Month: November 2019

Theft and robberies can occur anywhere. That is to say, robberies can occur unexpectedly at any time. Therefore it is essential that retailers should keep enhancing their security plans and gadgets for theft protection. As a result, they shall be able to handle theft protection effectively. In this article, we shall acquaint retailers with helpful tips so that they can efficiently handle emergency theft and robbery situations.

Theft Protection requires Preventing Armed Robbers

Certainly, the best way to handle armed robbers is to try to prevent them in the first place. Robbers take the risk of theft because for them the outcome is quite beneficial. Therefore, by implementing ways that can increase the chances of being caught and decrease the possibility of profitable outcomes for them is effective. How can retailers implement it? Therefore, let’s see how we can implement theft protection strategies effectively.

For Theft Protection Retailers need to Be Aware & Vigilant

There are specific timings during the day when robberies take place. For example, these timings might include closing hours and intervals. In other words, closing hours are most crucial because that is the time when a large amount of cash is easily accessible. Further, lunch breaks and intervals are also significant because, during that time, people are either away or busy. That is the perfect time for theft to take place. Moreover, the holiday season is a major time that allows robberies to take place. In other words, the salespersons are busy due to large crowds. Moreover, cash is also in huge amounts. Therefore it is the ideal situation for robbers to break into the stores.

Therefore, retailers need to take preventive measures that help with theft protection. For example, they can take extra care at the opening and closing time of the store. That is to say, they can increase the number of employees and guards during the closing hours. Firstly, they can inspect any suspicious activities. Secondly, they need to ensure that nobody is hiding in the store when they close it.

Handling Cash Effectively

Certainly, robbers are in search of cash. Therefore retailers need to take such preventive measures that secure their cash. For example, retailers should avoid keeping extra amounts of money in stores. That is to say, they should keep the extra amount of money in the safe or somewhere else that is secure such as banks. Secondly, retailers need to be careful while going to the banks. That is to say, they can change their routes. Further, they can change their timings as well.

An effective way to avoid employee theft is to limit the POS system access of the employees to only necessary tasks. That is to say, retailers can use employee cards and pins, analyze and monitor cash details, etc.

Improve Store Visibility; a Theft Protection strategy

Improve the visibility of the entrance and exit areas for theft protection. Further retailers can make visible the checkout areas as well. Therefore retailers can prevent placing signs that block the view. Moreover, retailers can use cameras that monitor the activity of the entire store and consumers. As a result, it will help retailers view the areas of the store that otherwise are not visible. In addition, the implementation of good lighting is also mandatory because darkness and low lighting are one of the main causes of burglary and theft.         

How to behave if theft takes place in the Retail Store

In case the robbers have broken into the store, act calmly. That is to say, retailers should not resist. Robberies are mostly armed therefore do not take the risk of putting the lives of customers and employees in danger. Secondly, retailers should avoid making sudden movements because this can result in dangerous and life-threatening outcomes. Thirdly, retailers can activate security alarms if possible. Moreover, retailers or cashiers should not retaliate and instead give them the money. Certainly, it is difficult to remain composed at that time, but retailers need to notice the robbers. In other words, they should notify their physical appearance and the way they look.

Another important tip for theft protection is to inform the police as soon as the robbers leave the store. Further, inform the police of the time when the robbers have left the store. Moreover, provide them with the details of the robbers and their vehicle. Last of all, do not touch the things that the robbers have touched as this shall help the police detect the robbers.     

Flash Mob Robbery

Ever heard of the term? Well, it means robbers entering into a store in the form of a mob. Consequently, it becomes easier for them to intimidate the employees and gather the products as quickly as possible. Flash mobs can be really powerful because they are huge in numbers. Certainly, no one can handle and retaliate against large groups of people. Moreover, it also happens at times that the robbery is performed unnoticed.

