There’s no denying it. Consumers love to make payments on the go.
- According to Statista, the total value of mobile POS payments worldwide will reach nearly $2.5 trillion in 2021, more than double the value of such payments in 2020.
- Mobile POS transaction value is forecast to have a compound annual growth rate of 16.9 percent from 2021 through 2025, reaching $4.65 trillion in worldwide sales in that year.
- The average transaction value of mobile POS payments per user is estimated to be $1627 in 2021.
Retailers know that their success depends on keeping their customers happy. When it comes to retail mobile POS, the result is a win for customers and a win for the stores they frequent.
- Retail customers benefit by being able to shop and purchase products and services quickly and securely from the convenience of their computer, tablet, or smartphone.
- Stores benefit by automating much of the sales process, which makes their operations more efficient. They also gain access to a wealth of information about their customers that helps retailers establish long-term relationships with them.
If the old adage about the customer always being right holds true, then mobile POS is clearly the right choice for today’s retailers. Here’s a look at the many ways retail mobile POS helps store owners improve the customer experience.
Improved Customer Service Boosts Retention Rates
Even before the COVID-19 pandemic’s dampening of in-store shopping, customers were exhibiting a growing preference for the convenience of 24/7 shopping via their computers or mobile devices. Retailers have responded by providing their customers with the same unique store amenities in the digital space that they enjoy when visiting the store in person.
Retail mobile POS systems integrate seamlessly with the store’s inventory and employee management, accounting, and other operations to ensure customers are able to place orders and arrange for delivery or pickup without any hiccups. By providing employees with up-to-date information about customers’ purchase histories and preferences, workers are able to suggest complementary products and offer customers discounts and other specials tailored to the clients’ tastes.
Mobile POS systems bring the store to the customer in more ways than one. The devices allow retailers to operate in popup locations or at events while having access to all the information and functionality that’s available to them in the store. Customers are able to browse inventory from wherever they happen to be and confirm that the products they want are available in the style, size, and quantity they need.
Accept Payments in Whichever Form the Customer Prefers
E-wallets and other forms of digital payments continue to increase in popularity in part because of the need to avoid the shared touching of cash and credit cards. Also gaining favor among customers are contactless payment options such as card equipment with near field communication (NFC) technology.
In fact, a primary reason why retailers are adopting mobile POS systems is because their customers are more mobile than ever:
- Customers want to shop for and purchase products at their convenience, wherever they happen to be, securely and without any muss or fuss.
- They prefer to maximize their payment options so they can choose whether to use a digital wallet on their smartphone or smartwatch, a contactless credit card, or a card whose information they have stored with the business previously.
- They expect the stores they frequent to remember them and to offer them discounts and specials based on their preferences and purchase histories.
- Customers want to be able to communicate with the store via email, text, or phone and to receive receipts and other information from the store electronically.
Mobile POS devices support these and other customer interactions by integrating online and brick-and-mortar operations. They also allow stores to implement these and other new technologies affordably and without disrupting their business.
The Customer-Friendly Features of Retail Mobile POS
Every interaction a retailer has with customers can be enhanced by using a mobile POS system. For example, customers are looking for one-stop shopping that allows them to browse and make purchases, but also to return items and process refunds without having to jump through any hoops. With cloud-based mobile POS, all aspects of online and in-store sales are accessible and protected.
- The systems allow multiple payment sources for a single transaction via split tender. Customers can make partial payments and split bills by any percentage up to 99.
- Discounts and service charges such as automatic gratuities and delivery fees can be applied automatically based on the criteria retailers choose, including being offered website promotions via QR codes.
- Mobility makes accurate tax calculations more challenging for retailers, but mobile POS systems are able to determine the appropriate tax rates automatically based on the current location, including applied taxes, inclusive taxes, and flat taxes.
- Customers are able to browse the store’s catalog with up to 100 items either online or inside the retailer’s custom application.
Perhaps the greatest benefit of mobile POS systems for retailers is the wealth of information the systems make available to them about their customers. No longer do stores have to guess what products and services are in greatest demand or falling out of favor. Among the sales metrics that cloud-based POS systems deliver to retailers are customer lifetime value, sales per unique customer, retail profit per transaction, and revenue growth.
Retail sales are no longer tethered to a single location—or any location at all—thanks to the growing popularity, functionality, and affordability of retail mobile POS. Putting more power in customers’ hands helps bring the joy back to shopping for store patrons and owners alike. Customers appreciate businesses that clearly demonstrate their commitment to making the retail experience pleasurable and rewarding for all parties involved.
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