MPOS has become an integral component of brick & mortar retail, offering vital technology integration that has become a necessity for shoppers. But, consumer demands for convenience at the point of sale are also increasing, for retailers it is becoming key to stay up to date with the latest technology, tools & trends to stay relevant. MPOS can give retailers the opportunity to outperform competitors with solutions such as order management and stock control, but only when leveraged efficiently and instantly.
How a company manages inventory and customer relationships often correlates to revenue growth; highlighting just how important streamlining systems like stock management are. With Covid-19, there have been noticeable changes in consumer behavior that businesses must adapt to. The first is not unexpected; eCommerce has grown 6x since 2019 and is becoming more dominant in retail, this trend will only increase with consumers leveraging mobile shopping & flexible fulfillment.
Customers value convenience over all else, so it’s not surprising that eCommerce has had the growth it has, as convenience is abundant through eCommerce. That said, brick & mortar definitely has a place in the current landscape, but it must adapt to rapid trends to stay competitive. What Brick & Mortar offers that eCommerce can’t is immediate customer satisfaction. There are no delivery times, fees, or delays to deal with. The customer can simply walk into the store and buy the item they are searching for. The sale can be won or lost if the in-store experience is a greater time-sink in comparison to online ordering. At least 44% of consumers try a new brand due to fulfillment delays.
Checkout lines, inventory problems (running out of stock of a desired product), and payment flexibility all contribute to the convenience of brick & mortar retail, and often determine whether that customer becomes a brand loyalist or stays anonymous. These are all issues that an innovative MPOS can resolve. By streamlining the nuances of the shopping experience retailers can improve their balance sheet and satisfy their customers. That’s a win-win.
Take a higher vantage point
The cloud is one of the core boons that technology has provided to both digital and physical retailers. The benefits of the cloud are expansive, but in short, it enables management to happen from anywhere, at any time. For example, take customer behavior & profile data that is crucial to marketing as well as inventory planning. Every retailer knows that understanding your consumers and their purchasing habits is vital to effective purchasing & allocation, with cloud data this information can be globally accessible and leveraged in real time. This enables retailers to prevent under/over stocking and reduce the cost of inventory discrepancies. While optimizing the customer experience through personalization and a greater awareness of how this customer already interacts with your brand.
Furthermore, a cloud backend enables other stores to communicate directly with one another, sharing inventory and consumer trends specific to their respective locations. This maximizes stock efficiency. If one store’s consumers lean toward a product that others don't, this can be communicated seamlessly, in an efficient manner to enable more effective decision making. In demand items can be shipped to other locations, or directly to the consumer enhancing the options at every store. With a fully modern MPOS retailers canmake the necessary adjustments to maximize the customer experience in real time, and turn every customer into a brand loyalist.
Retailers can also check store performance live from anywhere. Grabbing a quick sandwich from the local deli or cafeteria? Open your phone in line and check how the nearby stores are performing in real time. This echoes back to convenience. The ease-of-access to get this data and act on it in real time gives retailers the reactivity needed to overcome and thrive against eCommerce competitors.
Contactless & Mobile Payments
Phones are an integral part of society now. This is indisputable, almost every customer walking into your store has a connected device in their pocket. Mobile technology is expanding in power, quickly becoming the essential tool for everyday tasks including paying in-stores.
This last point is essential for retailers to understand, as in 2020, only 28% of consumers paid in cash and 1 in 6 consumers made a contactless payment for the first time in 2020; with 4 in 5 of consumers continuing to do so.
This is a behavior change compared to past trends, as technology and consumer expectations have mutated to the point where things like contactless payments are no longer a choice for retailers who want to succeed. When compared to the full integrations of payment solutions systems in eCommerce, much of this complexity is already taken care of with consumers able to access a seamless payment experience online. But, Brick-and-Mortar retailers need these services as well in order to compete because the disparity between having an updated MPOS or not is so large that retailing favors connected brands, favoring the business with a more extensive toolset. These brands can empower an enhanced consumer experience in which all of their needs are met, in one place seamlessly.
Covid-19 has caused many consumers to not want to shop in Brick and Mortar. Self preservation is paramount at any cost, and with the risk of catching Covid-19 on many consumers’ minds, going in-store is often not worth it. However, there are those who definitely go, so precautions need to be taken to ensure that these customers are afforded the most sanitary and efficient experience possible. But even more so focusing on engaging these customers when they venture in store has raised in importance. Retailers have to leverage the latest MPOS, payment and cloud backend tools if they hope to compete with large e-tailers and other high street competitors.
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