Investing in a new point of sale system might not be on your list of to-dos, but there are some important reasons why you should: it can improve the customer experience, and it can improve sales.
Increasingly, people are paying for their goods and services by card, and so being able to cater to these customers is important from a business perspective. And the investment in such a system doesn’t need to cost a great deal. According to Mastercard, the cost of investing in and owning a mobile Point of Sale (mPoS) is low, with some units bundled for free or at low-cost with software.
This is helping to level the playing field for smaller retailers, allowing them to compete with bigger businesses for the share of the market that prefer to make payments with cards.
How a new POS can improve sales
1. Get quality insights about your staff
Any good digital point of sale system will be able to give you insights into your most active team members and their sales totals.
The system can track your best-performing products, allow you to make informed decisions about your inventory and future purchases, and provide insights around seasonal performance,
Additionally, by tracking the best-performing sales staff and gamifying sales performance, you can incentivise your staff to compete for prizes for the highest monthly, quarterly or annual sales (we’ve got more thoughts over here on how to motivate your staff)
2. Seamless system integration
You could also consider integrating your PoS system with any other platforms you use, such as accounting software, inventory management, or customer relationship management (CRM) programmes. All of these have their own benefits and caveats.
The integration of a CRM programme, for example, can help you to analyse the relationship between your business and a customer, by matching their details on a CRM programme with their buying behaviour in a POS. This could help you to market other products or services more accurately to the customers most likely to buy them.
Equally, integration of new technology will always require some initial investment time, and there will be a learning curve for yourself and your staff. Try to think what is best for your business in the long-term – there’s a good chance the short-term disruption will be worth it.
3. Shop floor flexibility
Going mobile with your PoS is another way to improve sales. This has been an upward trend over the last number of years and allows your sales staff to take the tills directly to the shop floor rather than in a fixed location, as is the case in traditional retail design.
You’ll need to consider the interpersonal sales skills being used to make sure your sales people aren’t seen as pushy, but if done the right way, it has genuine practical benefits.
A report from Zebra, a technology company, claims that mPoS can help to improve engagement between sales agents and customers which results in improved sales, and an improve customer experience through better use of space and reduced queuing). mPoS also enables mobile businesses (contractors, skilled tradespeople, and so on) to receive payment when on the move.
Implementing a POS: Best practice and technological considerations
Card readers capture sensitive information every time they are used, and so there are strict industry standards that must be met. While it’s primarily the suppliers of PoS systems who need to ensure the standards are met, retailers should also know about them. You can find out more information here.
Digital PoS systems also give you the opportunity to begin emailing receipts to your customers, saving on cost of printed receipts and giving your sustainability credentials a little boost. However, if you choose to do this, make sure you have robust and GDPR-compliant measures in place. Email addresses fall under the scope of GDPR and should be treated with due care.
Then, there are technological considerations involved. You’ll want to make sure that the device you use as your PoS is suitably-sized. Tablets may be preferable to smartphones, given that the screen size makes for more comfortable reading and easier data input (think email address for receipts and marketing purposes) and can have a longer-lasting battery – particularly important if you plan to have staff roam the shop floor.
Being mobile also means that you should think about internet connectivity. If your mPos requires an internet connection, you need to make sure you have the most reliable service available to you. Nobody wants to keep a customer waiting while you try to reconnect to a dodgy WiFi connection.
Card payments are one of the leading ways of paying for goods and services, and that doesn’t look like changing any time soon. Investing in a PoS or mPoS system that is flexible and caters to those customers is, simply put, good for business.