Retailers are incorporating technology into more and more of their business processes. Independent of the obvious cost-reduction and efficiency reasons for utilizing technology, their customers require it. As such, retailers need to consider the benefits for utilizing mobile point of sale systems. Learn how your business can benefit from this system.
Traditional POS or mPOS?
At the very least, you’ll want to utilize a traditional point of sale system for your customers to process payments at your store. However, most businesses should also consider a mobile POS (mPOS) system. This doesn’t apply to just the obvious mobile businesses such as pop-up stores, vendors at fairs, food trucks, carpenters, exterminators, and other local service providers. In fact, any business can also incorporate a mPOS system such as Square. With Square in particular, you can get a card reader for free, and instead pay a 2.75 percent transaction fee for each card you swipe. Such a system can be particularly handy if you’re starting that bakery, and plan to sell your goods both at your shop and at local farmers markets.
Mobile POS systems for traditional retailers
Many brick and mortar businesses with significant foot traffic and square footage can reap massive benefits by incorporating mobile POS in their sales process. You can enhance the customer experience by offering mobile POS access points in various aisles of their store. Not only will customers be able to pay quicker, but your business will gain valuable insight into the performance of those products using mPOS. It’s quite possible that the business may learn that a specific product is not properly placed as it performs better on Mobile POS versus traditional POS lanes. You may also be able to identify peak time to properly position Mobile POS systems throughout the store.
In what other ways can mPOS benefit your business?
The system can be integrated into your existing customer relationship management (CRM) data that can help your business better serve your customers. For instance, local restaurants/retailers may use mPOS to learn which items were purchased by the same customer and when did it occur; it’s also possible to learn where (i.e. what table, aisle). This valuable information can be utilized for future marketing campaigns to that specific customer and provide a more personalized experience. It’s also possible that small businesses can utilize customer data capture through mPOS for larger scale strategic initiatives with their customers.
Ensure mPOS is compatible with your existing infrastructure
Before you implement a mPOS, first make sure you have the proper equipment that interfaces with a mobile device. For instance, you will need to make sure that the mPOS can integrate with your ERP database and accounting system that can store the collected data.
More business questions? Browse answers or ask small business questions online.
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Tags: accounting software, point of sale, small business marketing, Ryan Himmel