How to handle Flash mob Robbery

Retailers need to inform the law authorities as soon as they see large groups of people close to their store or even at other places. Social media can also be another way to detect these activities. That is to say, be aware when someone mentions the name of your retail store. Retailers should ensure that their employees are everywhere in the store. Further, they should be vigilant and alert. But, do not fight back and indulge in violence because this will result in negative and harmful situations. Instead, the customers, as well as the employees, should stay quiet and to one side of the store.

Conclusion

Certainly, it is not an ideal situation and no one wants to face theft in their stores. However, retailers should be prepared for such situations because they can occur anywhere anytime. If retailers face such a situation, they would certainly not want to be caught unprepared and unequipped. Therefore, retailers need to be active, vigilant and well prepared for such situations.   

One of the most effective ways that impact the in-store experience is retail customer service. That is to say, the way the brand treats its customers directly impacts the sales. In other words, the brand’s name and reputation greatly depend on the way the retail customer service that the company delivers. Therefore when it comes to dealing with customers, the retailers and their employees are entirely responsible for it. That is to say, it is in the hands of the retailers to either increase their customers or make their already existing customers loyal and long-lasting. Therefore, retailers should try their best to implement ways that enhance the retail customer service.

How to Enhance Retail Customer Service

In this article, we shall discuss the ways that shall help retailers enhance their retail customer service.  

Effective Retail Customer Service requires Acknowledging Customers

Certainly, it is the retailers’ duty that the customers should leave the store satisfied and delighted. Further retailer must appreciate their frequent customers because they are the ones who give the most profit to the company. Therefore not commending and warmly welcoming them would be irresponsible and irrational on the part of retailers. Therefore retailers should let their regular customers know how grateful and delighted they are to receive them again.

What retailers can do to serve customers better is to save their details. That is to say, they should invest in such technology that helps them enhance customer service. For example, CRM systems, POS Systems, etc. These are the technological gadgets that help secure the customers information such as name, contact details, history of their purchase, etc. As a result, retailers will be able to use these details for their benefit. That is to say, retailers will utilize this information to deal with customers more efficiently. Further retailers can send thank you notes to their customers and acknowledge them for their purchase.

Educate Customers to implement better Retail Customer Service

Upselling is another effective customer service way. However, generally, it is believed that it is not a useful technique. However, if it is used effectively, it is very beneficial. In other words, if the employees educate the customers before they purchase the product, it not only results in better sales but also customer satisfaction and delight. Therefore retailers should train their associates to upsell and cross in the right and most effective way. In other words, they should attend each customer with full attention and see which customers demand help. As a result, they can upsell and cross products. Moreover, it should not simply mean that the salesperson is promoting their product. In fact, the employee should make sure that their aim is to educate the customers and not promote the product.     

Greet & Welcome Retail Customers Politely

Customer service begins as soon as the customers enter the store. Therefore retailers should begin their customer service by greeting their customers right there. That is to say, they should welcome their customers warmly and politely. In other words, if the salesperson selects their greeting words wisely, it can do great wonders for the customers. For example, the salesperson can offer to relax the customers by taking their shopping bags and placing them on the counter. As a result, customers will feel special. Therefore retailers can practice new and effective greeting messages for their customers and start implementing them in their store.

Help Retail Customers beyond Shopping

The customers can be moody at times. That is to say, they may be facing a rough day. Therefore employees can try to cheer them up in case they find someone down and low. This does not mean doing something great. In short, it means simply giving customers a smile. Moreover, retailers can crack jokes or cheer them up in some way. Not all customers are the same. Therefore it depends on the customer to customer as to how they need help apart from shopping. For example, they can help customers in attending their children while they shop freely.      

Effective Retail Customer Service can get affected due to Stock Out Situations

The salesperson can deal with the stock out situations successfully if they know how to manage the situation effectively. Therefore retailers should have a backup plan for the stock-outs. That is to say, if customers ask for a product that is unavailable, the salesperson should not discourage them by simply informing them about the unavailability of the product. Instead, they should give them a substitute option that is better and more useful. As a result, retailers will not lose their sales and customers disappointed. Also, in case of an online store, retailers can check with other stores. Further, they can check the warehouse for the product and then ship it to them at their location.

