Black Friday & the Point of Sale

To start things off, let’s take a moment and look at Black Friday in-store shopping.

Yup. Hundreds, even thousands of people wait in front of stores, in the dead of the night, so they can get their goodies at greatly discounted prices, only on Black Friday. Last year, this day alone generated 67 billion US dollars from in-store purchases alone. It will suffice to say, Black Friday is a big deal.

Seeing how Black Friday is only a few days away, we thought we’d give some advice on how merchants can speed up the checkout process for the tens of thousands of customers that will pass through their stores on Black Friday. After all, the checkout process is where the sale is won or lost as people are most likely to abandon their intended purchase while waiting to check out. And on Black Friday, with patience running low and tension high, the amount of abandoned purchases increases even more. So, make sure you don’t let them get away!

Tip no.1: Equip your employees with card readers. All of your employees.

Every year, the number of in-store workers during Black Friday doubles, triples and even quadruples in some stores. What if each and every one of those in-store assistants had a card reader that was connected to their smartphone? They would be able to accept card payments on the spot in just several seconds. The customer will be pleased since they will be able to get away from all of the madness with all of the items that they want and the assistant will be able to quickly go on to the other customers and help them with their purchase. There will be no line in front of the cash register, no hassle, just a clean and fast checkout process.

Tip no. 2: Accept any card payment technology. The latest and the oldest.

Whether the customer has a magstripe card and needs to swipe through, has an EMV Chip & PIN card, a contactless card or he wants to pay with his mobile wallet, it’s up to the merchant to make sure that the store can accept any card payment technology. So when the time comes to choose the right card readers for sales employees, make sure you are equipping your team with the option which accepts every kind of card payment technology. By accepting the latest payment options, you can further ensure a better checkout process. And as always — a faster payment process means a happy and spending customer.

Tip no. 3: Keep all the data! Then use the data.

The best way to prepare for Black Friday is to see what happened during the previous year and learn! How many people were paying with cards? What kind of cards were they using? How fast was the payment process? What can be improved? Can you use the card data to re-target customers? Can you use that data to send out special deals to customers post-Black Friday? Or for the beginning of the next one? The payment process contains a lot of data that can be utilized perfectly for analysis, marketing, re-marketing and anything and everything else you can think off. Don’t discard data which can later be as valuable as Black Friday itself.

All that said, we wish you a great start to the holiday shopping season!

Written by: Dijana Dimitrovska, Payworks

First published on Medium on 22-11-2016