Responding to Millennial customers as a new retailer

Preparing for the pace of modern business can be a tall order for new entities. With the right card processing software solutions from the beginning, retailers could be in a better place to grow and keep up with evolving customer and company expectations. Your own business might also depend upon the changes in what a sophisticated POS system can do. New opportunities may open up better chances for your business to improve.

It can be a tricky time for new retailers to enter the market, given the challenges facing existing ones. In a Forbes article published this January, contributor Walter Loeb explained some of the trends that may require retail store owners to "restructure" this year. One of these is the rise of Millennials as an important demographic, given their approach to shopping and preference to "own less and lease more."

Millennials respond to good service and do research on the Internet before making a major purchase," Loeb wrote. "They are 'real-time' consumers, shopping for today's needs and waiting until the last minute to shop for tomorrow's events."

Part of the appeal of the smart POS is its ability to handle important tasks in a simple, efficient system in-store. An Accenture study looked at the shopping habits of 1,707 Millennials around the world. (unfinished sentence) The source said this group will represent 30 percent of all retail sales by 2020 and account for $1.4 trillion in annual spending.

Though new businesses will have more than just Millennials to be aware of, this group represents a specific reason to upgrade software and look critically at all POS systems. Contact us today to learn more information about CreditLine and the benefits of credit card processors.

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