Cash registers are about to start disappearing from US businesses. Merchants across the country are upgrading their point of sales hardware to internet-connected smart hubs that act as all-in-one business management tools, rather than just clunky cash storages.
Where the traditional register was confined to the basic math of the final purchase, mPOS systems—or mobile point of sale—enhance the customer experience and help managers run more efficient businesses.
These new solutions can handle advanced functions such as inventory management and sales analytics, and they do it with the mobility and low hardware profile of an iPad.
The Decade for POS Convergence
According to research, more than 61% of merchants have already switched to internet-connected POS for their business. This great digital conversion has led experts to forecast that more than $372 million worth of payments will flow through mPOS systems in 2020 —and that figure is expected to jump to more than $840 million by 2024.
The advantage these digital pioneers are chasing is convergence. Just as the previous decade was dominated by the continued whirlpool of tech advances that drew just about every form of entertainment, business, and information into the pocket-sized form of your smartphone, so the 2020s will see that trend repeat in customer service and sales.
More and more owners and managers are going to want a single source of control and access for all the business and sales tools they used to keep their doors open.
The days of isolating cash away in a tin box on the counter are over.
Connected in the Cloud
The biggest difference between a traditional register and an mPOS solution is connection. Before the digital revolution, the register was an isolated strongbox for making and keeping change. Digital POS systems, however, treat the final sale as just one of many functions that coexist to make a business work.
To bring all these functions together, a modern POS system combines flexible, discreet, and touchscreen sensitive hardware with cloud-powered software that’s accessible from any internet-connected device. The US is currently the world’s most advanced cloud computing market, with more annual volume than the next four biggest consumers combined.
Cloud computing moves responsibility for the hosting and maintenance of business software offsite and makes it accessible via the internet, the same way you access major on-demand services such as Netflix. Just like Netflix, you also pay for your business apps on an opt-out subscription basis—which gives you access to the best business software without the high fees or expensive upkeep of owning it outright.
With your new mPOS solution at the heart of your business, you can run your whole operation with centralized efficiency.
How mPOS Improves Your Business
A digital mPOS system connects every corner of your business. Through a single in-store iPad terminal—or several—and a range of personal devices from desktops to phones, you can monitor and maintain just about every aspect of your business.
Computers were essentially built to count, and there’s no better way to ensure a highly accurate understanding of your holdings than turning over your inventory to a digital management system. You can automate purchase orders, stage instant stocktakes, and follow every product from spend to profit through your entire system.
Sales, discounts, returns, and promotions
If an mPOS system is to replace the old-fashioned cash register. it has to replace its former functions too. Fortunately, it’s even easier to process sales, add discounts, and manage customer expectations with an iPad than it is with a bulky register. Every action can be linked to the digital inventory to make sure every return or spur-of-the-moment product bundle is accounted for, and you’re left with the flexibility to pursue a sale to any reasonable end.
The digital era has made it harder than ever to obey the “customer is always right” rule by generating a range of different payment options. With an mPOS solution, you can add the right card reader, scanner, or app to your system with USB or Bluetooth ease and give your customer peace of mind when using their most trusted and convenient form of payment.
A digital system has the depth to carry information about all your stocked items and their many modifications of size, color, style, and more. The menus you move through on your iPad terminal to make sales and even display to customers during transactions can be fully customized to reflect your needs and maximize your bottom line.
Unlike a cash register, an mPOS setup has a computer memory. This means you can record the details of any transaction and use the data to improve sales by providing personalized incentives for your customers. The leading POS providers include the capacity to create your own branded loyalty and gift card program in their agreements, so you can create something unique that will help build a passionate following.
Every business needs an online profile, as both an introduction to your products and a way to buy them. A digital POS solution lets you tie this public presentation directly to your in-store presence so you can impress and serve with ease. Again, a quality POS provider will help you design and maintain your own website.
Your staff should also benefit from the upgrade away from a traditional register. Going digital gives them the chance to take responsibility for their own rosters, leave applications, and perhaps even training through their own password access to the central app. In turn, you can monitor their performance against real-time sales figures to measure the impact of their output and maximize employee teams.
Finally, the one thing your old register could never do is provide advice on how best to run your business. A POS system, on the other hand, tracks, combines, and analyzes sales and expenditure figures to give you an insight into what sells at your place, and who is buying.
Regular sales reports can guide your purchasing and promotional decisions and lead to a better use of your resources.
This kind of data analysis was once out of reach of many businesses, but the conversion to a digital business place makes all the customer and sales information previously lost to a clumsy register newly available for your consideration.
mPOS is the Future of Business
The digital advantages outlined above combine to spell the end for the traditional cash register. In its bulky, limited place a new breed of sleek, connected, and internet-friendly devices are about to rise.
It won’t be long before the register goes the way of the landline phone, and for the same reason—you can do far more with digital.
When you partner with talech for your retail technology needs, you get a cutting-edge solution built to suit your business. Our experts can help you make decisions that improve your online profile, expand your customer knowledge, and capitalize on your assets.
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