Conclusion

By effective retail customer service, we mean meeting the demands of the customers in time. However, the retail customer service involves several other factors, depending mainly on the customers and their demands and temperament. In short, the salespersons should receive the customers warmly and fulfill their demands and needs. Consequently, it makes customers happy and satisfied. As a result, they are pleased with the brand and ensure to stay loyal with it.

Retail recruitment is an essential part of the retail business. Whether it is the holiday season or busy hours; retailers are always in need to hire retail employees. In other words, it is a part of retailers business that they have to keep recruiting employees. Further, there are times in retail, when retailers are in need of hiring new retail employees. Therefore the process of hiring can become massive at time. Moreover, during the retail recruitment, if the employees hired are not competent enough, it is damaging to the business and effects sales.        

During retail recruitment, one of the biggest challenges that retailers have to face is finding competent retail employees. Certainly people view retail jobs as the first step towards achieving better opportunities. Therefore it is very difficult to find employees that are not just proficient but also sincere to the company.

“Nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies.”

–Lawrence Bossidy

However, there are employees that immensely help retailers with their competence and behavior. Therefore retailers need to find the most competent retail employees during the retail recruitment process. In other words, these employees should be such who should not turn around and leave the job soon after being hired.

Which factors should Retailers keep in mind during Retail Recruitment?

Effective Retail Recruitment should Offer full time jobs to Employees  

If retailers want to hire employees for long terms, they should offer them to work for more hours. In other words, the employees that are offered part time jobs eventually look for other jobs that offer more working hours. As a result, of offering them more working hours, employees are also offered more money. In addition, the employees who work as a part job employees are already working at other places. This consequently makes it difficult for retailers to receive their service at its fullest. In other words, their attention will shift because they will have other things in mind as well.  

Hire Fresh & Easily adaptable Employees during Retail Recruitment

Retailers might think that if they hire the employees who have left their competitors is effective. But, this is not the case. Although it seems ideal, but these employees are not trained to work according to the competitors way because that is the very reason that they are no more working in the competitors company. Therefore it is better that during the retail recruitment. Retailers should hire employees that are fresh and new as compared to the ones who have already worked with the retailers’ competitors. The key to hiring employees is their skills and ability to learn rather than experience.

Practically Analyze the Employees

Interviews are an effective way to judge the competence of the employees. However, during retail recruitment, retailers should make sure that they see how the employees interact with people. In other words, retailers should see how these employees deal with various store and customer situations. As a result, it will give retailers enough idea during retail recruitment about how competent the employees are.  

People Skills are essential in Retail Recruitment

Certainly in retail, people skills are the most significant. Therefore, it is essential that retailers should hire employees that know the art of dealing with people. Moreover, the employees should be great team players. In addition, they should be able to deal with people on daily basis and tackle customer situations of all types.  

Do not be Abrupt during Retail Recruitment Process

No matter if the retailers think that they have founded the right employee that they were in need of, they should not hire instantly. That is to say, they should still take time to interview others because they might find someone better and more qualified.   

Promote the company policies in case of Competent Employees

If retailers have found the employees that they were looking for, they should promote the company’s policies to them. That is to say, company benefits, company atmosphere and history. In other words, it is difficult to find the right and competent employees, therefore once found they should not be let go.  

To conclude, competent Store employees are very beneficial for the success of business. That is to say, a store that has the right and proficient retail employees can be way more successful than the ones who have incompetent employees. Competency also includes that the employees should be well educated in technology and retail gadgets such as Autonomous shopping carts, Point of sale system etc. however, even if the customers are not well acquainted with the retail technology it is not that much of a big deal. That is to say, retailers can train them if employees are proficient and open to learning.     

Retail signage is the first impression of the store on the customers. That is to say, it is the first thing that grabs the customers’ attention. Retail Signage is the main factor that allows customers to visit the store. However, if the retail signage’s is inappropriate, it can become a reason to lose customers. In other words, unsuitable signage will lead to confusion among the customers. As a result, it will lead to a decrease in sales. Therefore to draw customers easily to the store and to direct the new customers towards the store, retailers need to be proficient when it comes to retail signage.

