Mind of Money

February 14, 2018 at 1:36 am

The Top 3 Checkout Technologies Set to Shape Retail

Credit card being swipedWith the intense competition among retail brands in the market, businesses often have two choices: innovate or die. The percentage of new businesses that close down after the first year remains the same. About 50 percent of the new players die. On the tenth year, about 96 percent may have closed down.

Fortunately, innovation doesn’t have to come at a steep price; you can remain competitive and still manage costs by using technology in certain processes.

Whether you run a new shop or own a string of stores, these three checkout technologies can help improve your business:

POS Finance

The growth of retail tech also increases the number of people not bringing cash. In a Blumberg Capital survey, about 50 percent don’t use it anymore. But not all stores are ready to adopt the cashless system.

For retails stores that don’t, there’s the point of sale finance system. It provides the customers access to different lenders. One can integrate the service in the POS, so the customer doesn’t go through a time-consuming application process.

No Checkout

A lot of people think the self-checkout terminals are already the future of retail. One bus in China begs to disagree. The vehicle is a rolling store with no staff and checkout. Customers enter by scanning a QR code. A hologram of a woman appears to give transactions a “personalized touch.”

Virtual Shopping Carts

E-commerce boomed for one reason: convenience. But can the same benefit extend in the offline world? The answer is yes, thanks to Amazon.

Amazon’s first physical retail store features two technologies now found in others: cashless and no checkouts. But it took innovation to a whole new level by creating a virtual shopping cart. Customers can walk in and shop. The cameras around the shop then pick up the goods and place them in virtual carts. The system then allows the customers to pay through their credit cards with digital receipts.

These retail technologies are meant not only to appeal to the young consumers. They’re also necessary to improve customer service and experience.

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