3 Ways How Physical Retail Is Benefiting From Fintech
The digital transformation brought about many developments in the retail industry, the most common one being the separation between traditional physical stores which features brick-and-mortar stores, cash tills, and stocked shelves, and ecommerce, which uses virtual stores, electronic payments, and shipments from warehouses through distribution centers.
Fintech is the management of financial services and methods, and the rise of this technology has blurred the seperation between the conventional retail and its modern countrpart.
Here are three ways on how fintech is changing physical retail:
The practice of point-of-sale financing is slowly picking up pace around the world, and implementing a POS system can shape and approve a financing deal within seconds, thanks to cloud processing. The use of cloud services has become both accessible and affordable, especially when systems are bundled by cloud solutions distributors working with vendors to get favorable deals. And traditional sellers can utilize this solution as another way to help an indecisive shopper to purchase something.
Brick-and-mortar stores need to maintain their in-store stock and their warehouse stock optimally, making sure that they don't order too much or too little. Fintech systems can be optimized and automate the process of restocking by taking in order data, reviewing industry developments, and factoring annual trends.
Physical retail is changing significantly, demonstrating that the desire for in-store purchasing is still prevalent. Today, there is a shift towards hybrid retail, which is the purchasing of goods or services traditionally through digital payment and reservations options.
People are getting accustomed to the ease of tapping their phones to pay within seconds instead of using cards, cash, or entering PINs while shopping, making it convenient and hassle free. But this new fintech solution is also benefitting the merchants as they can accept payment wherever they go using a mobile POS system without having to deal with cash if they don't want to.
See also: Top POS Solution Companies