Especially in the area of payment, there is a lot of motion in retail today. Whether paying by App on the smartphone or new NFC-based solutions - so far no solution could not really prevail. Markus Hövekamp, CEO of VeriFone GmbH, explains what innovative payment ways there are today and what solutions Verifone presents at EuroShop 2014.
What possibilities are currently offered to retailers by stationary multimedia terminals?
Apart from classical card-based payment methods, multimedia terminals process innovative NFC-based transactions, mobile payments or payments with signature. Furthermore, they enable direct interaction with the customer. Thanks to the colour display, special offers and promotions can be communicated to the buyer immediately. New multimedia terminals are also suitable for data collection or assessment, e.g. for loyalty programmes, newsletters or customer satisfaction surveys. A retailer’s offer can be further extended by bonus programmes, gift card give-aways or top-up services.
More than just a payment terminal, this card terminal is becoming an advertising medium and information carrier, all in one – directly at the point of sale. Thanks to targeted video and advertising presentations, the merchant can increase his sales figures and build a stronger bond with his customers.
There are more and more payment methods available to customers. How does VeriFone respond to current trends and present them at EuroShop?
Card payments at the point of sale have become commonplace. Whether credit or debit cards are involved, with signature or PIN-secured –customers and merchants are accustomed to the process, which is uncomplicated, secure and – with right equipment – also very fast.
VeriFone accepted the challenge of fulfilling the core requirements of simplicity, security and speed – also in the implementation of new payment methods and other innovations, such as redeeming coupons directly from the NFC-wallet. That is why we have optimised our product portfolio and extended it with new services, offering tailor-made solutions to respond to the diverse requirements of merchants. This is also what we want to show at EuroShop: We will present, among others, the classic hybrid terminal H5000, which is the successor model of the Artema Hybrid terminal, the most common terminal type in Germany.
However, we will also showcase new innovations, such as the MX 925 multimedia terminal, the UX series for the self-service area, and the mobile retail solution PAYware Mobile e105, which transforms smartphones into payment terminals.
What effects can be achieved through cross- and upselling?
VeriFone solutions are typically applied in the checkout area. Consequently, the interaction with the customer takes place when cross- or upselling is no longer possible in many shop formats.
The situation is different at C-stores, for which we are showcasing at EuroShop a solution called LiftRetail, which presents targeted individual recommendations based on the goods basket and, using the cross- and upselling technique, may increase sales byup to 5%. The solution is directly combined with the cash register system, analyses the customer’s purchasing behaviour and motivates him or her to make spontaneous purchase transactions through a large touch display directed at the customer. At the same time, the sales personnel is supported in their approach to the customer by appropriate additional purchase suggestions.
In simple terms, the whole idea is based on a three-step scenario: “Scan – Suggest – Sell”. LiftRetail also offers other marketing approaches, such as bonus programmes or competitions.