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Why Your Business Should Adopt a Mobile Point-of-Sale Solution
by May Tan | Product Manager, Enterprise Maxis
Research shows that customers spend more when they make purchases using credit or debit cards. Your business can boost sales and increase operational efficiency with a mobile point-of-sale solution (mPOS).
Imagine you own a business that ensures door-step delivery. Your delivery personnel are carrying an expensive parcel and arrive at the doorstep of Mrs. Wendy’s house, at Mont Kiara. Mrs. Wendy tends to be irritated in the morning because she needs to travel 18 kilometers everyday to her office in Ampang.
Today, Mrs. Wendy’s mood is worse because she’s had to wait for her delivery. To make matters worse, the delivery boy tells her she can’t pay with her credit card; he only accepts cash.
With the ATM at least 10 minutes away, Mrs. Wendy now realizes the first half of her day is blown. Think of the trauma your business is putting customers like Mrs. Wendy through. Is it likely she will make a purchase from you again?
We live in a world where every minute counts. It doesn't matter what kind of business you are operating, your customers are constantly looking for solutions that make their lives easier. That’s why your business offered them door-step delivery, in the first place. But your payment mechanism is letting your customers, and your business, down.
A great way to give customers an experience they will love is by offering payment solutions through mPOS. These hand-held smartphone-based point-of-sale devices allow customers to make payments, at their doorstep, with credit or debit cards.
Not only does mPOS help enhance customer satisfaction, they can also boost your business. Here’s how.
According to research from Dun & Bradstreet, consumers spend 12-18 percent more with credit cards than with cash.
And that’s only the recent numbers. There’s a whole body of research revealing how cash payments are associated with pain. The Journal of Experimental Psychology revealed that physically handing over bills triggers an emotional pain that actually deters spending, while swiping cards doesn’t create the same friction.
Another study by The Journal of Consumer Research found that shoppers who pay with credit or debit cards focus more on the benefits of a purchase than the price. On the other hand, consumers who pay with cash focus on price first.
Businesses should leverage these psychological insights. With credit and debit cards inside their wallets, your customers are now willing to spend more while purchasing products from your business.
mPOS terminals, like other wireless card payment terminals in general, are also beneficial to businesses in other kinds of ways. Payments with cheque, for example, have inherent limitations that wireless payments don’t have. These include cheque getting lost or stolen, and delays in receiving cash, both of which affect your business’ cash-flow. Cash payments, too, are susceptible to theft.
These challenges don’t exist with card payments.
There is one more reason to use mPOS. Even though Malaysians are known to be extremely tech-savvy, a research article by Science Alert, reveals that the adoption of internet banking in Malaysia is relatively low. mPOS offers your business and your customers a way around the fears customers have with internet banking: It gives them a sense of security because they are physically present during the payment process.
Today, almost any smartphone can be converted into a wireless payment terminal. Even more reason for your business to stop annoying the Mrs Wendys of the world.
A mobile-first approach makes it easier for businesses to enhance customer engagement, boost user experience, and increase the overall buyer experience. Morgan Stanley revealed that since 2014, mobile devices have witnessed more active internet users than desktops. Google’s Consumer Barometer 2015 revealed that 52% of Malaysians access internet using smartphones. Another report by statista.com pointed out there will be 13.7 million smartphone users in Malaysia by 2019 and that by the end of 2016 the country will boast of having more than 11 million smartphone users.
It’s exciting times for online business owners in Malaysia, especially considering the rapid internet and mobile penetration in the country. According to We Are Social, 71% of Malaysian adults own a mobile device and 81 million Malaysians are active mobile users and 47% of them use mobiles to shop online. All these numbers actually translate to huge business opportunities for e-commerce and digital native businesses. But, there are a few key areas that business owners need to keep in mind to ensure a successful online endeavour. Here are four: