Retailers to Find Mobile Lump of Coal in Their Holiday Stockings
Retailers that didn't make mobile point of sale (mPOS) part of their retail technology upgrades this year may be leaving billions of dollars on the table this holiday season. A recent whitepaper from Brickstream, a retail behavior intelligence and analytics solutions provider, reviewed the impact that checkout line wait times have on customers’ perceptions of service. According to Brickstream, "… one-third of customers reported that they abandoned a checkout line when they were forced to wait more than five minutes; customers typically become frustrated by waiting in line, if forced to wait longer than two-and-a-half minutes."
With retail's biggest season upon us, many companies are missing an opportunity to improve customer-to-brand interaction at the checkout line. mPOS, in its simplest form, offers retailers the opportunity to "line bust" by letting mobile-device-equipped sales associates assist with the impending flood at the checkout counter. Not only can mPOS devices improve customer brand perception by quickly serving frustrated customers, it often saves the sale when a customer would rather walk out the door than wait in line to purchase their item. To retailers that spend millions of dollars on marketing and advertising over the holidays to get consumers into their stores, the prospect of having those shoppers walk out without making a purchase is a painful loss.
More advanced mPOS devices deliver capabilities well beyond saving potential lost revenues. Leading retailers that deploy advanced mPOS solutions transform the customer experience with clienteling features like endless aisle and recommendation-enhanced shopping. Analysts rank transforming the customer experience as the primary foundational pillar for retailers. In a September 2014 report, Forrester Research analysts Peter Sheldon and Lily Varon point out that, "in the age of the customer, brands seek a unified experience between the six stages of the customer life cycle (discover, explore, buy, use, ask and engage)."