According to FinancesOnline, two of the top point of sale trends for 2021 and 2022 go hand-in-hand:
- The transaction value of mobile ePOS payments is forecast to increase by 32.7% in 2021 over the previous year, and by 28.1% in 2022.
- Retail customers want their transactions to take less time to complete, which is possible only when stores use mobile ePOS devices.
The bad news is that the POS systems used by more than 46% of retailers aren’t able to meet their customers’ demand for mobile payment options. The good news for these retailers is that upgrading to a cloud-based mobile ePOS system saves them money while also keeping their customers happy.
This helps explain the skyrocketing popularity of cloud-based POS systems, which are expected to reach 53% market penetration in 2022 compared to 30% in 2017. Clearly, there has never been a better time to upgrade your POS system to mobile ePOS.
Here are 10 reasons why mobile ePOS is a worthwhile investment for retailers of all types and sizes.
1. Mobile ePOS Lets You Complete Transactions Quickly and Accurately
There are a great number of things people love about shopping, including browsing the aisles (virtually or in person), taking in the merchandise, and finding treasures that are priced just right. The one thing that people dislike most about shopping is the wait to pay for their purchases and be on their way. Mobile ePOS systems make waits at the checkout line a thing of the past.
The retailer’s mobile app running on a tablet or smartphone has all the features required to process refunds, returns, and receipts whether the transaction is completed in the store or online. Stores and customers are protected by the built-in security features of mobile ePOS systems, and there’s less likelihood of errors occurring because there’s no manual data entry involved.
2. Mobile ePOS Empowers Your Customers
Happy customers are most likely to be returning customers. The best way to make retail customers happy these days is to give them more control over the shopping experience. Mobile ePOS systems allow retailers to track their inventory in real-time, which reduces the chances that the products customers want are out of stock. Your staff is able to check on the availability of items as they assist shoppers and can place special orders or otherwise respond to customers’ special requests on the spot.
3. Mobile ePOS Boosts Your Staff’s Productivity
Viewing up-to-the-minute inventory counts is only one of the ways that mobile ePOS systems improve the efficiency of sales staff. Many tasks that previously had to be performed manually, such as ringing up purchases on a cash register and entering customer information, are now automated. Not only does this speed transactions and improve their accuracy, but it also frees up time for employees to spend attending to customers rather than completing administrative tasks.
4. Mobile ePOS Gives Managers 24/7 Access to Key Data
Small retailers now have ready access to many of the advanced sales analytics tools that large enterprises rely on via the features integrated into mobile ePOS systems. This allows stores to get a more complete picture of who their customers are, what they’re buying, and how they prefer to shop. And all of this information is available to them at any time from any internet-connected device.
Among the sales performance metrics that mobile ePOS systems support are lead conversion rate, product performance, product cannibalization rate, sell-through rate, sales per rep, and average receipt value. Managers can also devise their own set of key performance indicators (KPIs) that are most important to their store’s operation.
5. Mobile ePOS Lets You Pay As You Go—and Grow
Perhaps the biggest difference between conventional POS systems and their cloud-based counterparts is how much stores have to pay upfront for the required hardware and software. In addition to paying for hardwired POS servers and the many peripherals that attach to them, stores have to pony up for software licenses and maintenance costs. By contrast, cloud-based POS systems use open application programming interfaces (API) that allow features to be added via plug-in modules, and they take advantage of low-cost hardware that the business may already own.
6. Mobile ePOS Saves Paper by Delivering Receipts Electronically
Retailers can save money and reduce their environmental footprint by taking advantage of mobile ePOS systems’ ability to deliver receipts to customers via text or email. This also makes life simpler for customers because their receipts are easier to keep track of when they’re stored electronically. Hardware costs are reduced by doing away with receipt printers, but stores that retain paper receipts still save on the expense of paper, ink, and other resources.
7. Mobile ePOS Calculates Taxes at the Item Level
One challenge for retailers who take their store on the road is being sure they’re complying with local tax requirements. Mobile ePOS systems automatically calculate the correct inclusive and add-on taxes for any location and for each item they sell. The three types of taxes the systems calculate are applied tax (percentage added after the subtotal), inclusive tax (percentage applied before the subtotal), and flat tax (dollar amount levied per item).
8. Mobile ePOS Lets You Personalize Discounts and Other Special Offers
Nothing puts a smile on a customer’s face like an unexpected bonus. Mobile ePOS systems link transactions to customers’ sales histories, which allows the systems to apply discounts automatically when customers meet certain criteria, and to offer other specials tailored to the client’s preferences. The systems also make it easy for customers to redeem gift cards and loyalty rewards.
9. Mobile ePOS Allows Customers to Use Whichever Payment Type They Prefer
The boom in contactless payments that accompanied the restrictions put in place in response to the COVID-19 pandemic shows no signs of slowing. Mobile ePOS systems allow shoppers to pay for their purchases using EMV (Eurocard, Mastercard, Visa), cards with magnetic strips, cards equipped with near field communication (NFC) technology, and digital wallets such as Google Pay and Apple Pay.
10. Mobile ePOS Brings Your Store to Your Customers
Another trend likely to persist after COVID precautions are lifted is customers’ preference for stores coming to them, via custom mobile apps and branded websites as well as by taking their wares on the road (even if “the road” is right outside their premises). Today’s mobile ePOS systems give retailers peace of mind by being able to work in offline mode so no sales are lost due to a dropped internet connection.
The retail industry is taking flight, in more ways than one. As shoppers feed their pent-up need to visit their favorite retail outlets, stores can greet them with all the amenities offered by the latest mPOS technologies. The retailers who thrive in the new retail environment will be those who offer their customers the shopping experience they’ve come to expect, plus a whole lot more. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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