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Experience Trumps Possessions, or, Have You Heard This Before?

Conor Mascetti |

In the fiercely competitive retail market that today’s consumers face, shoppers are not only driven by the quality of the goods, but by the quality of the experience itself. In other words, the purchase experience becomes embedded in the perceived value of the purchase. And what consumers want today is value.

Customers are excited by short wait times, seamless shopping experiences and a consultative approach to purchasing.

But most shopping experiences encompass a long line and a slow checkout capped by unmotivated cashiers. Frustration builds as customers have to stand and wait. The process has become faster, but scanning and swiping still takes time.

Revolutionary Mobile Point of Sale (MPOS) technologies can help enhance these facets of the shopping practice.

The MPOS experience allows for the delocalization of the cash register: consumers no longer have to wait in line after locating the item. Instead, they can enjoy a more interactive approach to shopping: purchasing the items in the aisles themselves. Shopping with a Mobile Point of Sale allows consumers to have the item in their hands immediately after locating it.

Another aspect of this mobile approach is the ability to receive instant consultative services, such as finding other goods that complement the one you just purchased.

Additionally, MPOS helps merchants understand the individual consumer better and may increase the number of impulse purchases a customer makes.

Large databases can be built over time to better understand spending patterns and consumer preferences. Though a mobile catalogue, a returning customer can enter a store, have the merchant have access to a list of previous purchases, preferred items and spending patterns through which he can design a unique and personalized shopping experience to benefit the consumer. This individualized approach to selling in large retail markets can revive a lost sense of personal customer-merchant relationship and increase overall customer satisfaction.

Mobile technology also allows customers to keep a more organized record of the transaction; rather than dealing with lost paper receipts, customers can choose to receive an official email notification of the receipt instead. When buyer’s remorse sets in, customers can expect to be received and dealt with seamlessly, encouraging a return visit.

In order to develop a MPOS strategy, it is important to conduct a rigorous and scientific analysis of the drivers of preference for consumers. The right kind of MPOS product can be determined by evaluating the readiness of the merchant partner. Finally, analyzing the unique markets that merchants play in to customize this implementation strategy is also crucial in optimizing the MPOS experience.

Topics: Payments Strategy

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