In sharp contrast to the pandemic years, shoppers in the UK are reverting to more traditional methods and going back to brick-and mortar stores. This, however, is a different consumer. It is accustomed to the convenience, speed, and seamlessness of online shopping- attributes not typically associated with its offline counterpart.
With such habits, the smallest friction in the purchase journey can leave a sour taste in the consumer’s mouth. Now more than ever, the finer details of a business, such as the payment terminal, can be the difference between a good and an average shopping experience.
For many years, the traditional model has required significant investment from merchants into costly hardware, serving as a hindrance for many businesses eager to adopt digital payment solutions. This is where SoftPoS has emerged as a game-changer, eliminating long standing obstacles by allowing merchants to harness the power of NFC-enabled devices already at their fingertips.
SoftPoS – What and why?
SoftPoS or Software Point of Sale is a software solution that can turn almost any mobile device into a payment terminal. Imagine every in-store employee being able to securely accept payments with their phone, instead of ushering customers towards the long lines at the till. For offline consumers, this would mean reduced or no wait times at the till. For businesses, this would mean happier customers.
SoftPoS technology plays a pivotal role in streamlining transactions, fostering a seamless and user-friendly environment that benefits both merchants and consumers. However, its impact extends far beyond transactional efficiency. SoftPoS solutions empower businesses to elevate customer interactions and facilitate modern requirements, fostering sustainable growth in the process.
With quicker transactions, customers are more likely to complete their purchases, which has an overwhelmingly positive impact on sales figures. The seamless payment process and reduction in operational costs for businesses further sweetens the deal, making SoftPoS solutions a cost-effective investment for retailers of all sizes.
Changes in offline shopping
With the integration of AI and other technologies, offline stores are evolving. However, most of the transformation has been targeting consumer delight and not necessarily convenience or seamlessness. These are areas that businesses now need to focus on.
Retailers can seize the opportunity to connect loyalty point schemes with specific, more cost-effective payment methods, incentivising customers to choose those options. Open banking providers are innovating by introducing value-added features to enhance the appeal of payment methods for consumers.
The adoption of SoftPoS technology holds significant advantages for large retailers. In this evolving landscape, the point of payment is becoming increasingly sophisticated, incorporating biometric options such as facial recognition and palm scanning.
Consumers are growing more at ease with these methods, already utilising them to unlock mobile devices and securely access banking apps. This trend suggests a potential integration of biometrics into the payment process, offering a seamless and secure payment experience.
Shift to a cashless society
Hardly anybody carries cash these days, especially amongst consumers. This shift in consumer behaviour has driven the demand for cashless payment options.
Dispelling the myth that card transactions are costlier than cash, SoftPoS sheds light on the hidden expenses linked to cash management. While the tangible nature of cash may seem straightforward, the behind-the-scenes costs, such as cash handling, and security measures often go unnoticed. SoftPoS not only simplifies logistics but also offers a cost-effective alternative, making card payments a strategic choice for businesses of all sizes.
A prime example of this is the savings by a retailer who no longer needs to invest in cash handling processes, security personnel, and insurance against theft. SoftPoS not only streamlines operations but also contributes to a more efficient and secure payment ecosystem. As merchants focus on economic efficiency, the adoption of SoftPoS becomes a strategic imperative.
What the future holds
SoftPoS technology transcends its role as a transaction facilitator, serving as a gateway to personalised customer journeys, retail success, and the future of frictionless payments. Large retailers harnessing these solutions are able to transform customer interactions and propel growth, securing themselves a competitive edge in today’s increasingly saturated and dynamic market.
The integration of SoftPoS technology in an environment that is becoming increasingly digitised is not just a strategic consideration; it is a vital necessity for retailers committed to delivering unparalleled payment experiences to modern consumers. Beyond the increased sales potential provided by enhanced mobility and more payment points, SoftPoS offers substantial cost savings compared to traditional physical payment terminals. By embracing revolutionary technology, retailers can position themselves at the forefront of the innovation curve as pioneers of efficient payment process and digital transactions.
Brad Hyett, CEO at phos
