All you need to know about mPOS
What is an mPOS?
A Mobile Point of Sale solution (mPOS) is a portable POS, wherein a mobile device, such as a smartphone or a tablet device, is used to complete transactions at a retail outlet, instead of a traditional POS counter. When the device is connected with a cash register, it behaves as as a traditional POS counter.
Ginesys’ Zwing is one such software that leading retailers use as their mPOS solution.
Why should retailers invest in an mPOS?
1. Customers can skip the queue
Today’s customers are impatient and are always in a hurry. Moreover, instant payment and checkout is a major reasons that customers today prefer shopping online than visiting a physical store.
If retailers install and implement mPOS solutions in their outlets, it would enable customers to skip the queues and complete a transaction easily and quickly. With this, retailers would be able to enhance the customer experience, thus, attracting more customers and increasing the footfall in their stores.
2. Employees can enhance the customer experience and increase customer engagement
Employees can engage the customers while processing a transaction on the mPOS devices. By simply striking up a conversation, employees can add a personal touch to the customer’s shopping experience and even collect valuable feedback on factors such as relevance of store stock, ease of locating products, and the like.
Consequently, retailers are able to increase the customer loyalty and gain insights that help the management in making well-informed decisions for the business.
3. mPOS devices give actionable insights for scaling up the business
All mPOS solutions collect and analyze customer data. These analytics give insights on the factors such as the stock movement, highest and lowest profitable products, customer retention rates, customer acquisition rates, and the like.
With such in-depth analytics, it becomes convenient for retailers to tweak their operations such as marketing strategies, product procurement decisions, merchandising, and the like.
How to identify the best-suited mPOS for a retail business?
1. Should be easily integrated with the inventory management system
As soon as a transaction is complete, it is necessary to update the inventory stock numbers so that retailers can keep a track of the stock movement and thus place purchase order accordingly.
An ideal mPOS solution must have the feature to be integrated with the inventory management system easily and update the stock numbers in real-time.
2. Should provide comprehensive analytics
Any retail organization requires comprehensive analytics to understand the current scenario of the business and identify the ways to scale it up. An ideal mPOS solution should be able to collect and provide these in-depth analytics on factors such as profits earned or losses incurred, highest grossing products, and the like. With these details, retailers would be able to make relevant business decisions and grow their business.
3. Should be easily integrated with customer loyalty programs
Once a transaction is completed, employees should be able to identify loyal customers and check their rewards or membership perks. Before investing in an mPOS solution, retailers must check whether the solution can be easily integrated with the customer loyalty programs. mPOS solutions integrated with these programs would notify employees on the offers available for the customers and update their reward points accordingly.