Drive Store Traffic through Retail Signage

In this article, we shall talk about the ways through which shop owners can design and implement effective retail signage.

Retail Signage should be Clear & Visible

One of the most important factors when it comes to retail signage is its clarity. In other words, the customers should be able to view clearly what the store is about and what the signage says. If the signage is not clear, the whole point of drawing customers to the store will lose its meaning. Therefore, create the signage in a way that is visible and attractive. On the other hand, small-sized signage boards and small fonts are unattractive. Further, they lose the interest of the consumers.

Entrepreneurs should keep their customers in mind while planning their retail signage. For example, customers might view signage while driving. On the other hand, they might view it while walking past it. Further, the passersby may be facing eyesight issues. Therefore, by keeping in mind the convenience of all customers; entrepreneurs should create their signage boards.

Appropriate Retail Signage

Retail signage has a purpose for sure. Therefore, creating retail signage based on that purpose is essential. Consequently, entrepreneurs will be able to make the right investments.

Outdoor Retail Signage

Firstly entrepreneurs can focus on outdoor retail signage. As mentioned above, the outdoor signage creates the first impression on the customers. Therefore it needs to be attractive so that it captures the customers’ attention. Further, it should make visible the brand’s logo. Moreover, it should also give a basic idea of the store’s inventory. As a result, retailers shall be able to know what the store offers. Another significant tip is to change the signage quite often because it is refreshing and new for the customers.         

Directional Retail Signage

Secondly, entrepreneurs need to focus on directional signage. In short, these are indoor signs that direct the customers towards certain areas of the store. In other words, the directional signage; if clearly visible, leads the customers into the store. Consequently, it will help save consumers time.

Promotional Retail Signage

Thirdly there is promotional signage. This is used to promote products and sales. Therefore, they should be witty and striking. If not that experienced, store owners should conduct research on it and then plan their promotional signage. As a result of the research, they can implement it using their own style and way. Further, promotional signage should provide clear information about the products being offered. But, they should not also be lengthy descriptions that lose the interest of the customers. Moreover, promotional signage should also be changed frequently.

Digital Retail Signages

Another type of signage’s is digital signage. This allows entrepreneurs to personalize their message. In other words, they can keep changing their messages according to the situation. Digital signage is very important when it comes to dealing with modern consumers. Another benefit of digital signage is that the message is changed easily according to customer needs.

Placement of the Retail Signage

There are certain places in the store where customers expect signage. In other words, while implementing the sign ages in the store, retailers should know well the areas of the store that require signage. For example, keep in mind that the eye level for people is different; children, adults, and people of different heights. Therefore while implementing signage; retailers should know well where to place them. Further, they should also keep in mind the functionality of the sign ages and should place them accordingly.     

Retail Signages should be Concise & to the Point

Retailers should not keep their Signage boards lengthy and complex. In other words, messages on the signage should be conveyed in minimum words. Further, shop owners should not bombard customers with excessive signage. That is to say, they should be adequate and short. Further, store owners need to keep in mind that the text on the signage board should not be in caps. In short, this is disrespectful for the customers because it seems impolite and rude.       

Conclusion

To sum up, these above-mentioned tips shall greatly help retailers and shop owners drive store traffic and increase their customer growth. Retail signage holds great significance for the in-store customer experience. In other words, it can either increase or decrease the number of customers. Hence the shop owners should make each sign ages noticeable, concise and on point.

Another effective and helpful way that helps enhance customer experience is having a good POS. It solves many issues. As a result, this will help save the customers time and provide them with effective customer service.    

There are several factors that lead to a customer’s decision to buy a certain product. Further, it also depends on the recommendations that their relatives give to them regarding retails stores. In addition, customers also do a lot of research before visiting a store and buying a certain product. In today’s modern world, customers buy online as well. Therefore it is the internet and not the salesperson that enhances their sale experience. Therefore, while customers research for a product online, they come across either positive feedback or negative feedback on the internet. That is to say, if the product or the brand receives positive feedback it is great for the company name. However, if the business ha negative feedback, it is harmful to the business. In other words, the prospective customers will choose the competitors that might have positive feedback.     

