While it is too early to say whether mPOS (mobile payment of sale) will completely replace cash in retail transactions, it has started to replace cash registers in most retail stores.
mPOS is on its way to becoming the most widely used payment method in the world, and has impacted the retail industry in a lot of ways.
Here are some ways in which mPOS has revolutionized the retail industry:
mPOS has enabled businesses to gather customer data and study buying behaviors, preferences and choices of each of their customers individually and then design a personalize shopping experience for each.
Customers are only shown personalized ads on their social media accounts for products that they are most likely to be interested in. This makes it easier for customers to find products that they want easier.
Increase in Revenue
An important aspect of mPOS is that it has increased the revenue a retail store earns per square meter of its space. Fixed POS takes up a lot of space, and retailers also need to keep some extra space for the customers queue.
By introducing mPOS, retailers are able to save of lot of their floor space and utilize it more efficiently, thereby increasing their revenue per square meter.
Another way it has increased the revenue of retailers is by eliminating long queues. Many customers are known to leave their shopping trolleys and walk out when they find out that the queue is too long. This is especially common during rush hours.
With an mobile Point Of Sale for retail, any retail store can easily overcome its problem of limited checkout counters and enjoy more sales.
mPOS has even allowed retailers to come up with innovative marketing tactics, which includes pop-up stores. These pop-up stores can be easily setup anywhere, and allow retailers to go into different areas of the city and promote their business.
This is makes it easier for businesses to take advantage of different events and festivals that are happening around the city.
Better Customer Engagement
More knowledge of the customer behaviors enables customers to engage with the customers on a more personalized level. For any retail business, it is very important that they engage with a customer on a one to one level.
Individualized engagement with the customers is no longer dependent on staff that has been working in the business for a long time, but can easily be done by new staff as well.
One of the reasons why mPOS has become so popular is because of its security. Customers do not have to worry about their credit card information being compromised. Retailers have been found to advertise secure payment gateways, as security is the first priority of customers when they are making an online purchase.
Through mPOS, customers also get a receipt through SMS and email, which ensures transparency too.
Are you a retailer who is looking to implement mPOS in your retail store? Get in touch with us. We offer various solutions for cashless payment transactions for different industries like Banking and Petroleum. You can contact us at +1-510-438-6799.