March 25, 2020

How Retailers Are Reducing Their Use of Cash In-store

We explore how retailers are reducing the use of cash in their stores for a more seamless checkout experience.

As retail steadily moves away from its dependence on cash, the rise of online shopping, click and collect and other electronic shopping options means that offering digital payment options is essential. Though these changes are often driven by the online world, we’re also seeing a big change in how people shop in brick and mortar stores.

To meet the demands of the modern shopper, what are retailers doing to offer cashless payment options? Here, we explore how retailers are reducing their use of cash in-store.

Making cashless quicker

Anyone who pays a visit to a brick and mortar store can see the payment options available today are often geared towards speed. Electronic payment methods are faster for the customer and the store than handling cash. Therefore, we see cashless options taking the preference of both shoppers in a hurry and busy store assistants.

With self-checkout options, payment can be finalised as quickly as a tap of a button. MishiPay’s mobile self-checkout solution reduces the length of the checkout journey to just 20 seconds, as opposed to the 5-6 minutes shoppers will often wait in line at a conventional checkout. This means customers can spend less time queueing, enabling them to save time at the end of their shopping journey and store assistants can spend time helping customers instead of being trapped behind checkouts.

Keeping up with payment trends

From cash to cheques, to the advent of the credit and debit card, the evolution of payment has always been aimed at benefiting both the retailer and shopper.

As retail moves further into the digital age, where the emphasis now lies on mobile technology, retailers will further have to adjust with the times. Mobile payment methods are projected to account for over half of all payments made in-store by the end of 2020. In simple terms, this means that those retailers that are slow to adapt will miss out.

The benefit of a mobile self-checkout solution like MishiPay means that all a shopper needs is their smartphone. From scanning the barcode of a product to payment, the entire purchase process is carried out on the shopper’s mobile phone. There’s no longer any need for retailers to invest in hardware or update their checkouts and systems to accept any additional payment methods.

By offering multiple payment methods

Not offering a customer’s preferred way to pay is another large contributing factor that causes basket abandonment. According to Forbes, 25% of shoppers abandon their baskets due to retailers not offering their preferred method of payment at the time of checkout. Additionally, traditional checkout solutions only cater for a few of the ever-increasing payment methods that are available in today’s shopping landscape.

Once a shopper has decided to buy a product, MishiPay allows them to pay for it straight from their mobile using a range of payment options. With options like debit card, credit card, Apple Pay, Google Pay, PayPal and many more, MishiPay is giving shoppers the flexibility to pay their own way.

By keeping cashless checkout quick, relevant and easily accessible via mobile, retailers are in a prime position to ensure shoppers have the best shopping experience in their stores. What else does the future of retail have in store? Discover autonomous checkout.

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