Are you an online entrepreneur? If so, today we’re bringing you the only guide you’ll need for POS systems and customer retention strategies. In this article, we’re going to be defining all of these terms and giving you some tips and tricks of the trade so that you’re ready to rock the e-commerce world!
If you’ve had an online business for years or you’re starting a new brand, the chances are that you know how hard it is to make revenue. It’s a struggle selling all the inventory each month, paying for expenses, etc. Online business management can also feel cold and impersonal.
You see a bunch of names scrolling past you on your screen, but you don’t know these people, and you’ve never seen their faces. How are you supposed to get them to trust you? Well, POS systems may be just the thing you need to build a loyal customer base that can get you through tough times.
Don’t Know What We’re Talking About?
Before we dive into this guide, we may have to define some terms. We’ll go one by one, so it’s easier.
Firstly, what are conversions? Well, when we talk about conversions in eCommerce, what we’re talking about is your conversion rate, which you can calculate by figuring out what percentage of the people who visit your website make a purchase. If your rate is high, then that’s awesome; good for you! But if it’s not what you want it to be then, it may be time to innovate.
Secondly, we’ll talk about a more complex term: customer retention. What does this mean? Are we suggesting that you hold your customers’ hostage? No such thing! Customer retention is essentially your store’s ability to not only acquire new customers but also to get them to become regulars and help you stay in business even in tough times.
Finally, let’s approach the most important term of them all: point for sale systems. Well, a point for sale system (or POS) is a system that gives points to your customers each time they make a purchase. The goal is to redeem a number of these points for discounts, limited products, and rewards.
Incorporating this system into your business will exponentially increase the level of trust and engagement with your products, as customers will want to buy more from your store to gain access to special offers and benefits. But what else can it bring to your commerce and, most importantly, how can you implement it? We’re going to answer these questions now as we delve deeper into the topic of POS systems.
Make Inventory Management Seamless!
Everyone knows the disappointment of finding the perfect product only to realize it’s out of stock. There’s no worse feeling in the world. Undoubtedly, your customers get that same disappointment when they find out that one of your products is out of stock and they have to buy it from someone else. This is why you must keep track of all your inventory so you can keep this from happening.
POS systems are a great asset to avoid this situation since they help keep your inventory complete and up to date. All you need is a barcode scanner and a printer, and you’re good to go!
By keeping track of your inventory, you can also offer customers the option of notifying them via email when the product they like is back in stock and available for them to purchase. This keeps customers from jumping the fence to buy identical products from another company while also improving your relationship with them.
Use It For Marketing!
Talking about all the rewards that people can get from your point-based system is a fantastic way to make your business more alluring.
Sponsored Instagram ads are great, but what if those ads could also promise customers that if they purchase a certain number of items, they earn points that they can then redeem for gifts, exclusive items, and more? This is how POS works in your favor; it plays into people’s FOMO (fear of missing out) by reminding them that if they don’t buy now, they might miss out on a chance to get limited items.
Likewise, you can use POS rules in other forms of marketing like newsletters, coupons, and discounts. Newsletters are especially significant since they send a message right to your customer’s inbox, enticing them to all the beautiful things they can get if they buy from your store! This also helps you build a loyal customer base, as you can attach personal letters to these cards. This will make your customers find you more authentic and start to feel that they know you.
Launch A Customer Loyalty Program
This is the ultimate way to boost your sales and create a loyal customer base simultaneously! All you have to do is add a pop-up on your website saying that if customers contribute to your business each month, they can get exclusive deals, gifts, and discounts.
Depending on how much they spend, you can also add tiered rewards depending on how much they spend so that customers are more enticed to stay on your website longer or spend more money to get the rewards they want. This will help build a better relationship with your customers since it gives both of you a shared level of trust and intimacy as you reward them with limited products for supporting your business.
When it comes to running an online business, no one said it would be easy, but nobody said it couldn’t be fun, either! That’s why points programs are so popular. They’re the tried-and-true way to build a personal relationship with your customers so that they can support you through hard times and help you grow your business daily.
As we all know, running a business can be very stressful and challenging, so ensuring you have loyal customers who have your back can be a massive relief during those times when you might be struggling greatly.