Part 2 of 2
Larger brands will always have an advantage simply because capital is capital and there's no way around costs and spending, says Ben Wong, VP of marketing at tech startup, Bindo. However, according to Wong, there is plenty of cloud-based technologies that help small retailers compete with bigger brands by providing powerful tools and services at very affordable price points.
GlobeSt.com: How can smaller retailers compete and become involved in the on-demand economy?
Ben Wong: A small retailer than outsource some of their processes and logistics to a third party company to provide extra services to their customers at low cost. For example, there are already companies and technologies that allow restaurants to provide delivery services that would otherwise be too costly for them.
How can retailers incorporate the use of POS technology within their stores to improve customer relations?
Wong: An important idea here is that in order to improve customer retention and relations, merchants first have to get to know their customers: their spending tendencies, taste in product, and their preferences. If you don't know your customer and product data, how can you make informed decisions on re-stocking inventory, upsell opportunities, and promotional campaigns? Furthermore, a merchant can't depend on the customers to initiate relationships; it's up to the merchant to be proactive and have a process or system set up to engage their customers and create a lasting relationship. That's where POS systems and technology comes in, by capturing customer info and data at the point of sale, making it much easier for a merchant to get to know his/her hundreds or thousands of customers and sales. With a POS system and this data, a merchant can pull up info on a customer at the checkout, and provide a much more personalized shopping experience without the hassle of memorizing every customer's name and info. Ultimately a POS system is an invaluable tool in helping a store owner manage his/her business, inventory, and customer relations by aggregating and collecting data to lessen his/her burden.
Click here to read part one of this two-part Q&A, where Wong talks about the internet's impact on retailers, and on how brick and mortar stores can capitalize on the e-commerce trend.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
