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Growing Your Retail Business in 2022
Being a part of the retail industry, you are aware that there is rarely a moment where you can make decisions that don’t either slow down or stop your business. With the new situations from COVID-19 that have still affected the retail environment in 2022, every retail owner in the US has a rare opportunity to seize the moment. Give your business a gift that could help you adjust and grow to the new ways of business this year by looking at your payment processing. Although there are many options available for retail merchants, we’ve provided three business-growing opportunities that we think are the most important. So, keep reading and see if you can uncover a new gift to give your business for the next holiday season.
1. Upgraded Point of Sale (PoS)
It may come as a surprise, but most businesses haven’t updated their point of sale systems since before the pandemic. There’s simply been too much on merchant’s plates these years, and a POS system is one of the last things retail business owners are thinking about. But, it’s important to ask and answer the following questions if you think you don’t need a new POS system:
- Is your business prepared to handle the influx of customers coming through your doors after all restrictions are lifted?
- Is your business prepared for contactless (NFC / Near Field Communications) payments as customers continue to demand them?
- Is your business able to manage your inventory in an intuitive and easy-to-use way to make the most of supply chain troubles?
Being a part of the Point of Sale (POS) industry is understanding all of the capabilities that the new hardware platforms have and the incredible value that they bring to the table. A new feature widely accepted as one of the most important use cases is a payment reader with a contactless option for Apple/Samsung Pay as well as NFC functionality. This allows your customers to make payments without touching the device. This single feature will allow your customers to have a more safe option for making payments while shopping in person.
Applying a Gift Card or Loyalty Card Program
In addition to contactless pay options and NFC functionality, retail merchants can leverage loyalty programs to keep customers coming back to the store. Reward your loyal customers with points or in-store credit if they buy a certain quantity. If they repeatedly spend a lot of money in your store, reward them with a coupon or loyalty perks. Additionally, merchants that are business-to-consumer (B2C) can use gift cards to make extra money during the holiday periods by packaging them as gifts and increasing the spending power of new customers that were gifted the cards.
2. Improve Upon Your Merchant Processing Partner
Needless to say, all retailers are aware of some of the costs of doing business, even the seemingly simple things during the holiday season. Most businesses pay for products to decorate their business with holiday cheer, some purchase candy to give away to young customers, while other options are oftentimes more expensive than you may realize. Merchant processing fees are a significant portion of a business’ monthly and annual costs.
The team at Evolve Payment helps minimize merchant processing expenses so you can keep your money in your pocket and reallocate those dollars to other places in the business, such as more decoration! We have a simple goal, to help businesses stay in business by reducing unnecessary processing fees through strategic merchant processing.
3. Updated Inventory Management System
When it comes to software innovations for your business, it has never been a better time to be in the retail business for inventory management software. If you are finding yourself stocking shelves at the end of the day and taking count of how many items there are, you are spending a considerable amount of time counting products when you could be spending more time with your family.
With inventory management software, you can pull reports on what products were sold and when they were sold to have insight on the best time to make discounts/sales on specific products based on smart inventory analysis. The benefit of updating your inventory management software could be one of the most important gifts you can give your business this year.
Your Merchant Advocates
Kick-off 2022 with gifts that keep on giving. A new point of sale to keep your customers and employees safe, a merchant partner to maintain higher profits, and an inventory management system to automate daily tasks.
When you are ready to go shopping for your business’ gifts, the team at Evolve Payment is ready to help identify and tailor the right option that is best for your business needs.