According to Juniper Research, Mobile point of sale (mPOS) transactions are expected to make up 40% of retail sales by 2021. And, it is expected that mPOS solutions will comprise over a third of all POS terminals by then as well. This brings mPOS systems out of the “wait-and-see” category of technical solutions and firmly plants them into trending must-haves for retailers. However, not all mPOS systems are created equal and many can deliver very different features and tools.
The final selection of mPOS technology for your business should be guided by the POS industry expertise of a valued POS solutions provider. But as a starting point, there are five important mPOS features that should exist on your mPOS wishlist that will give you a solid mPOS foundation while making it easier to find a perfect fit with a POS consultant that is in sync with your business.
1. Mobility Puts the “m” in “mPOS”
Simple, isn’t it? Not so fast. Understanding exactly what mobility really means in an mPOS solution will help you to identify the exact mPOS solution you crave. Mobility can exist in different forms and will mean different things to different retailers. Defining what mobility should look like in your business is your very first step, and will serve to define the rest of the software tools and devices used to create your mPOS technical infrastructure.
The type of device used in an mPOS solution can range from laptops to smartphones to tablets. The choice made here determines what POS software can be used, the level of flexibility and support available to you, and the overall footprint an mPOS system leaves on your business. Tablets, in particular the iPad hardware platform, will give you a perfect blend of modern aesthetics and intuitiveness, as well as the ability to access all of your software through a cloud-based mPOS app.
2. Predictive Data Analytics
Managing and interpreting data has for too long been a challenge that many retailers have struggled with. Using inventory, sales, and transaction data to create historical and present-moment views is vital to ensuring that retailers minimize product leakage while getting the most out of their product offerings. An mPOS solution not only streamlines and simplifies data management but can also add an additional layer of data analysis to drive future success.
Staying proactive in terms of the items you sell and the service provided is a necessity. Predictive data analytics is an mPOS feature that presents retailers with accurate insights into customer behavior trends. Data is integrated from every area of the business—including any online or multichannel presences—to deliver predictive analysis that can reveal the slightest change. They will keep you a step ahead of the customer while reducing your operational overhead.
3. Consolidate Customer Transactions
The steps you take to simplify operations, and yet add to your abilities to better serve customers, can be addressed through the use of mPOS technologies. A key feature of mPOS systems is their ability to consolidate the transaction process, from the moment a customer enters your store and past the point of payment. Delivery returns and exchanges will all become fast and painless processes that allow your staff to stay proactive in customer engagements.
Modernizing the payment process will introduce attractive options, such as a wider range of payment type acceptance and the ability to conduct sales from anywhere. Being freed from the tethers of a legacy POS till will open you up for further customer engagement opportunities. Contactless payment options place control over the sales experience into the hands of the customer, while also positioning you for leveraging online business options.
4. Take Your Business Virtual
Mobile point of sale solutions will give you the tools necessary to broaden the reach of your brand. Multichannel business options are a natural fit for mPOS systems and will allow you to build an online presence to place the contents of your physical shelves on virtual shelves. Virtualization of business operations, and the positive impact it will have on sales conversions, will present your retail store with a valuable tool to stimulate growth.
In addition to providing customers with new and customizable ways to use when interacting with your brand, you will gain valuable new points of data. Tracking product views on your website, as well as offering a wishlist option, will reveal additional insights into what it is your customers are seeking, and how to go about serving them in the best way. This also gives you the building blocks towards a set of inventory controls that works for you with a high degree of precision.
5. Inventory Management Redefined
Defining what your business is and projecting this out to customers is directly dependent on the products you offer. Customers have a choice in whom they do business with for the specific products they desire, right down to the finer details of color shades or sizing. Your primary goal must be to align the products you offer to these detailed expectations while providing engaging and intuitive channels for them to engage with your product lines.
The ability of mPOS to reinvent how you manage your customer-facing products starts with its ability to apply next-gen data analytics to inventory management. These two elements provide instant visibility into what inventory you have, how it is trending, and pinpoint exactly where it is in your business sales cycle. From here, you will have real-time insights into product viability, how the customer experience is working, and limit your risks due to inappropriate ordering or leakage.
Add Cutting-Edge mPOS Systems the Right Way
Taking advantage of the exciting new features offered by today’s mPOS systems brings the future to you today. All of your most vital business processes become integrated and work with perfect cohesion to build a business model that is not only sustainable but has unlimited potential. Putting the pieces together in one, all-inclusive solution is best accomplished with a POS expert standing by your side.
If you’re not sure of how an mPOS solution will fit your business, or which mPOS functions are best for you, reach out to the experts at talech. We see your business as an investment and will work with you to nurture your brand through the implementation of a perfected blend of mPOS tools.
