7 Signs It's Time to Upgrade Your Retail Technology

When it comes to retail technology and POS systems, you want the perfect balance between new and used tech. You don’t want to overspend by constantly buying the newest tech, but you also don’t want something decrepit and unreliable—especially when it’s the one system holding your business together. So, how do you know if your tech requires a simple fix or a new, updated system? Learn the 7 signs it’s time to upgrade your retail technology below.

1. Your Devices Can’t Keep Up with Business Needs

When retail technology and POS systems are exceptionally old, they won’t be able to keep up with your business needs no matter how many updates and repairs they get. Just like cars, you can only repair a point of sale system so much before you have to swap it out entirely to keep moving. If your retail tech devices are constantly crashing or shutting down in the midst of your work day or simply can’t keep up with your customer’s needs, it might be time to replace them and figure out some network infrastructure solutions.

2. Point of Sale & Retail Tech Hardware is Outdated

Sometimes, your retail technology and POS systems may be going strong, but the natural evolution of tech is even stronger. If you’re running into the problem where you’re not even receiving normal updates anymore or new tech isn’t compatible with your outdated systems, it’s probably time to make the switch to updated technology. Doing this allows your business to access the newest tools, business capabilities, and even an all-in-one POS provider the minute you make the switch.

3. Security Breaches Are Your Middle Name

It’s impossible to protect even the biggest, most secure businesses from data and security breaches. However, if these instances are becoming more common than not, it’s likely due to having an outdated system, and it’s time to make a major change. When security issues are happening constantly, your customers see your business as unreliable and untrustworthy and will move to another more secure company. To ensure you retain your loyal customer base (and gain new customers), it’s often the best solution to update your POS systems and retail technology to prevent any security issues.

4. Maintenance is Becoming Costly & Routine

If you’re fixing your retail tech and POS systems more often than not, this is a huge sign that you need updated technology. At some point, all the money you’re pouring into repairs could be put towards a new system or set of retail devices that will solve the issues you’re having. Complete a cost analysis of just how much you’re spending on maintenance and repairs. Oftentimes, you’ll discover that it’s a huge money pit, and it’s so much easier and more reliable to update your devices. While it’s a big investment up front, you’ll be saving so much long-term.

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5. Retail Technology & POS Systems Are Unreliable

If your customers are constantly experiencing difficulties using your self-checkout systems, your cashiers are running into slowdowns, or your entire system simply shuts down from time to time, it’s simply not feasible to continue down that road. The more hang-ups that your employees and customers are experiencing, the more they’ll believe in your brand and its capabilities. Do your company (and your customers) a favor by updating your retail technology, POS systems, cash registers, etc. to build trust again.

6. Customer Loyalty is Remaining Stagnant or Dropping

When you know for a fact that you haven’t updated your retail technology and POS systems in years, and you know your customers know, and that coincides with customer loyalty remaining stagnant or even dropping, it’s easy to guess the culprit. Put yourself in your customers’ shoes. When you walk into a gas station, grocery store, or other new retail company, how would you feel if the POS systems look decades old? For some, maybe it feels nostalgic, but for most people, they are probably not going to come back to the establishment when there are newer options down the road. Updating your POS systems and retail technology ensures that you stay competitive with other locations in a similar industry.

7. Your Business is Growing Exponentially

Conversely, if your customer base is growing exponentially and you need to expand, it’s a fantastic opportunity to upgrade to newer technologies. You’ll often find greater capabilities for linking retail technology systems with newer equipment models on top of updated tools for both your customers and employees to use to make things easier. Growing businesses will usually value an upgrade and network infrastructure solutions to go along with the newfound success.

Related Blog: What Should You Consider When Choosing a POS System?

Where to Find Updated POS Equipment & Other Tech

After learning the various signs it’s time to upgrade your retail technology equipment, if you mentally checked off one or more of the list, it’s probably in your best interest to make the switch to newer, more updated technology.

You can easily work with our team at Retail Tech (RTI) to explore which POS equipment and technology systems you’ll need to fit your company. As a knowledgeable retail technology solutions provider, our team will help you find the equipment that’s right for you and your budget, we’ll cover installation, and we’ll even help with future maintenance needs if you need our help. Reach out today to get started, and we’ll make the whole process seamless, fast, and easy.