Why is it essential to get Positive Feedback?

Certainly, as mentioned above, because of e-commerce, people highly regard the feedback of other customers. In other words, it affects their sale decision. Further, it is due to these reviews that the customers are able to gather the information they are looking for. Therefore customers are convinced to buy the product when they see positive feedback on the product they intend to buy.

How to get Positive Feedback?

Below, we shall discuss the strategies that shall help retailers receive positive feedback for the retail store.  

Receive Positive Feedback by asking the Customers at the Right Time

If retailers want to receive feedback, they will have to ask their customers. Further, customers are willing to give feedback. In other words, there are quite a few customers who would deny the retailer’s or the salesperson’s request to give feedback. However, the key is to ask the customers for feedback at the right time. As a result, the retailer will receive positive feedback from their customers. That is to say, retailers need to understand when the right time is to get positive feedback from their customers.

By the right time we mean, when the customer is convinced and satisfied with the employee’s service of a product that they have used. Secondly, when they have reordered some items. Thirdly, when they recommend other people to the store. Moreover, when customers promote the brand on social media for example tag the brand. Therefore retailers should very politely ask the customers for their review.

Certainly, a POS System can help retailers get the feedback from their customers. In other words, retailers can automate the customized feedback emails for their regular customers on their POS Systems. As a result, it can greatly benefit the retailers from getting feedback from their customers without extra effort.

Feedback process should be Simple & Convenient for Customers

Secondly, retailers should make the reviewing process simple for the customers. That is to say, customers will not be willing to give feedback if the reviewing process is difficult and requires effort. In other words, retailers will give reviews if the review option is easily accessible to them. Therefore what retailers can do is, add a section on their website that is easily accessible to their customers. For example, offering to give reviews through the star system is quite convenient for the customers. Moreover, retailers can add links in their emails to the customers that shall directly take them to the link.             

Receive Positive feedback other than your own Website

The website should not be the only place for feedbacks. That is to say, retailers should submit their review forms on the third-party sites as well. In other words, there are many sites that offer positive feedback from customers. Therefore once retailers have registered themselves on these websites, they should take the reviews from the visitors. Moreover, for the in-store experience, retailers can implement signage that invites them to review their site online.

Offering Rewards leads to Positive Feedback

The customer’s time is valuable. Therefore it is a good option to give them rewards for giving reviews. Because of the rewards, they shall be convinced to give positive feedback to the store. Therefore, retailers can offer them discount cards as a result of their feedback to the store. Further, retailers can reward one of the customers from the list of all those who gave reviews. However, retailers should not but fake positive reviews because it is nonprofessional and unethical.  

Conclusion

To conclude, once retailers receive positive feedback, they should share them. Moreover, the businesses that have positive feedback have more chances of sales as compared to the ones who receive negative feedback. Consequently, it helps build trust and is essential for business growth. That is to say, feedback, in general, helps us improve and prosper.

“We all need people who will give us feedback. That’s how we improve.”

—Bill Gates

POS Terminal Forecast 2020-2025 based on Market Statistics

Based on Arizton’s recent research report, rapid growth will occur in the POS Terminal Market. To clarify, the estimated growth rate of the POS Terminal Market, in the period of 2020-2025 is at a CAGR of over 8%.

Demand for POS Terminal

The global POS terminal market is rapidly growing. Further, the demand for POS payment terminals is also increasing immensely in countries like the US, China, and India. To clarify, due to the flourishing retail industry, retailers are in need of POS payment terminals and mPOS terminals. Further, the popularity and immense sale of these products are due to the high demand for POS features in Asia-Pacific countries. In addition, the estimated growth rate of the mPOS terminal market, in the period of 2020-2025 is at a CAGR of over 9%.

