From manual cash registers to the What is a commerce first standard POS software and cloud-based POS systems, the way retailers and restaurants do business has evolved significantly over the years. The next step? The transition to a fully connected commerce platform for synchronized control of every part of the business.
With a commerce platform, business owners can unlock their potential, and their customers and suppliers benefit as well. To demonstrate how, we’ll review:
What is a trading platform?
How a Commerce Platform Works for Retailers
How a Commerce Platform Works for Restaurants
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What is a trading platform?
A commerce platform is the technology
manages all aspects of a retail or restaurant brazil telegram data 30 million business. If the business is conducted both online and on-site (in the store, at the bar, or on the sidewalk), the commerce platform will connect these channels for a more unified management experience.
This goes beyond simply What is a commerce tracking sales within a business. Customers move between channels, as do inventory data, payment information, loyalty program rewards, and more.
By synchronizing all aspects of a business, modern commerce platforms provide consistency for owners, employees, and customers. They also have a lot to offer suppliers, as commerce platforms can connect businesses directly with sellers.
A commerce platform like Lightspeed covers all aspects of a business:
Services to merchants
Supplier Services
Consumer Services
Financial services
Data services
Businesses can transact and serve their customers. Suppliers can sell products and gain valuable insights from B2B transactions. Customers can interact with businesses across any channel, enabling businesses to gain richer insights. It’s a fully connected system that runs like a well-oiled machine, enabling retailers and restaurateurs to innovate and adapt to changing industry conditions.
Here are the main components you can expect to find in a commerce platform.
Cash management system
The POS sits at the heart of a commerce platform, processing transactions and storing inventory information. The POS tracks sales and customer data, and retail POS systems store data on category performance and product levels, while restaurant POS systems allow for menu creation and floor plan customization.
POS systems have evolved from traditional, loosely connected systems to cloud-based and highly mobile systems, meaning a business owner doesn’t even need to be in the building to log into their POS.
Being cloud- based means a POS system can bulgaria business director integrate with accounting software, loyalty programs, eCommerce, analytics tools, and anything else a business needs. This functionality is essential for modern commerce platforms because it allows a platform to share data across systems and channels.
eCommerce platform
Commerce platforms enable omnichannel commerce, which is the conduct of business activities both online and offline. The eCommerce branch of a commerce platform manages the online portion, hosting the online store theme, inventory, and all other elements necessary to make online sales. For restaurants, the commerce platform connects to delivery systems and ensures smooth order delivery, allowing them to diversify their revenue streams by selling merchandise online.
Without a unified system, businesses chine directory must coordinate their online and offline sales separately. If inventory isn’t automatically synchronized across channels every time there’s a sale, retailers risk accidentally selling products they don’t have in stock. If UberEats delivery orders aren’t as accessible as dine-in orders, restaurants risk losing out on the large takeout market.
Commerce platforms address these challenges by connecting point-of-sale and e-commerce systems. Inventory levels are automatically kept up to date, customers can move between channels as they please, and businesses see all their data and orders on a single platform.
