Long check-out lines, poor customer service and limited payment methods are just a few of the challenges traditionally faced by both small business and large retailers. Add in the fact that today’s consumers expect even faster, more efficient retail experiences, and it becomes clear that businesses need to continually evolve in order to meet consumer demand. In order to stay ahead of the pack, businesses must constantly adapt to provide more satisfying experiences for their customers. The advent of mobile point of sale (POS) delivers unprecedented opportunities for smart, simple and satisfying on-the-go transactions.
How Does Mobile POS Work?
Mobile POS replaces conventional cash registers as the primary point of sale terminal. Customers have the ability to complete transactions via tablet, thanks to a mobile card reader plug-in component, with cloud storage replacing the physical “back office.” Most mobile POS platforms are designed to replicate the look of traditional cash registers for user-friendly ease. Not only are transactions encrypted to maximize security, they are also devoid of the expensive fees association with traditional POS methods.
A Closer Look at the Benefits of Mobile POS
Today’s consumers want options, of which mobile POS delivers plenty. Small merchants who have not previously accepted credit cards can now integrate mobile POS into their business strategies in order to simultaneously grow both their sales numbers and customer base. Larger retailers, meanwhile, can augment the average shopping experience by merging mobile POS solutions with their current operations.
Not only do mobile POS systems improve the customer’s payment process by easily accepting credit, debit and Paypal, it also enhances the customer’s overall store experience. This innovative technology liberates employees from the cash register and increases availability on the sales floor in order to better engage customers. The result is a decrease in lost sales thanks to quick and easy access to critical information, such as stock data. Coupon and loyalty cards can also be directly scanned via tablet with mobile POS. In short, the implementation of mobile POS leads to a rise in both productivity and profitability.
While the MPOS system is largely beneficial, business should keep in mind that the system only works if items are properly barcoded. Additionally, variable weight item and other complex transactions, such as those with security tags, large, unwieldy or fragile goods, or many items may require conventional payment methods.
Beyond Conventional Retail
In addition to the retail industry, mobile POS is also on the rise at restaurants — everywhere from fine dining to food trucks. Servers can accept tableside payment, communicate directly from the table to the kitchen and eliminate paper waste through email receipts. As space is a commodity in many restaurants and non-traditional eateries, mobile POS also conserves valuable square footage. Additionally, mobile POS systems can be easily used everywhere from pop-up stores to your local farmstand.
Innovation is a necessity in the fast-paced retail marketplace, and the rise in popularity of mobile POS indicates that it’s here to stay — offering all of the functionality of conventional POS in one handy device. Businesses which fail to recognize this trend risk being left behind, while businesses which embrace the changing technology can leverage it to their advantage both in terms of customer loyalty and a better bottom line.