Prioritizing Total Cost Of Ownership In Retail Technology Purchases

Even before the COVID-19 pandemic, the retail industry was transforming itself to adopt new technologies and accommodate evolving consumer preferences.

Now, as retailers look beyond the pandemic, they need to invest in new technologies and services to stay competitive in the digital future. For point of sale (POS) solution providers, this opens profit-generating opportunities to sell technology solutions and deliver long-term services.

As solution providers, you also get a renewed opportunity to tighten customer bonds and strengthen your trusted advisor role. This means focusing on value instead of price. Customers often pressure solution providers for basement pricing, but caving to that pressure can easily lead to ill-advised technology purchases.

Instead, you should stress total cost of ownership (TCO). Explain to retailers how investing more up front for quality and reliability usually is bound to save them money in the long run. In prioritizing TCO, you add value for your customers, which helps you gain their trust and loyalty.