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04/09/2009 -
Considering the decline in retail sales due to the recession, one of the most important things a merchant can do is to ensure that their customers have fast, easy, and exceptional shopping experiences, which will encourage them to buy more and come back often. One way for merchants to accomplish this goal is through having up-to-date point-of-sale (POS) equipment, which can improve the speed and security of the checkout process.
However, 73 percent of retailers admit that they are below, or at best sub-par, in their POS capabilities, representing significant potential revenue loss, said a recent report from the Aberdeen Group.
The lack of updated POS capabilities was identified as a legacy retail system problem impacting 65 percent of retailers, which has led to subpar performance in customer satisfaction, in-store sales and average basket size, the report found.
The benefits of up-to-date POS technology are not to be underestimated - the research indicated that retailers who are considered best-in-class in terms of their POS technology see an average of a 6 percent increase in basket size, and have a customer satisfaction rate of 84 percent at the POS terminal. They also boast an average checkout time of two minutes and POS uptime of 99 percent.
Merchants who are concerned with their POS technology performance should talk to their payment processing provider about equipment upgrade options.
