Tag: Retail

Needless to say, the retail industry faced monumental changes during 2020. Many brick-and-mortar locations closed their doors, and omnichannel retailing and health and safety quickly became the focus of the industry. As we enter 2021 and the world continues to slowly reopen and move further into the “new normal,” what technology for retail stores can be expected to make a splash in the industry? Read on to find out.

Online Ordering / eCommerce

It comes as no surprise that online ordering will continue to be pivotal to retailers around the globe. In fact, 69% of Americans have shopped online and that percentage is expected to hit 91% by 2023. And did you know that shopping app downloads reached 2.8 million on Black Friday 2020, a new single-day record?

As shoppers everywhere continue to enjoy the convenience and extra level of safety that comes with placing their orders online, it’s more critical than ever for online ordering software to be an important piece of technology for retail stores. Some online ordering features retailers should look for in a POS application include:

• Secure payment technology, automatic tax calculation, automatic carrier shipping rates
• Customer account creation and customer profile abilities
• Inventory management
• Sales analytics
• Web and mobile applications
• Professional, attractive online store layouts that are easy-to-brand
• Marketing tools like social media integration and search engine optimization
• And more

Equally important to having the right eCommerce software is having the right eCommerce hardware. Using a POS printer like the mC-Print3 with CloudPRNT technology can greatly streamline omnichannel retail operations. CloudPRNT technology enables printing directly through a cloud service by working with the online ordering service to store and create print jobs and communicate status with the printer. This seamless online order fetching makes it so that retailers can automatically receive online orders without the need for an additional tablet, software, or SSL certificate. And better yet, the mC-Print3 features USB hub functionality, allowing for connecting peripherals like cash drawers, customer displays, scanners, and more. There’s no reason for omnichannel retailing to cause complicated logistics for business owners!

Buy-Online-Pickup-in-Store (BOPIS)

Another retail trend related to eCommerce is buy-online-pickup-in-store (BOPIS). While the same POS software mentioned above can likely field BOPIS orders, the technology that retail stores may need for BOPIS may be slightly different.

While many online orders are paid for by credit card, retailers may still experience some shoppers who wish to pay with cash. In that case, a space-saving, all-in-one POS featuring a small cash drawer – like the Star Micronics mPOP™ – may be ideal. A thermal printer (like the Star Micronics TSP654IISK) capable of printing linerless labels – which are repositionable, residue-free, and can improve order accuracy up to 99% – may also be helpful in preparing BOPIS orders for customer pickup. Last but not least, if a store is offering curbside payments, portable receipt printers with magnetic stripe readers (MSR) can allow employees to complete transactions at the customer’s car, eliminating the need to run back inside and ultimately saving the business time and money.

Did you know that 85% of shoppers said they have made additional in-store purchases while visiting stores to pick up their BOPIS orders, and 15% of them say they make those additional purchases “somewhat frequently?” Because of that, it is worth noting that if a retailer experiences a high volume of BOPIS orders, it may be useful to invest in a higher-volume cash management solution. Star Micronics proudly offers three lines of cash drawers with a variety of features, sizes, and price points, to meet any retailer’s cash management needs.

Health and Safety Products

While recent events have undoubtedly expanded the eCommerce market, brick-and-mortar is here to stay. In fact, according to Tinuiti,

“Last year, real estate experts predicted that digitally native brands would open 850 brick-and-mortar stores in the next 5 years, with New York being the most popular destination. And while the COVID-19 pandemic has undoubtedly slowed the openings of new brick-and-mortar stores, we’re still seeing offline experiences from previously online-only brands, and will continue to in 2021.” 

While physical retail locations will remain, so will health concerns. Businesses can put their employees’ and customers’ minds at ease by deploying the right health- and safety-focused technology for retail stores. One tool is a sneeze guard, or a plexiglass divider placed at the point of sale to limit the spread of germs. Not all sneeze guards are the same, and retailers may find a lightweight, portable guard (like the Star Micronics POSShield) that doesn’t require any drilling or mounting is a more convenient choice for both their short-term and long-term needs.

Another simple yet effective health and safety tool is antimicrobial covers. This film, which is safe to use and easy to apply, reduces germ transfer on high-touch surfaces like door handles and push bars, checkout counters, restroom surfaces, elevator buttons, and more. Antimicrobial covers can help build consumer confidence in a retailer, as the film is printed with an eye-catching message conveying that it limits the spread of germs. This message lets customers know the store is doing what it can to protect the public health.

Augmented Reality (AR)

Purchasing products online isn’t the only web-based tool making a splash in the retail industry. A Nielsen survey has revealed that consumers listed augmented and virtual reality as the top technologies they’re seeking to assist them in their daily lives, with 51% saying they would be willing to use AR to evaluate products.

And AR isn’t just for big name brands. In 2020, Shopify launched Shopify AR, a toolkit for small- and medium-sized businesses to create immersive AR experiences showcasing realistic and interactive versions of products to shoppers. AR helps shoppers get a better understanding of a product’s size, scale, and details, and apparently digitally “trying it on” works – Shopify reported that interactions with products having AR content experienced a 94% higher conversion rate than products without AR.

