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The New Point-Of-Service (POS): the Core of the Retail Store

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The New Point-Of-Service (POS): the Core of the Retail Store The New Point-of-Service (POS) The Core of the Retail Store August 2012 Deena M. Amato-McCoy ~ Underwritten, in Part, by ~ August 2012 The New Point-of-Service (POS): The Core of the Retail Store Point-of-sale (POS) is undergoing an evolution, not just in functionality but Analyst Insight also in configuration. In the era of mobility and connected devices, POS has Aberdeen’s Insights provide the become a critical component of retailers' customer engagement strategies analyst's perspective on the and that is having an enterprise-wide impact. For instance, retailers are research as drawn from an incorporating POS functionality that enables them to directly interact with aggregated view of research shoppers via loyalty and promotional programs, creating a seamless bridge surveys, interviews, and between the company's multiple retail channels. In fact, 42% of retailers data analysis reported they were moving beyond simple transaction processing and Demographics integrating POS systems with marketing, merchandising, inventory and customer relationship management (CRM) data to offer a personalized, √ 127 Retailers (For this unique, and interactive experience for their consumers, according to report we conducted an Aberdeen’s December 2010 Retailers Target POS Mobility for Engagement, analysis using two distinct Interactivity and Revenue report. datasets 32 respondents in 2012 and 95 respondents in In order to sustain this momentum, retailers are deploying technology such 2011) as wireless connectivity and mobile devices to maintain customer intimacy √ Job title: Senior Management and deliver a more efficient and unique shopping experience. By establishing (37%); EVP / SVP / VP (9%); the proper back end infrastructure to support this robust functionality, Director (13%); Manager retailers' POS deployments will be primed to reach their full potential, (23%); Consultant (13%); create more interactive store-level experiences, and cultivate long-term Other (5%) customer relationships. √ Segment: Apparel (11%); Based on data collected between February 2011 and June, 2012, Aberdeen Specialty (14%); General surveyed 127 retailers to assess the factors that are shaping enterprises' Merchandise (8%); Luxury POS decisions and the role of mobile POS will play going forward. This (6%); Food/Grocery (15%); Analyst Insight details the solutions that are reshaping the role and Automotive, Health, Drug, and Telecom Retail (18%); functionality of POS, as well as customer insight that reveals how innovative Sporting Goods (2%); POS strategies are improving business operations. Department Stores (6%); Other (20%) Pressures √ Geography: North America The proliferation and ease of use of digital consumer technology has (46%); APAC region (19%) conditioned consumers to demand more personal shopping experiences and EMEA (35%) both inside the store as well as on the go. And when they do enter a retail √ Company size: Large (annual store, customers expect their store-level experience to be as streamlined as revenues above US $1 digital ones. According to Aberdeen's January 2012 benchmark report, The billion)- 30%; midsize (annual 2012 Omni-Channel Retail Experience, 49% of retailers reported that if they revenues between $50 cannot integrate cross-channel and digital solutions into their business plan million and $1 billion)-33 %; they will lose sales. In such a challenging economy, lost sales are to be and small (annual revenues avoided for business sustenance. Yet, a lack of integration of cross-channel of $50 million or less)- 37% functionality, combined with a new set of business challenges continues to threaten retailers' revenue opportunities. This document is the result of primary research performed by Aberdeen Group. Aberdeen Group's methodologies provide for objective fact-based research and represent the best analysis available at the time of publication. Unless otherwise noted, the entire contents of this publication are copyrighted by Aberdeen Group, Inc. and may not be reproduced, distributed, archived, or transmitted in any form or by any means without prior written consent by Aberdeen Group, Inc. The New Point-of-Service (POS): The Core of the Retail Store Page 2 Specifically, 66% of retailers are feeling pressure to improve the store experience (Figure 1). This pressure comes from a combination of internal sources, such as long transaction times that take a toll on customer service, as well as external ones like competitors creating a better store environment at a much faster pace. Last year, these factors impacted 39% of retailers, but as more competitors battle for consumers' discretionary income, and shoppers' expectations become higher, these