How mPOS Is Driving Increased Sales
A new study from Juniper Research has predicted that mPOS systems are now on the ascendancy, with 40 per cent of transactions due to be carried via this method by 2021.
It is not hard to see why mPOS is growing in popularity. Costs to convert to the mobile system remain relatively low, and the running expense is also lower than that of more traditional counterparts. Furthermore, a recent study by IHL Group found that sales growth in retailers using mPOS is up to 42 per cent higher than those that don’t invest in such a system.
Whilst the cost saving benefits are convincing, the sales growth is remarkable. One reason for this could be greater manager visibility. A mobile device such as a tablet allows store managers to spend more time on the shop floor. Furthermore, the number of hours a manager spends in front of customers has proven to be strongly linked to better store performance.
Another major benefit of mPOS is the ability to interact and complete a sale with a customer from anywhere on the shop floor. Innovative retailers are taking advantage of this additional flexibility to enhance the customer experience, and are starting to reap the rewards.
The ability to equip staff with a tablet and take them on the journey from browsing through to sale completion can be a very effective system. The addition of an mPOS printer, like the Ap1600, means that the customer can leave the store with everything they would expect from a sales transaction, including the reassurance of a printed receipt, without ever visiting the till.
Similarly, larger retailers are spotting the opportunity to minimise lost sales due to lengthy queues at the checkout, by sending in teams of assistants to complete sales on the go. This approach also more effectively facilitates upselling, as the assistant is not bound by a cash desk or hardwired device, so can guide consumers directly to the accessories that could complement their purchase.
A huge benefit of an mPOS system is the holistic retail management opportunities it offers. More accurate inventory management is achievable by linking and comparing transactions to stock levels. This can generate higher sales revenues, as fewer items are likely to be believed to be out of stock than in older, non-integrated systems. Increased management of staff, including effective performance monitoring, can also be a key driver for sales.
As retail managers look to increasingly innovative ways to bring the ease and accessibility of the online experience in-store, it does not seem much of a stretch to imagine that mPOS will soon become the universal choice for point of sale transactions.