Opening an eCommerce business has become popular in recent years due to the development of contemporary technology and the changing customers’ purchasing patterns, as well as the influx of new rivals and traditional retailers. According to Statista, global eCommerce sales are anticipated to reach $6.4 trillion by 2024 which is quite potential. While POS systems are still crucial for any retail operations, Omnichannel POS has become more significant. This also raises the question of how to integrate Omnichannel POS in eCommerce businesses to have a successful and seamless managing system.
What is an Omnichannel POS?
The POS is typically referred to as the software used by both physical stores and eCommerce businesses to handle sales. The POS software interface allows you to enter information about the goods you'll sell, add up order expenses, and conduct financial transactions. With the use of the hardware that is available, the POS software aids in processing orders in a retail setting.
The Omnichannel point of sale that we mention here can be considered a POS with omnichannel features which allows a business to integrate and process customers' orders and inventory across different sale channels.
The omnichannel POS solution connects everything to one central system, including your inventory, sales orders, and customers. Therefore, while clients freely browse all of your platforms, your complete database including all of the items and customer data will be updated in real-time. You will profit from total insight into what is in stock and daily access to an accessible summary of sales across all channels. There is no need to do time-consuming reconciliations between several platforms thanks to the omnichannel POS. As a result, you can develop fresh sales tactics based on past customer purchases. The best part is that omnichannel POS makes your company accessible to you and your clients every day of the week.
Benefits of omnichannel POS
Omnichannel POS can bring huge advantages to any eCommerce retailer. Some main benefits can be listed as below:
- Create new revenue streams: Omnichannel POS enables clients to place orders online, in a physical store, or via a mobile device, creating new sales opportunities where none previously existed.
- Increase customer loyalty: Omnichannel POS gives your customers more choices to make purchases when and how they like. Additionally, the fact that Omnichannel POS allows clients to shop from you whether they are in-store or online increases the likelihood that they will choose your business first when they need a product. The integration of customer loyalty programs is also possible with omnichannel POS systems.
- Improve profits: Thanks to Omnichannel POS, you can reduce lots of costs for your business including labor costs, opportunity costs, and inventory costs to help improve your business’s profit margin.
- Streamline business operations: Having all sales channels integrated increases efficiency. Along with improved inventory accuracy, this enables real-time monitoring of staffing and ordering.
4 Ways to implement omnichannel POS in eCommerce business
There are many ways to implement an omnichannel POS in an eCommerce business depending on your current business situation. Here below we’ll list 4 most popular ways that you can take as a good reference:
Find an eCommerce-based omnichannel POS
If you currently have an eCommerce website but no physical store, this is the quickest and most efficient method of integrating omnichannel POS with an eCommerce platform. There are probably several extensions that support your eCommerce platform, including point of sale, if it is a well-known one like Magento, Shopify, WooCommerce, or BigCommerce.
For example, to discover a POS that is already compatible with your Magento website, you can google Magento Omnichannel POS, or you may add more specifics to your search query to focus it, like Magento POS iPad. Then, buy and install it. Following a successful installation, POS will begin synchronizing data with your eCommerce website, enabling you to launch sales in your physical store straight away.
Look for an API to connect omnichannel POS to eCommerce
If there isn't a POS that works with your eCommerce platform or if you already have a POS that you wish to integrate with your eCommerce website, you may still have a fully integrated system by using an API to link the two.
If your preferred POS provider is unable to give you with an API to connect to the eCommerce platform you are using, ask them to do so. Alternatively, search for other solution providers who can create an API on your behalf.
Apply an all-in-one solution that integrates the POS system with the eCommerce platform
It is bad for your entire business if you have a POS system and an eCommerce platform but you are splitting them up and refuse to use new suppliers. Customers always demand a variety of shopping experiences, and businesses find it difficult to effectively manage all orders and supplies if they are not in one system.
Therefore, your current POS system should be integrated with the existing eCommerce platform using an all-in-one solution to provide seamless real-time data. You definitely can find out a good and separate one-stop solution in the market or apply for an all-in-one POS which can integrate with your eCommerce platform.
Besides, an all-in-one POS can help you integrate with other supporting software in your business such as accounting software, inventory management, etc.
Integrate with the most popular eCommerce platforms with open API architecture
If you already have an Omnichannel POS system, you can combine it with the most well-liked eCommerce platforms, such as Magento eCommerce, which offers open API architecture. To link the existing POS with the eCommerce platform, you have to go through some basic steps as follows:
- Select a theme: Some eCommerce platforms let you develop your theme, while others give preloaded themes and demand customization to match your style and brand identification.
- Sync up your payment processor: Set up or link the payment solution providers with your online website using your POS system. Also, keep in mind that processing costs for online sales are frequently greater than card transactions made in-store.
- Import customer information and inventory: If you employ a data migration provider, transferring stock and loyalty points from your POS system to your online store may be done quickly and accurately.
- Configure shipping: Verify that your chosen eCommerce platform can interface with your shipping vendors and delivery costs.
In general, the integration of the Omnichannel POS and eCommerce system can undoubtedly benefit your business greatly, especially when you want to focus on improving customer experiences. According to a survey by Harvard Business Review, customers who did online research beforehand on a retailer's website or the websites of rival merchants spent 13% more money in physical stores. Finding the best alternative for your own business may take time, but you will eventually find it worth spending.
Irene Luong - Irene is a content writer at Magestore. She often writes about eCommerce and technology trends to help retailers stay up to date with industry movements.