How Your Business Can Transition to MPOS
Posted in Point of Sale
| December 10, 2015
Firstly Why MPOS?
Adaption to and implementation of mobile point of sale (MPOS) systems is on the rise. MPOS sales are forecasted to be growing 380% between 2013 and 2017, with it being predicted that by 2019 mobile systems will account for 46% of the overall POS sector.
And this growth is spurred with good cause. Integration of the MPOS system with back-end merchandise, inventory and CRM systems arm sales associates with the capabilities and information they need to drive sales and improve customer service. This is done by accessing purchase history, customer profiles to recommend relevant products and more targeted promotions to each customer.
This combined with the ability to have up-to-date inventory information and order shipment of out of stock products from other locations helps ward off customer loss to online retailers. In addition MPOS can simply circumvent long lines and associated delays that lead to loss in sales.
What MPOS Looks Like:
Simply put MPOS often consists of a tablet that is usually placed at the checkout counter. An accompanying MPOS accessory or sled then allows free sales associates to take the MPOS tablet with them away from the checkout counter (or other home base in the store) to assist customers throughout the entire shopping experience at the brand’s brick and mortar location.
A MPOS allows your sales associates to engage with your customers as they are looking at merchandise and even pull up online information on the specific product being looked at, circumventing chances that the customer will go to a competitor’s website on their smartphone in search of information. MPOS typically has some devices at checkout and handheld devices which staff can carry on the sales floor.
Here’s how to start your transition to MPOS;
Team-Up and Prepare –
Plan to eliminate silos for your MPOS transition strategy. Your business should first create a team which works together and shares information between different job functions. Pull together stakeholders and decision makers alike. Store operators, IT managers and loss prevention and security managers should all be brought to the table. It is only then that goals, requirements and budgets should be defined. Each role is important. While store managers can provide information of realities on the ground, IT managers can enable integrations with back-end systems to get the most out of a MPOS and go beyond simple line busting.
It is important to use this team to prepare a strategy that outlines your goals and vision for your new MPOS system. Do not hesitate to let a MPOS provider (such as Givex) know exactly what you expect from your system and the end-benefits you want to see. Also outline project timelines and future milestones so that you and your provider are on the same page and can work together to create a realistic implementation schedule.
Prioritize Mobile Wallet –
Transitioning to MPOS is a good time to integrate with mobile wallet. Mobile payments grew to $630 billion worldwide in 2014 and $214 billion in 2015 in the United States alone, with 77% of those payments made at a physical location. In fact one study found that the major driving force for the shift to MPOS is the convergence of online, mobile and POS payment channels at a time of growth the use of coupons, loyalty rewards, discounts etc via smartphones.
Currently there are three distinct formats for mobile payments made with physical connectivity. These are near-field communication (NFC) payments, bar coding payments and numeric code payments. NFC allows for the integration of mobile apps centered on loyalty programs, coupons and gift cards. A mobile wallet such as Givex’s is perfect for this as it built to run loyalty and gift programs and engage customers over mobile. Givex’s mobile wallet can be accessed by any phone with a mobile browser or by downloading a mobile app.
If you are concerned about the security around your MPOS when implementing mobile wallet remember customer authentication can be enhanced using encryption and tokenization. Talk to Givex about PCI compliance if you want more info.
Have Your Internet Ready –
This may be simple but it is important. Get your Wi-Fi networks in order, not only for speed and reliability, but also from a security standpoint.
A great deal, if not all, of your business’s MPOS success lies with a reliable and secure network which will not only protect sensitive data, but will also not crash when payments and transactions are being made.
Also choose a MPOS like Vexilor which can limit employee’s web browsing, and the likelihood that they might accidentally download a malware from the internet or via email.
Choose a Partner –
Don’t pick a MPOS provider who will just provide you with some hardware and little else. Your POS provider should be able to walk to through details of implementation easily and then be by your Implementation Team’s side as the MPOS is installed.
Make sure your POS provider provides tech support. You don’t want to be left with little more than an instruction manual if something goes wrong at the time of payment. Also if you are a global company pick a provider such as Givex who are also global and can adapt to multi-lingual, enterprise-wide, global needs across time zones.
For further reading on MPOS strategy consider this blog post.