Leading digital payments system Square made a massive drop in recent times after unveiling a new project that expands its place in the business systems and productivity categories—an inventory management system that will help businesses streamline as the economy slowly eases back into pre-COVID-19 business activities.
At the height of the pandemic, many companies and small businesses shifted to e-commerce and online marketing systems to adapt to lockdowns and economic closures. Today, the vaccine roll-out continues to progress well, and people look to return to their retail lifestyles slowly. Despite the return of market confidence, most companies still look to continue adapting to more digital solutions in the new reality the world now faces post-pandemic.
Square looks to help the same businesses continue maximizing digital transformation by introducing a tool that will help streamline their in-store operations. The digital payments technology enterprise has unveiled and rolled out an inventory management system that helps retail businesses keep track of inventory without arduous manual processes. The company calls it “Square for Retail.”
Square’s inventory merchant tool provides various highly value-adding features to the POS and digital payment system. Through Square for Retail, business owners can easily create items in an online database, which helps generate and keep track of product barcode scans, catalogs, and in-store promotions. The new system also has an intelligent inventory system that manages inventory using barcodes and other information to keep track of SKUs and remaining stock levels. Square’s inventory system also deploys data analytics and machine learning to develop out-of-stock alerts and seller notifications for automatic reordering.
Amid successful vaccination plans that have lowered COVID-19 contagions significantly in a matter of weeks, US consumers are starting to return to their “brick-and-mortar ways,” as an upswing in face-to-face retail has happened since late March. Today, up to 62% of consumers say that they plan to shop in-store at least once a week this spring, as noted by The Harris Poll.
To continue in its mission of helping businesses through one of the worst crises in human history, Square hopes that its new inventory management system will enable enterprises to improve operations and bounce back from the financial crunch. Square is one of the nation’s leading point of sales systems, which quickly became popular due to its hardware’s sleek design and software’s extremely intuitive user experience. The company’s system has continued to innovate despite leading in many aspects, pushing its boundaries to the limit and expanding the services that its technology offers to businesses in the nation and worldwide.
Square’s new inventory management system is one of the many new systems they have rolled out in the last few years. Not long ago, the company also introduced tools like online checkout and on-demand delivery to pivot to more digitally-oriented strategies. The company hopes that these rollouts will also attract more clients, most especially multi-chain corporations.
Square’s innovative ways have paid off for the company big time as its gross payment volume went up by four percent from last quarter. And it seems that the digital services company will continue on that path for the foreseeable future. Check out Square’s website to learn more about their products and services.