Thanks in part to the rapid developments in ecommerce and digital technology, the paradigm in customer expectations has dramatically shifted. Consumers have the capability to purchase what they want, when they want it and can now do so from nearly any device. As a result, buyers want that same type of seamless experience in store, or at least that limits the time they have to wait to buy a product or service.
One such way retailers are exploring is the implementation of mobile point-of-sale solutions. In fact, according to research from Smart Insights ®, mPOS shipments are expected to increase at a compound annual growth growth rate of 40 percent between 2013 and 2018 . Mobile POS system shipments are expected to surpass traditional POS shipments in 2016; in 2018, mPOS installed systems will be greater than the installed base of POS terminals in the world.
Mobile point-of-sale solutions are growing in popularity at an exponential rate because of the ability they give retailers to better serve their customers. Patrons' expectations of an in-store experience are changing, and early adopters of cutting-edge mPOS are better able to serve buyers that come into their store. Local businesses don't have to make their customers wait in line to make a simple purchase rather, if there's in-store congestion, mPOS systems enable retailers and restaurants to reduce the time patrons are waiting in line. As a result, turnover rates can be improved and a better flow of foot traffic is established.
Line-busting is a relatively new concept as mPOS systems haven't completely matured in the local business marketplace just yet. Retailers and restaurants' top priority has traditionally been to get customers through the lines as quickly and seamlessly as possible. Local businesses that utilize mPOS can more easily manage long lines during the busiest part of their sales day, thus avoiding potential customer satisfaction issues or even worse, the threat of a lost sale.
Empower the customerConsumer buying behaviors and patterns are often unpredictable, but a strong way to ensure recurring revenue is by providing an easy and stress-free shopping experience. Consumers also like when they're empowered, or their decision-making process is made simpler, which is why online commerce has grown so quickly. Buyers can compare prices, read reviews and even sign up for notifications that let them know when a particular product or service is available.
The in-store experience may not be able to provide all of those options, but local businesses can create a faster and more reliable shopping episode by cutting down the time customers have to wait to complete a transaction. Patrons have come to expect speed and convenience in their shopping experience, which is what mPOS provides. Store associates walking around and checking customers on the spot also reduces time for the buyer to second guess themselves. A recent Oracle study found 40 percent of shoppers said a savvy store associate impacts their final product selection more than a website does.
Store associates armed with product knowledge and the right payment infrastructure can help close more potential sales than an online retailer can. All it takes is enhancing the in-store experience.