Resellers tend to stay in their particular niche, whether that is the retail industry, hospitality, or others, but expanding and diversifying your portfolio can be simple and financially rewarding. Diversification happens when a business creates a new product or expands into a new market. Here is a list of specific verticals whose similarities can make crossing over a simple task.
Up and Coming Verticals
• Home Based Services - AC Repair/Painter/Handyman/Etc.
• Delivery Services - Pizza/Takeout/Etc.
• Parking and Valets
• Mobile Food Service/Food Trucks
• Events/Festivals/Flea Markets
All of the verticals listed above aren’t your traditional brick and mortar stores, but they all have easy ways to accept payments on the go. These mobile solutions also have integral parts of their POS systems such as payment processing, employee scheduling, sales tracking, inventory management, and vehicle management that can be intertwined.
Payment Processing - Making sure your payment processing system can accept a variety of forms of payment, such as credit cards, debit cards, and mobile wallets, is crucial. All of the verticals listed above must be versatile in order to adapt to their market and customer base.
Employee Scheduling/Vehicle Management - Scheduling the right amount of employees at the most lucrative times of the day is crucial. For mobile food services, delivery services, parking and valets, and several others on the list, these decisions could make a financial impact. If nobody is ordering pizza or tacos at 9:00 in the morning, then it may be more lucrative to schedule employees during the lunch time rush. Employee scheduling on your POS system also allows you to monitor employees. Vehicle management will show a parking/valet merchant where the cars are at all times, while it can show a delivery service or mobile food service which employees are where and the status of their customers' orders.
Sales Tracking/Inventory Management - These two concepts go hand in hand and are valuable assets when determining spending. When it comes to seasonal events or flea markets, vendors want to know what items drive the highest profits and which yield the largest expenses. The same is true in the hospitality and retail industries. That is why it is important to have a POS system that can track sales and reduce the amount of time that you spend managing inventory.
The fact that the verticals listed above all require similar POS features presents an opportunity for resellers to diversify the markets they serve in a smooth and seamless transition, which in the end will improve your bottom line.
Mobile solutions can be integrated into your point of sale systems and help you improve customer satisfaction. Diversifying your portfolio as a reseller doesn’t have to be scary. According to an article from Inc., the top two keys to being successful in diversification are to adapt and find related products. Opening up your mind to new ideas while embracing the concepts and knowledge that have made you successful will help you grow your business.