Early adopters of cloud based POS software and simple mobile POS solutions have experienced a cutting-edge advantage over their competition. Real-time transactions improve customer service, eliminate waste, and maximize profit. The ROI extends beyond hardware costs. Use of cloud based POS software increases customer and employee satisfaction, and can be a tool for global communication. Merchants using paper based transactions will be left in the dust of their competitors.
Still Clinging to a Paper Based System
Many businesses are falsely led by the belief that if their inventory management system isn’t broken, then it doesn’t need to change. They also believe any changes will create challenges for their employees. These myths are far from the truth. If you believe them to be true, then you may have become complacent in an extremely competitive environment. Below are some myths about paper based systems that may signal your wake up call.
Myth 1: Paper is Cheaper Than Mobile Devices
In the past, the up-front costs of mobile technology seemed like a large investment. Yet, over time, the costs of paper, printing, labels, and checklists is more than the purchase of a mobile POS system and software. Today, mobile technology has flooded the market, substantially bringing down the cost of mobile devices, especially tablets and handheld technology.
Myth 2: Employees Are Comfortable with the Old System
A commonly heard complaint for change in any system is training and employee satisfaction. Fortunately, most if not all of your employees already have mobile devices and are familiar with how to use them. In 2014, two years ago, 75% of America owned a tablet or e-reader and 64% American adults own a smartphone. The number of tablets and smartphones has grown in the past two years, not slowed or stopped. Your employees have embraced technology to make their lives easier. Training them on a mobile device should be simple.
Myth 3: A Trail of Crumbs
The security and comfort found in a paper trail is a myth—plain and simple myth. Yes, paper can be held in your hand, like a twenty-dollar bill. That feels secure, right? Not nearly as secure as encrypted information on redundant servers that can be accessed 24/7 and any day of the year. Can you imagine spending a minute or an hour going through a stack of POs? Or waiting for someone to fill one out? That’s where sales are lost, during checkout, and paper based systems always lose against the ease and speed of a Mobile POS.
The Downside of Paper
Checkout time dramatically impacts customer perceptions of service and influences customer buying decisions. Studies have shown that 88% of consumers want a quicker checkout experience. For example, if the checkout process is too long, customers will leave the store before selecting items from the shelves, also called “shopping cart abandonment.” Or, a potential customer may walk past your store if the lines are too long, which is called a “drive-by.” Both are issues your business can’t afford. Consumers also had negative experiences if they felt that clerks and employees were too busy handling transactions to answer questions or help with purchasing decisions.
The Upside of Mobile POS
There are many advantages of mobile POS and managing data in the cloud. The primary reason is accessibility. Why limit yourself to your storefront and filing cabinets? Bring your store to your customers. Electronic data interchange (EDI) can process orders and payments in seconds. Paper based systems take days or weeks to process and manage inventory. A robust EDI improves delivery time and leads to higher customer satisfaction.
Increased response time with customers improves employee productivity. Your employees will have the ability to answer questions and be more proactive than reactive at their jobs. Time spent providing a more positive customer experience equals greater sales.
The end-to-end security framework found within a mobile and cloud based POS system enhances security during payment. End-to-end encryption secures the transaction, therefore lowers the risk of credit card fraud and theft of personal information. Cardholder information is protected through encryption of personal data, while merchants are safe from security breaches.
ROI with Mobile POS
We live in a fast-paced world that expects immediate results. No one wants to stand in a long line, especially when they can shop from home. Reduced times during checkout equates to increased sales and greater customer satisfaction.
As your business grows, POS and Mobile POS devices can be upgraded to increase their functionality. These devices are user friendly, because of touch-screen technology, making them easy to operate for the novice. And, familiarity with these devices is found in our everyday lives. In the long-run, the purchase of a robust POS system with mobile features will last for many years.