Well, 2020 seems to not be favorable for everyone, especially for retailers. As 2021 is already around the corner and we’re going to say goodbye to days of auld lang syne real soon, it’s the prime time to look forward to a more fruitful year. To ensure that, in today’s article, we’ll discuss the reasons why you, as business owners and operators, should adopt a POS solution for supplements & nutrition retail.
According to research, online sales accounted for US$10 billion in supplement sales in 2019. Additionally, it is outpacing brick-and-mortar sales. Bob Sanders, executive vice president at Information Resources Inc., estimated a 17% compound annual growth rate (CAGR) for online sales brick-and-mortar from 2019 to 2024. Meanwhile, the CAGR in the same period for physical stores was expected to be only 4%. Besides, the IRI data indicated that the dollar share going to brick-and-mortar supplement retailers had fallen from 69% in 2016 to 53% in 2019.
Evidently, the emergence of e-commerce retailers like Amazon in the supplements & nutrition industry is threatening offline merchants. That’s when a POS solution for supplements & nutrition retail comes in.
Options like e-commerce, which, by the way, also offers consumers education, and in the palms of their hands. The integration of POS and e-commerce platforms helps merchants in more than one way:
Thus, the compatibility with multiple e-commerce platforms is an attractive feature of a great POS solution for supplements & nutrition retail. Some popular e-commerce companies worth paying attention to are Magento, Shopify, BigCommerce, and WooCommerce.
Robert Craven, CEO of MegaFood has identified the force making retailers start to think about applying technologies in their businesses. One manifestation of this force is what Craven calls the “ubiquitous shopper”. They are the consumers who want to buy anything through any devices available. “I can tell my watch to order something for me now”, said Craven. So, to compete in such an environment, adopting some tools of technology is a must.
A consumer app (or shopping experience app) is a favorite among businesses as a tool that they utilize to enhance customer shopping experiences. Eventually, it helps strengthen the relationship with customers and boost sales performance.
Every kind of mobile consumer app will do. However, a PWA (progressive web app) consumer app, supported by POS software, can optimize the user experience. Being the hybrid of a regular website and its mobile app, PWA has inherited the good traits of both a website and a native app. It loads faster, requires updates less frequently, is less expensive than a native app while being able to reach a large number of users just like a website.
Although we just have talked about how online sales are outperforming offline sales, data has shown that brick-and-mortar is still the leading channel for supplement sales. In 2019, brick-and-mortar sales accounted for $18 billion of the total $36 billion supplement market. So, physical channel sales are also growing and playing the main role in the supplements & nutrition industry.
The key here is to pay attention to all retail channels, including physical stores, online marketplaces, social media, etc. As buyers will shop across all outlets, retailers must ensure an omnichannel shopping experience. To achieve that, an extra helping hand from a POS system coming with a robust multi-store management feature would be nice.
Such a system is a decent POS solution for supplements & nutrition retail as it helps:
Along with selling supplements & nutrition products on as many retail channels as possible, merchants also need to utilize as many marketing channels as possible. However, managing all those is, obviously, not a simple task. That’s why a POS comes to your rescue. Merchants benefits from marketing reports in POS in many ways:
Inventory management has never been an easy task. Particularly when the demand is rocketing, managing inventory can be a mess. What merchants need is a POS solution for supplements & nutrition retail. A handy inventory management system in POS can really help:
As we have discussed in the previous article, there have been more and more payment methods emerging and becoming a favorite among consumers. That’s why supplements & nutrition retail in particular is trying to be capable of providing as many payment options as they can. Thus, payment integration deems one of the must-have features to look for in an outstanding POS system. Such an essential feature helps:
There are countless payment gateways that POS solution providers are partnering with. Some worth mentioning are Paypal, Moneris, Authorize.Net, iZettle.
As we’re reaching the end of today’s article, we hope that you have found yourself the answer to the question of why a POS solution matters to supplements & nutrition retail. To wrap it up, here are the key features making a POS system important to merchants like you:
They’re all the reasons why you, as retailers, should include adopting a POS solution in your New Year’s resolution. And if you’re now wondering which one to choose, then how about looking at our suggestion?ConnectPOS is the one that takes the cake. This POS software prides itself on being a leading POS for omnichannel retail with a plethora of features and up-to-date technologies. Book your 14-day completely free trial below to immediately experience a world-class product! Should you have any questions, don’t hesitate to contact now!
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