It is a wide known fact that consumer behavior is always evolving and is constantly accepting shopping methodologies that allow ease of access. Beacon technology is one fundamental innovation that is built upon the facets of ease of access. It allows retailers to reach out to potential customers in a quick and easy way. It not only paves access to a customer’s cell phone but also a variety of other functions if integrated in a beneficial manner can be performed. Mobile proximity payments have introduced the trend which involves ease of access and cashless payments.
A recent report by Statista reveals an astonishing figure, “In 2017, the number of mobile proximity payment users stood at 721.2 million worldwide and is projected to surpass 1 billion users in 2020.” This is an incredible figure which reveals that people are prone towards cashless transactions and the probably cause behind the behaviour is ease of access. The number will reach a billion in the next two years as consumers are preferring cashless or card-less technology for their daily transaction.
Various retailers like Macy’s and Target have also been clearly influenced by the trend as we see cashless payments are accepted at these retailers. Going cashless primarily involves a payment procedure that involves a person tapping, waving or a similar action performed by the user on his phone to make a payment. Proximity based Point of Sales (POS) transactions are also popular because all transactions being made can be viewed in real-time right on your phone.
How can retailers use Beacon technology for POS:
The integration of Point of Sales with Beacon technology might sound a little complex as you always though of an iBeacon as a tool to advertise. The integration of an iBeacon with POS works on the same principle as how a retailer advertises. The advantages posed by Beacon technology gives a retailer the option to introduce an effective POS system which enables customers to use smartphone bases proximity payments.
Let’s suppose that a consumer has downloaded an app that gets integrated to a beacon as soon as he enters a store. The difference between a cashless POS system and one that involves beacon literally is the factor of proximity. A customer just needs to be in the store to make a payment by tapping his cell phone as long as he has the app installed on his device.
Being a retailer, your job might just become a lot easier with the integration of beacon technology in your POS. Perhaps you’re running a promotional offer or coupons that a customer can avail. All you have to do is to place a beacon near the payment counter, as soon as a customer enter the store a pop up will be received on his phone where he can gain access to the coupon and hence all he has to do is to make a few taps to use that coupon.