Staying Current To Meet Changing Retail Technology Needs

Who knew that a retailer’s once-valuable and suitable point-of-sale system would become as useless as an old, antiquated typewriter? And then curse the day they got it? It happens. And worse, it keeps them operating at lower standards than other retailers who have stepped up to better technology.

Technology always changes the way we work and the way our business works. It isn’t just about performing our business functions better either.
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It’s also about servicing the needs of our customers better. And it takes today’s retail technology advances to help achieve this because it didn’t exist cohesively before.

So, chances are, you need to change your current system.

In a recent retail chains study by Retail Technologies Inc., it was found that 52% of mid-sized retailers stated that one of their biggest challenges was keeping up with changing new technology; 46% of larger retailers also faced issues trying to keep up with technology changes.

Alicia Kreisberg, Chief Operating Officer and co-owner of One Step Data, states, “In the computer software and hardware industry, developments move at an exponential rate, with software/hardware life expectancies averaging only 2-4 years.”

The retail service and technology provider company’s primary objective, according to Kreisberg, is to ensure the success of their customers. “One of the things that will ensure you get the best results is staying current with the latest system advancements. You don’t want the very thing that is helping make your business more profitable to keep you from further expansion.”

Keeping up with changing retail technology is a costly investment, as retailers need to have current technology stay current. There is often lack of flexibility to implement new changes, and usually it is very time-intensive to integrate the new technology so everything works. And, need I mention the difficulties training employees on a new system?

These sound like daunting problems, but what many retailers haven’t realized yet is that it is costing them more money to keep their antiquated systems than it is to get a new system that is flexible enough to meet their needs and growth.

In the way that we try to optimize and streamline our company’s response to a situation at hand physically, we should focus on doing the same with the technology we choose. By automating retail processes, it streamlines retail operations and leads to:

* Smarter business decisions

* Better inventory control

* Minimize retail fraud

* Customer loyalty

* Increased profits

Now, these are not just nice things to have – they are vital to our growth potential.

This leads us back to the question at hand: Does your system grow as you grow?

If you know you need to change and are ready to take the leap, there’s something else you need to know: you probably need help.

Retailers can encounter many problems as they attempt to research or introduce new software technology if they attempt to do this on their own. Lack of awareness of the various retail software options is one of the larger barriers to changing to a new system.

All too often retail software’s apparent complexities lead retailers toward generic or “off the shelf” systems that won’t meet their needs. Even many accounting firms and software houses don’t have full knowledge of retailing, and therefore not qualified enough to recommend the right technology solution.

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