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Strengthening business growth: Upgrade retail management system with govt funds

Hong Kong, April 14, 2021 - A few months ago, a multinational home furnishing retail company experienced a POS system failure that lead to suspension of stores for emergency repair. The incident also affected their ecommerce system, causing unexpected business loss to the brand. The market has come to ascertain that besides the need for a new business mindset under the COVID-19 pandemic, a stable and reliable retail management system with all-round online integration is essential for a successful O2O business model.

Old systems cannot keep pace with the times and are difficult to integrate with modernized plug-in applications. Retailers need to find ways to strengthen competitive advantages whereas upgrading the existing POS system will be the best option. Since the Hong Kong Government provides various funds [1] in supporting the retail industry to upgrade and transform their business, it is the right time for a major POS sytem revamp.

Each retail management system has its own competitive advantages. It is important to take comprehensive consideration in the following aspects before making decision:

1. Increasing sales through mobile application: Enable frontline sales associates with mPOS devices to upsell consumers with proactive service. The mobile POS app should include catalog, promotion bundling, inventory query, reservation and other mobile sales functions for increasing sales opportunity.

2. Customer-oriented principle: Technology advancement allows customers to enjoy convenience and amazing service experience in buying. A retail management system should be able to cater for both operational efficiency and customer needs. One thing to be noted is payment method. Nowadays, there are different payment methods available in the market. In spite of the traditional settlement with banknotes and credit cards, digital payment is popular and capable to link up online transactions and offline sales. Thus, the design of the retail management system should focus on customer perspective and provide personalized buying experience in order to achieve precise connection.

Another important consideration in selecting a suitable POS supplier is the after-sales service. An experienced system supplier provides clear prediction of retail technology development and regular update support. Retailers should remember the continuous maintenance service after the system implementation is very important for daily support. Indeed, when selecting a new POS system for business expansion, retailers should not only focus on price without understanding of the supplier’s reputation and strengths [2].