Urbanization expects enhanced POS Terminal Features

Enhanced features and further inventions are expected in transactions, payment technology, and security technologies. Therefore, advanced and modernistic features are expected to be welcomed by the retail market with open arms during the estimated time period (2020-2025). However, according to Arizton, a very significant reason for the popularity of the POS terminal among merchants is Urbanization. In other words, urbanization certainly leads to better job opportunities and living standards. This consequently enhances the per capita disposable income. As a result of the change of lifestyle, consumers are willing to spend more. Further, people and retailers are interested in the latest gadgets and technologies. As a result, it has become essential for retailers and store owners to facilitate consumers with well-advanced technology and convenience.       

POS Terminal Product Popularity

According to Arizton statistics, fixed or hardware POS systems have been doing immensely well over the past years. This is due to the increase in stores in general. Further, the increase in per capita income and consumer behavior leads to increased growth. Moreover, advanced POS features such as inventory management and loyalty programs are another cause of the fixed POS terminal being well received and in demand. In addition, the POS is highly popular among restaurants and retail stores because of its notable and distinctive features. People also prefer cashless transactions and mobile payment transactions. Because of this, mPOS’s popularity is increasing. This popularity is expected to grow further by 75% during the estimated time period.     

EMV based Point of Sale; the highest growth rate in the terminal market

Arizton states the EMV point of sale is expected to have the highest growth rate during the estimated period in the POS Terminal market. Further, this EMV facility guarantees security which makes the probability of consumers depending on it more and benefiting from it at its fullest. India; an emerging market is on the go to implementing EMV cards. In addition, the Reserve bank of India has replaced the simple cards with the EMV cards, hence, including the demand for it as well. Moreover, the developed countries have already adopted the EMV cards; Canada and the US are on the top.

However, the non-EMV system of cards is fading out especially in developed countries. That is to say, these chip-based cards are becoming a regular part of the system of the developed countries. For example, the US has demanded the use of EMV cards in their state.  

NFC POS Terminals

NFC POS terminals are also gaining immense popularity. The Internet has recently been a setback therefore the NFC is immensely increasing. As a result, NFC systems are also increasing. The market has shown huge progression with regards to the NFC POS terminals and has an estimated record of 58 million sales. China, Turkey, and Brazil are amongst the major countries that are adopting the NFS ready POS terminals. However, the non-NFC POS terminals are also in use because of its popularity in shopping malls. Further, these devices are gradually evolving in the developing countries because these countries are slow in taking on the NFC technology.                 

End-user Insights

Certainly, the retail sector is adopting the Mpos system rapidly. Because of the digital payment solutions, the APAC countries are experiencing a digital transformation. Firstly, demonetization in India has played a significant role in the adoption of credit and debit cards. Secondly, the advanced POS and payment systems in the market have also led to the use of credit cards more as it offers convenience. Thirdly, restaurants are also vast users of POS systems. That is to say, advanced systems naturally provide good customer experience and simplify business proceedings.    

Food Industry; A Prospective user of POS terminal

According to the Arizton statistics, the immense increase in the food and restaurant industry in the APAC countries is one of the major industries that will demand POS terminal. That is to say, the inventory tracking feature of the POS system is highly beneficial and helpful. Further, there are POS features that facilitate the industries and businesses immensely. Therefore, the POS system shall do immensely well in APAC countries.

POS Terminals Insights by Geography

As mentioned above, the APAC countries are the largest users of credit and debit cards. China is the fastest-growing country in terms of financial cards, succeeded by India. However, credit and debit cards will grow in the near future. Therefore the rapid transformation in these countries will lead to growth in the market. Banks are also encouraging credit/debit card users as they offer discounts on their usage.

Further, the use of cards through POS is increasing due to the significance of the E-Commerce sector today. The Mpos variant is influencing the European POS market. That is to say, payments through digital cards are huge in Europe. However, “the awareness of Point of Sale products in countries such as the UAE and Saudi Arabia is likely to influence the market.” On the other hand, The Middle East and African countries use cash as a payment method, but with the awareness, they have gradually been advancing and shifting to move advanced payment methods.