Revolutionising Retail – 5 optimizing ways that give superspeed to your retail checkouts

By Varun Tangri

Running a retail business is no mean feat. One has to have an efficient strategy in place, thorough market research, and the right location before taking off with the business. And then comes effective branding, marketing, and management, to take the venture to a point where it starts making a profit.

In addition to everything mentioned above, developing a smooth checkout process is equally relevant to achieve customer satisfaction. It serves as a big factor in ensuring the sustainable growth of an enterprise. It not only contributes to a positive brand image but also leads to organic word-of-mouth marketing.

Checkout is the very last stage in the shopping journey of a consumer, where they make the purchase and settle their bills. Business owners may often overlook this phase, but it might be a key moment for fostering a sense of loyalty among customers.

If you run a retail business and want to optimise your checkout experience, here are five ways to help you with that:

• Have a comprehensive list of inventory: The last thing any customer wants is to wait impatiently at the billing counter while the staff takes a long time sifting through an ill-managed inventory log. That’s one sure shot way of losing that customer. Having an effective inventory management system is a must. This would not only provide you with accurate data on your stock availability but also ensure that there are no delays in the billing process.
• Build an e-store option: For most businesses to run successfully today, online presence is a must. People are getting used to making purchases on phones sitting in the comfort of their homes. Having an online store can enhance customer experience by providing them with the option to add products to carts and checkout with a single click without the hassle of having to stand in queues. An e-store is also an effective platform to market and sell self-manufactured products. Thousands of homegrown brands today make sales solely online without a brick-and-mortar presence.
• Implement an omnichannel system: For streamlining the retail experience, it’s crucial, now more than ever, to have an omnichannel system to bring together several touchpoints for the consumer- for example, the physical store, the online store, multi-branch inventory, and the app (if available). This can give the customer the flexibility to choose their checkout method and the option to add products online while standing in the store, or vice-versa, without having to start their check-out process from scratch.
• Install an efficient POS system: The importance of having a reliable POS system cannot possibly be overstated. An efficient POS device or software ensures that transactions are carried out promptly and accurately, substantially reducing the waiting time at the checkout counter. Some systems also offer CRM features that can provide quick information and the purchase history of the customer, enhancing their engagement and retention. In addition, an advanced POS system today can also manage loyalty programs for a store- keeping track of rewards, discounts and incentives for each customer, making his her experience more personal.
• Staff training: Lastly, having a well organised system, from product display to checkout, will only work well as long as the workforce is properly trained. A confident and trained staff provides the much required human element crucial to any retail business. Retailers should opt for a versatile and easy to decipher point of sale terminal, that is easy for employees to understand, and offers a strong product support via multiple mediums. Equipped with these technologies and processes, the staff can provide required assistance during checkouts.

Today’s retail landscape is driven by changing customer expectations and market evolution. To keep up, having a seamless retail and checkout procedures has become a necessity. A business owner’s aim should be to increase revenue, build brand reputation and foster long lasting relationships with consumers. In this never ending pursuit, optimisation is important, which will happen by embracing new technologies. Innovative tools and services available in the market today should be taken full advantage of to reach operational excellence and new heights.

(The author is Varun Tangri, the visionary CEO and Founder of QueueBuster, and the views expressed in this article are his own)