For eCommerce, brick-and-mortar, and everything in between, Star Micronics proudly offers a complete range of POS technology for retail stores.

Nearly one year ago, no one was sure how the new COVID-19 pandemic would impact retail. Seemingly quickly, shops closed their physical doors and the country began to stay at home. Over the months to follow trends emerged and the market changed in ways that now make it an enticing time to start a business. There are four major reasons why it’s a great time to open a retail store. Read on to discover how 2021 provides great opportunities to open a retail store, and create a strong business plan withstrongtechnology you need both during the remainder of the pandemic, and for post-pandemic retail.

1. Low-Interest Loans

If you are considering opening a retail store and purchasing a commercial space, now might be the perfect time to do so. Why? One result of the pandemic is that real estate loan interest rates have dropped significantly. According to ValuePenguin.com,

“Currently, the average interest rate on a commercial real estate loan is about 3% to 12%. The actual interest rate you secure on a loan depends on the type of loan you choose, your qualifications as a borrower, and the type of building or project you’re financing.”

Additionally, according to investment management firm Colliers International Group Inc., in 2021 investors expect to see pricing discounts of over 20% on retail and hospitality real estate, presenting a valuable, cost-efficient opportunity to repurpose these vacant storefronts.

Securing a commercial real estate loan comes with many benefits, including the ability to build equity and make the most of additional tax benefits. But what kind of loan is best for your needs? The various commercial loans available today offer different terms, rates, and uses. Click here to read more about different commercial loan options on the market.

2. Affordable Leases

Looking to lease, not buy, a retail space? It’s still a great time to open a store.

Due to the pandemic, commercial landlords have been providing rent relief in many ways to its retail tenants. Some examples of this include granting concessions on lease payments, lengthening payment terms, extending or shortening leases, permanently lowering rents, and forgiving past-due payments, according to The Wall Street Journal.

Another alternative some commercial landlords have been offering a turnover rent model to its tenants. According to Retail Gazette,

“Turnover rent is calculated by reference to the income and other receivables generated at the leased property – usually it’s an agreed percentage of turnover. Because turnover-based rents are closely aligned to individual stores’ performance, it arguably creates a symbiotic relationship between landlord and retail tenant. During a successful sales period, both parties benefit, but less favorable times can create an incentive to seek improvements.”

It’s important to commercial landlords to agree to providing rent relief so that they can avoid their occupancy rates from decreasing during the pandemic. While making concessions is not ideal to landlords, it is better than their tenants leaving all together. Because of that, it can be an affordable time to open a store, whether you are expanding an existing retail franchise or starting a new brick-and-mortar business.

3. Business-Boosting Omnichannel Technology

So, you may be wondering how to open a retail store and survive in the current market. One essential way to boost your business is to leverage omnichannel retailing, or the seamless merging of physical and digital storefronts.

Incorporating e-commerce into your business plan was important before COVID-19 rattled the world, but due to lockdown requirements and the hesitancy some currently have to shop in physical stores, it’s simply a must in the current retail landscape. By embracing both brick-and-mortar and e-commerce, you can increase your store’s visibility. Some other benefits of omnichannel retail include:

• Improving sales
• Higher margins
• Building brands
• Better data collection
• Increased staff productivity

Taking advantage of all that omnichannel retail has to offer requires the right technology. First, you must be sure that you use POS software that facilitates both in-person and online shoppers. Some features to look for in a POS software include a white-labeled online shopping platform, curbside pickup and buy-online-pickup-in-store (BOPIS) functionality, multi-store inventory management, detailed reporting, and marketing capabilities.

Equally important is choosing POS hardware that works with your chosen modern POS software. It’s a good idea to confirm that all of your POS hardware – including your receipt and label printers, cash drawers, and more – are compatible with your software. An easy way to ensure that is to choose a POS hardware manufacturer that is a one-stop shop that can provide a full retail POS hardware solution and is integrated with the industry’s top retail POS applications. Another must-have is online order printing capabilities.

While e-commerce is important, the aesthetics of your brick-and-mortar location is still crucial. Choose POS hardware that is sleek and compact, like the Star Micronics all-in-one mPOP™ that combines a printer, cash drawer, scanner, and tablet stand. It’s also essential to protect both your staff and customers, so don’t forget to install sneeze guards and antimicrobial film on commonly touched surfaces.

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4. Brick-and Mortar is Here to Stay

Yes, really. The pandemic has shown people do indeed value going out and visiting brick-and-mortar retail locations. According to The New York Times, consumers still like to shop in person, even if that only entails picking up their orders curbside. Furthermore,

“The popularity of curbside pickup reveals that the future of retail is not just more packages piling up on people’s doorsteps. Beyond satisfying the need for contactless shopping in the pandemic, it taps into Americans’ desire to drive to a store, a pull that can be just as strong as, or even stronger than, the convenience of home delivery.

‘Americans are used to their cars and actually do like stores, so this is kind of a hybrid where you’re getting the best of both worlds,’ said Oliver Chen, a retail analyst at Cowen.”

