Jimmy Teo, CEO
With the evolution of technology, the way payments are made is also taking the digital route. Sooner or later, one might be able to pay with just his/ her face, thanks to biometrics. Financial technology solutions have changed the way payments are channeled and received. For instance, in the APAC region, 44 percent of consumers use mobile shopping apps, the highest in the world. The constant quest for what is next has led to an increase in expectations of customers, merchants, and businesses for secure, reliable, and function-rich payment options in the retail industry. What could be more appealing than to have a well-integrated payment system at retail outlets that allow customers to pay for a product of their choice directly with their smartphones?
Aiming to make this a reality, DCS Synthesis, a leader in the retail industry of the APAC region, has something exciting to offer to the shopping malls to single retailers. Some of the solutions of the firm already include CRM Marketing, Rewards Management, Voucher Management, Apps, and Cloud Based Solutions, Shopper Analytics, Tenant Management, Lease Management, Traffic Counting, People Counting, Loyalty Management, Asset Management and Point Of Sales Systems.
Over the years, the firm has grown with its customers and has met their demanding requirements and expectations. Going by their legacy, “We have developed a solution with all payments, integrated into one platform. It is all about integrating the payment directly into the Point of Sales system,” begins Jimmy Teo, chief executive officer of the company. The latest venture by DCS Synthesis seeks to integrate payment modes like Visa, Mastercard, American Express, and other credit card networks into the Point of Sales system so that retailers do not have to keep multiple credit card machines at the billing terminal—all payments are integrated into one common platform. Jimmy says, “We are currently working with the banks on this, and we will launch it by this year after the certification of the terminal is complete.” The system is on Windows and Android and is integrated with WeChat Pay, different wallets (Alipay, Paypal, etc.), VISA, Mastercard, American Express, and other credit card networks.
By developing the unique system, DCS Synthesis seeks to change the traditional way of POS operations wherein retailers had to keep multiple credit card machines, all separated from one another. Moreover, the company has also performed a unified process payment through its O-to-O platform that includes 20 of the top market players, including LAZADA, Qoo10 and AMAZON among others. Upon subscribing, retailers can sell everything online in all the partner sites. The platform offers a single point of access to all the 20 sites—enabling retailers to upload their product in real-time automatically across all the places in the global market space.
We have two objectives_ improve the sales of retailers, release the workforce cost, and increase efficiency. That is our focus on the retail industry today
Similarly, the platform will reflect incoming orders for a product. Not only this, but retailers can also instruct the logistics team to arrive at a time of their choice to pick up the product from any of their stores. Jimmy points out, “The O-to-O platform is enabling retailers to go online from the offline level, allowing them to be at the market with 20 other sites in one common platform.”
DCS Synthesis also lets customers save much time by enabling them to self-checkout after they pick up a product. “Customers simply have to scan the product with their phones on the app and can pay the amount without having to go to the billing counter,” explains Jimmy. The mode of payment, also known as the Bring Your Own Device (BYOD), is being followed by many restaurants.
The solutions developed by DCS Synthesis have revolutionized the operations in malls in South East Asia. The company provides a central system where all the retailers integrate their point of sales records. Malls then collect the data for the usage of their performance value. DCS Synthesis is also working on the transaction-based lending system that aims to empower retailers to get unsecured loans from banks and financial institutions, by merely using the data. Additionally, the company is also making use of Big Data to predict shoppers’ buying behavior and working on ways to prescribe them with the right discount and products. The process could eventually result in customers coming back to the store, and retailers could make more money at the same time. Another significant solution developed by DCS Synthesis is the Item Recognition Technology that automatically detects the item type and its other elements, without the need for a retail staff to look at the product.
Currently, DCS Synthesis offers MyRetailer 360 (POS System for Retail), a robust point-of-sale solution that provides an easy-to-use data management system equipped with efficient and secure retail and inventory control systems in the back office with relevant reports vital to store operations. MyRetailer 360 is a password-protected system that can trace the complete transactions relating to any item in an accounting record. Apart from this comprehensive audit trail feature, sales and inventory information can also be accessed anytime and anywhere. With just a few clicks, users can automatically generate detailed reports of sales, stocks, and inventory. MyRetailer 360 incorporates a wide range of essential frontend features and functions. PLU Search/Price lookup identifies products based upon the commodity, variety, and size group.
"The O-to-O platform is enabling retailers to go online from the offline level, allowing them to be at the market with 20 other sites in one common platform"
PLU codes ensure that the accurate price is paid by consumers by removing the need for cashiers to identify the product. With Automatic GST Computation, users can enjoy the convenience of a robust system that gives retailers fast and accurate calculations of the levied taxable amounts of GST for its customers. Barcode Scanning is an indispensable component of MyRetailer 360 as speed, accuracy, and comfort are vital for all-day use in retail point of sale environments. Membership/ Basic Loyalty Points feature collects consumer information, and each customer gets a particular ID or login information to track their spending habits. Members get rewards based on how the program is set up, which encourages them to keep coming back. Other key components are Automatic Rounding Adjustment, Multiple Price Levels, Multi-Tender Options, Sub-Total Discount, Item Discount, Suspend and Recall Bills, Reprint Receipts, among others.
In case of backend support, MyRetailer 360 leaves no stone unturned to provide maximum functionality with multiple important features such as Track Standard (Product) Inventory, Purchase Orders, Stock Variance Report, Sales Analysis Reports, Payment Collection Report, among others. DCS Synthesis provides similar POS Systems specializing in the food and beverage sector. These Point of Sales Systems are tailored to restaurants and food outlets of any size.
Years Gone, Focus Remains the Same
DCS Synthesis was founded in Singapore in 2003 with the vision of being the market leader in providing systems for shopping mall tenant POS management system and retail points of sale system. Staying true to its core objective, DCS Synthesis has grown to become one of the largest providers for shopping mall management systems and retail points of the sales system in Singapore. DCS Synthesis shopping mall customers include CapitaLand, AsiaMalls, Knight Frank, City Development, Keppel Land, Lend Lease, among other big names. Having served the retail market for more than a decade now, DCS Synthesis has been catering to the needs of the industry to ensure retailers have technology tools and applications to improve their efficiency and effectiveness. DCS Synthesis aims to develop a higher standard of system for the retailing industry with better customer profiling and loyalty management incorporated. Jimmy concludes, “We have two objectives—improve the sales of retailers, release the workforce cost and increase efficiency. That is our focus on the retail industry today.”