customer Loyalty
There are everlasting business benefits of turning your best customers into loyal customers. One of the major reasons to nurture loyalty is because loyal customers will spend an average of 67% more than new customers. Moreover, it costs 5 times more to attract one new customer than it does to retain an existing one. Shoppers are looking for brands that care, listen, and reward them for their business, so your health and natural product store should be aiming to exceed those expectations to gain loyalty.
Luckily, there is a multitude of ways to incentivize customers to return to your establishment. Retail technology will be able to make this process easier and more efficient for you. If you haven’t already, your company should implement a customer rewards program. These programs are designed to keep track of individual customer sales and reward them for their continued business. By using your POS as a tool, you can program coupons to be issued out during the checkout process, set up a points reward system, and offer customized gift cards.
Another benefit of POS loyalty programs is business visibility into customer buying trends. Data collected through your POS can be reported on, allowing you to identify targeted groups of individuals who are most likely to respond to a particular promotion. By implementing loyalty programs and promotions through your POS, you will be able to build strong relationships with your shoppers to keep them coming back.
Using retail technology to nurture customer loyalty will not only help you acquire repeat business and increase sales, but will also naturally attract new customers. If your current customers are pleased, they are more likely to talk positively about your business to their friends and family and increase your word-of-mouth referrals.
3. Deploy Omnichannel Inventory Management
Did you know that the average retailer only has 63% of inventory accuracy? With all of the different channel possibilities today, it’s more important than ever to make sure your health and natural product business is keeping up. Whether you have multiple business locations or just an online store in addition to your brick-and-mortar, retail technology should be used to keep your inventory organized and accurate. A few key benefits of a robust inventory management solution include:
Stocking out or having excess inventory are two things that should be avoided at all costs. Scientific and replenishment purchasing allows you to properly calculate how much inventory to order at what time. This information will give you more control, allow you to properly plan and strategize, and improve your vendor management.
To be efficient, health and natural product retailers need to give employees the proper retail technology tools to streamline processes and have more time to provide excellent customer service. Instead of wasting time searching and retrieving products manually, the optimal inventory management software will be able to automate the process. Additionally, a point of sale that integrates both front and back-of-house operations brings real-time visibility into what is selling and what’s not, enabling you to build strategies to maximize revenue from top-selling products and make better forecasts.
Having an accurate and efficient inventory system will give you the visibility needed for greater profitability. With the proper inventory turnover, your health and natural foods business will be able to improve cash flow, increase sales, and boost margins.
The bottom line is that inventory management is crucial for your business and should not be overlooked, especially in an omnichannel retail environment. Use retail technology to simplify the process and keep your inventory under your control.
Understanding Retail Technology
Technology is only getting more advanced, and instead of being hesitant about adopting new methods, natural health and product retailers need to think of technology as an ally to stay competitive. With all of the choices out there look for a service provider like Auto-Star, who understands your industry and can offer the right solutions to help your business grow. Contact Auto-Star to learn more about the POS solutions that will help your business thrive in the competitive health and natural product market, both now and in the future.