Retail point of sale software helps businesses accommodate consumers
February 27, 2013
Since the recession took hold of the country, American shoppers have not been as optimistic as they were before the economic downturn. This resulted in less confidence from the nation's businesses, as lower consumer spending levels negatively impacted companies' bottom lines. However, as the recovery continues on its upward path, both customers and retailers are regaining their optimism. For businesses, this means that moving now to implement retail point of sale software solutions to accommodate shoppers and increased spending is vital. As consumers begin to head back to stores, companies will want to ensure they are able to meet these demands by having the technology in place to effectively process transactions and create satisfactory experiences for patrons. By adopting these POS platforms, merchants are assured they are following all U.S. retail legislation, helping them avoid expensive fines from compliance violations.
American consumer confidence bounces back
In January, economists were discouraged to see worse-than-expected levels of consumer confidence, which were mostly attributed to the fiscal cliff deal that resulted in increased payroll taxes and less take-home pay for American workers. However, that negative impact seems to be dissipating, as the latest findings from The Conference Board found that individuals are steadily becoming more optimistic. The organization's Consumer Confidence Index for February jumped to 69.6 from last month's figure of 58.4. The reason for this rise is improving economic conditions, which in turn are boosting businesses' hiring efforts and therefore the nation's employment situation. These positive outlooks are being noticed by consumers, who are ready to start spending again, albeit carefully, the report states.
"Consumer Confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated," said The Conference Board's director of economic indicators Lynn Franco. "Looking ahead, consumers are cautiously optimistic about the outlook for business and labor market conditions. Income expectations, which had turned rather negative last month, have improved modestly."
More investments being put into retail point of sale technology
Many businesses are capitalizing on this increased consumer confidence by investing more in retail point of sale solutions. Retail Info Systems reports that research from TBR revealed that retailers are boosting their technology budgets by 5 percent this year, accounting for a total of $43.9 billion in various systems to enhance operations, including retail POS software. Making this move now will significantly help companies deal with the expected influx of consumer spending.