For those shoppers that do enter the store to browse or pick up their BOPIS orders, it’s important to keep your store safe by social distancing, wearing masks, and using equipment like sneeze guards and antimicrobial film covers, and embrace omnichannel retail technologies.

While the retail landscape certainly looks different now, it’s still a great time to open a store and with the right technology, you have a great chance for success.

Is it time for you to open a retail store?

Discover Star Micronics’ full POS solution for retailers like you.

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If you could summarize the hottest retail technology trends from 2020, contactless solutions would undoubtedly make the list. Between the fact that retail technology is constantly advancing, and the COVID-19 pandemic that rocked the world earlier this year, contactless solutions will simply be indispensable for retailers in 2021. Read on to learn more about what exactly contactless solutions are, the importance of going contactless, and how to get started with contactless solutions so that you can not only keep up, but stand out, from your competition in the new year and beyond.

What are Contactless Solutions?

Simply put, contactless solutions are retail solutions that don’t require shoppers to come in contact with other people or any public surfaces, where viruses and germs can lurk. Two popular contactless solutions – especially in the new normal – are contactless payments and contactless fulfillment.

Contactless Payments

Contactless payments, which as a retailer you have surely seen, are payments that are made through EMV cards or smart devices like smartphones and smartwatches.

According to Investopedia,

Contactless payment is a secure method for consumers to purchase products or services using a debit, credit, or smartcard—also known as a chip card—by using RFID technology or near-field communication (NFC).

To make a contactless payment, tap your card near a point-of-sale terminal that is equipped with the contactless payment technology. Since contactless payments do not require a signature or a personal identification number (PIN), transaction sizes on cards are limited. The allowable amount for a contactless transaction varies by country and by the bank.

Contactless payment is also referred to as tap-and-go by some banks and retailers. Examples of non-credit or debit card contactless payments include transit cards, Apple Pay, Android Pay, and Google Wallet.

When it comes time for customers to pay, they simply hold their card, smartphone, or smartwatch one to two inches from the contactless symbol on the payment terminal. When the payment has been accepted, the terminal will alert the customer with a beep, green light, or checkmark.

Contactless Fulfillment

Another common contactless solution is contactless fulfillment. For shoppers that would rather not shop in a brick-and-mortar location, contactless fulfillment solutions include curbside pickup and several online ordering options like traditional delivery and BOPIS (buy online, pick up in store). These solutions allow customers to safely receive their orders when and where they want, something that became highly demanded during COVID-19 and will likely continue to remain popular.

The Importance of Going Contactless

Maybe you already implemented some contactless solutions in 2020 or previous years, but in 2021 it will be crucial for you as a retailer to fully leverage these technologies and processes. As the world moves even further into its new normal, consumers will continue to seek shopping methods that minimize how much contact they have with other people and mitigate their risk of contamination.

Contactless payments have been around for some time and are already very popular globally – approximately 20% of all transactions in Australia, Canada, South Korea, and the United Kingdom are completed with contactless technology. The contactless payment trend is present in the United States, too. TD Bank saw a surge in contactless payments following the onset of COVID-19, and it’s likely that shoppers will continue to pay for their orders in this quick and easy way well after the pandemic ends.

Contactless fulfillment methods like delivery and curbside pickup/BOPIS, are also going to be a critical retail offering in 2021. According to Retail TouchPoints,

While the surge in contact-free pickup and delivery offerings has been tied to the current pandemic, it’s likely that their popularity will remain even after the crisis passes. Many retailers will need to figure out ways to incorporate these offerings on a regular basis while still keeping a tight rein on additional labor, operational and systems integration costs.

How to Get Started

Contactless payments can be surprisingly easy to roll out. Many banks offer contactless credit and debit cards, as well as the payment terminals that process contactless transactions. These terminals have a contactless payment symbol to show shoppers that contactless payment methods are accepted. To better communicate to your clientele that they may now make contactless payments, you may have your staff inform customers in person, communicate the update via social media or email marketing, place a sign at the point of sale, or promote the news on your receipts by using free receipt marketing software, like Star Micronics PromoPRNT.

When it comes to contactless order fulfillment, check in with your POS software provider to see if they offer online ordering and curbside pickup/BOPIS functionalities. To successfully roll these methods out, your POS hardware also matters. Be sure to use a receipt printer that comes with built-in online ordering technology, like the Star Micronics mC-Print3 that includes CloudPRNT technology which enables the printer to automatically fetch and print online orders without the need for an additional tablet in your store. Star Micronics printers are also integrated with many industry-leading retail POS software programs, meaning they are a truly an easy, one-stop shop solution for your retail store.

To wrap up, contactless solutions are already popular, and all signs indicate they will continue to be in 2021. While it may sound intimidating, it can be easy for retailers like you to adopt these solutions if you are working with the right, one-stop shop POS software and hardware companies. Keep your customers happy and safe, and stand out from competition for years to come, by adopting contactless solutions like contactless payments and contactless order fulfillment methods in the new year.

Star Micronics has full technology solutions to help prepare your retail store for 2021.

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