issues will likely continue to grow. It is not surprising that evolving customer sales channel preferences is the second biggest business pressure for retailers (57%). Unlike the 36% of retailers that complained about this pressure last year, consumers are increasingly comfortable accessing alternate shopping channels outside of the store to interact with their favorite brands. New and emerging digital options, including the web, mobile devices and social media, are also raising customers' expectations when they enter the store, an issue that is challenging 40% of retailers. If retailers cannot find a solution to address these issues, customers will begin shopping at competitors that have learned how to deliver more efficient, effective in-store experiences. Figure 1: Increasing Customer Pressures Need to continuously improve store 66% experience Since price is becoming less of a competitive differentiator, we want to be more consumer- Sales channels evolving 57% centric, and chose self-service technology to help us do so. ~ says Joel Ganong, SaskTel's marketing manager, retail. Changing shopping preferences 40% 0% 10% 20% 30% 40% 50% 60% 70% Percent of Respondents n=127 Source: Aberdeen Group, July 2012 Rather than succumb to the proliferation of digital shopping tools, retailers need to find new ways to leverage these technologies at store-level and drive customers back into the store. By integrating these tools into the functionality of POS, retailers are primed to deliver a more personal, intimate and valuable store-level experience. Strategic Actions Needed to Transform POS Retailers who bring cross-channel functionality into existing POS platforms are making early strides in transforming the store-level experience by creating more personalization and delivering a more consistent brand © 2012 Aberdeen Group. Telephone: 617 854 5200 www.aberdeen.com Fax: 617 723 7897 The New Point-of-Service (POS): The Core of the Retail Store Page 3 experience, regardless of the channel of interaction. The top strategy for respondents is to support these multi-channel interactions. To make this a reality, 32% of retailers are integrating their POS systems with robust software that will support multi-channel selling at store-level. This is an increase from 24% last year (Figure 2). Considering that retailers' top business pressure is the need to improve the store experience, respondents are exploring new ways to put POS into the hands of impatient shoppers in order to shorten transaction times with 19% of companies are implementing self-service options in the areas of payments and order placement, respectively. These are drastic jumps compared to last year when only 12% of retailers offered self-service order payment an option, and a mere 5% of companies featured self-service order placement options. Meanwhile, 16% of companies are introducing mobility into the mix, a slight increase from 13% last year. By giving shoppers more power to control their own shopping, ordering and payment transactions, retailers can untether the traditional POS and give the shopper the opportunity to transact business anywhere on the sales floor -- a move that will drive value for retailers moving forward. Figure 2: Strategic Actions Execute multi-channel selling at the 32% store or business unit Implement customer self-payment 19% options Implement self-service order 19% placement options Introduce mobility in the stores for 16% customer convenience 0% 5% 10% 15% 20% 25% 30% 35% Percent of Respondents n=127 Source: Aberdeen Group, July 2012 Overall, these efforts reveal that retailers are eager to streamline the shopping experience and expect the use of more automated self-service options to help them achieve their goal. In fact, 26% of companies were making it a priority to add more efficiency in customer-facing functions within store-automation plans in hopes of interact with consumers virtually during every step of the shopping trip, whether in the store aisle or the checkout lane, according to Aberdeen's July 2012 benchmark, The Automated Store: The Key to Customer Engagement. © 2012 Aberdeen Group. Telephone: 617 854 5200 www.aberdeen.com Fax: 617 723 7897 The New Point-of-Service (POS): The Core of the Retail Store Page 4 POS and Store Automation Plans With customer engagement top of mind, it is not surprising that retailers Omni-channel retailing are evaluating how to tie in more interactive solutions in their POS upgrade definition: plans. While multi-channel selling at store-level is retailers' top strategic • A seamless, transparent action, integration efforts regarding this strategy has been slow. Currently experience where 23% retailers automate cross-channel product fulfillment; 22% make product consumers can not only availability accessible at point-of-service, and 14% manage cross-channel access information across
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