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Not all retailers fit the same mold. That’s why a one-size-fits-all approach to retail point of sale (POS) software solutions may not always be the best tactic. Exploring niche markets in the retail vertical and finding solutions that are an ideal fit for specific retailers can be a great way to win new point of sale business.
A solid strategy for value-added resellers (VARs) to grow their businesses is to expand into new markets. Consider specializing in particular niches in the retail vertical rather than trying to be everything to everyone. Start by knowing your market: keep informed about changes that are occurring and look for potential opportunities. Are new retail stores opening? For example, are independent coffee shops or bookstore/cafés gaining traction in your area? That may be an opportunity to expand your business. There are retail niches that are still largely untapped and potentially lucrative, such as the toy and hobby market.
If you already have experience in specific niche markets, examine your current customer base and look for common challenges that you’ve been able to solve. You may be able to offer those solutions to other businesses in that retail vertical niche.
Understand Your Vertical
Once you have identified a new market, learn everything you can about that industry — trends, terminology, regulatory and compliance challenges, competitive tendencies, and other key aspects of that business environment. Specializing in a vertical means knowing as much about your clients’ business as they do, including familiarity with products, customer demographics and preferences, and typical workflows. You should be able to identify specific pain points so that you can offer your clients the best solutions tailored for their needs.
For example, if your market is ski and snow sport shops, stay informed about product innovations such as environmentally-friendly fabrics for clothing and a trend toward narrower skis and lighter, stronger materials such as carbon grapheme for skis and snowboards. Armed with this knowledge, you can offer your clients POS solutions that feature robust inventory tracking to help them manage these new product options effectively. Or, if you’re exploring the toy and hobby sector, know current trends and innovations. Focus on products and purchasing for this market where novelty items can be an overnight success or become obsolete just as quickly. It’s imperative to have a system that can provide real time insights into which items are moving and which ones are sitting on the shelves for too long to make strategic purchasing decisions.
Establish Market Presence
Once you’ve become a student of your target niche in the retail vertical, you can start establishing your presence as a provider for that market. Attending industry trade shows will not only help you keep abreast of the latest trends but also will introduce you to potential new clients. Learn to speak the language of your new market — use terminology and data sets that are unique to that niche. Show your awareness of their changing needs and challenges. For example, many businesses still have not transitioned to EMV payment technology, which may create an opportunity for you to help them upgrade.
Reap the Rewards
Demonstrating your knowledge of a specific niche market will help you establish yourself as a trusted advisor within that sector — someone who can help retailers grow their businesses. In turn, it could help you grow yours. If you can solve your clients’ POS pain points, they may be more likely to seek you out for other needs, such as hardware, data storage and recovery, antivirus and firewall protection, or power backups. And providing exemplary service for one client can earn you recommendations for more.
“Free” or out-of-the-box POS solutions have limitations. Niche retailers are looking for POS software that is as unique as their business. TallySoft’s retail management software, TallySales, has been proven to help retailers in niche markets, including sports stores, ski retailers, and coffee shops, grow business and enhance the customer experience. Learn more about how becoming a TallySoft partner.
What Can You Expect from TallySales? Download our Complete POS Guide to TallySales Retail Management Suite