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Software Point of Sale, or SoftPoS for short, is a digital solution which allows NFC-enabled smartphones or tablets to be turned into payment terminals. In light of Apple’s announcement to distribute the solution on iOS last year, this means a further 1.2 billion users will now have access to this technology.
As such, it's an exciting time for SoftPoS and its potential future capabilities. The technology has already seen widespread adoption among smaller retailers, due to its convenience and cost-saving powers - which mean they no longer need to rely on expensive chip-and-pin machines.
But, larger retailers can also make use of the technology to help boost their sales and provide added mobility to the payments experience. In a notoriously volatile retail environment, the capabilities of SoftPoS to increase sales and improve the customer experience at larger stores can present a key source of competitive advantage.
The world of SoftPoS and its application for large retailers
SoftPoS allows retailers to increase the number of payment points present in large retailers. This is because the digital solution can be installed onto different tablets and cashiers around the store, instead of being limited to the number of physical terminals a retailer owns. By reducing costs through improved efficiency, will inevitably result in greater in-store conversions and increased profit margins.
Additionally, being able to pay at different points throughout a store makes customers’ lives easier as they no longer have to wait in long queues to get served.
Managing inventory in real time
SoftPoS can also help retailers in managing their stock through the creation of ‘endless aisles’. This refers to a concept whereby merchants no longer have to stock every size and colour of a product in their store.
Instead, retailers can use mobile devices to order out-of-stock items for delivery to the customer, as well as take payments on the same phone or tablet they use to manage their inventory. By harnessing mobile commerce as an extension of the in-store experience, retailers can begin to bridge the gap between e-commerce and the high street.
This also provides retailers with the ability to see the real-time popularity of certain goods and can help guide their inventory decisions down the line.
Reducing queues and boosting sales
SoftPoS solutions also bring greater mobility to larger retailers, which is an important benefit given the size and volume of their stores. For example, shop staff can be dotted around stores to assist customers and let them purchase items from a store worker versus having to wait in line at the checkout. This added mobility helps reduce the number of queues present and ultimately leads to greater sales and customer satisfaction.
For shoppers, this also means more personalised customer service and a faster checkout experience which can help boost loyalty. People with fewer items can also keep their shopping experience short and simple.
The future of SoftPoS
SoftPoS has the power to transform the way retailers operate, improving the payment experience for customers whilst helping to boost their sales potential. Additionally, a number of costs are eradicated from no longer relying on chip-and-pin machines as SoftPoS allows merchants to use hardware they already own.
Using SoftPoS technology, then, gives retailers a competitive edge - as customer demand for contactless payments and excellent customer service continue to rise.
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