4 Reasons Why Your Retail Business Needs a Mobile App

Mobile epidemic is spreading. Nowadays, there are more than 2 billion active smartphone users all over the world. And all these people choose a smartphone as the most convenient device for the majority of their daily tasks. The possibilities of this market are unlimited, and if you still haven’t done anything to use them, it’s high time for you. In this article, we’ll explore why a website is not an option anymore for online retail business, what benefits you will get if you create an appealing retail mobile app and what functionality you’ll need to include there.

Your site isn’t enough

Ask yourself what device you use more. Is it a PC or a phone? I’m sure that it’s a smartphone. Now, ask yourself what is easier to work with a mobile app or a website via a mobile browser? I think that the answer is obvious. And we are not the only people who have noticed the difference. Here are some statistical facts taken from PR Newswire portal to prove my point:

  • Mobile app users browse 280% more items compared to websites on mobile devices.
  • Mobile apps have 90% higher rate of goods added to basket compared to mobile websites.
  • Mobile websites in the retail sphere have more than 100% less conversion rate if compared to mobile apps.

The numbers clearly show that the mobile apps work much better in such areas as customers’ engagement and profits increasing. And one more thing for you to consider, the portal Flurry analytics has calculated that modern mobile users spend about 90% of time working with apps and only 10% on browsing.

You see the statistics and have to make conclusions because your competitors do. Every day we get thousands of retail mobile apps and there are several reasons why business holders create them.

Benefits for business

All these phrases like “business improvement” and “profit increase” sounds very hazy. Let’s talk about real advantages which you’ll get after your retail app release:

Sales boost. It was calculated that more than 85% of users who installed a retail app use it regularly. Almost 55% percent of these people have made a purchase via the app last month.

Very promising statistics, right! Besides, with the help of discounts, special offers and a loyalty program for mobile shoppers, you can easily break these records. For instance, Alibaba, an online retail app famous for its discounts, has got the highest profit from mobile users – almost $25 per a user a month!

Extinguish competitors. This business if taught and the race is very intensive. Did you know that 60% of all interviewed business holders in the retail sphere confirmed that they are ready to start their own app development or they have already released one? Modern apps are very easy to use, they have much more intuitive interface than mobile websites do and %45 off people who took part in AYTM survey claimed that they prefer doing shopping via a mobile app rather than a website. Sounds like a lot of people, right? Don’t give these customers a chance to choose another app. Contact a mobile app development company and release your product faster than your competitors!

Build brand loyalty. Brand recognition and loyalty is a huge plus for your company. Many businesses are trying to build their marketing campaigns in a way to increase their brand popularity. That’s one of the main reasons for many business holders to create their own mobile app.

In-store experience improvement. It was calculated that more than 50% of customers can use both a mobile app and physical store shopping. Which means that these notions aren’t mutually exclusive. Moreover, one can help another. In such a manner, you can improve your in-store experience with the help of a mobile app.

For instance, with a barcode scanner app, your customers can get more information about a product and its peculiarities without pinging a staff member. As well as that, your customers can pre-order goods and pick them up whenever they like.

MVP feature list

Still, there are some features which are an absolute must in your retail mobile app. Here they are:

Convenient catalogue. It has to be really well-organized and structured catalogue to help users save their time and nerves. Here’s a tip for you, use only high-quality goods photos and keep your catalogue up-to-date. Nothing drives customers crazy as an item which you can see in the app but can’t buy because there are none.

A lot of filters. Customers are very demanding nowadays that is why it would be useful to add additional filters to the usual ones, like size, colour and so on.

Convenient payments. Add several payment options. Not all people use only Visa or MasterCard. Different options give a user right to choose. It would be also great if you add total cost feature to your shopping cart, so a user can see whether he has enough money or it’s necessary to exclude one or a few items.

The information we’ve listed above should become a guide for you if you want to make your retail business prosperous. The modern era demands only modern technologies and approaches. Don’t waste your time and give your customers a chance to shop with comfort!

Significance of POS Receipt Printer Within Retail Business

There is a great significance of pos receipt printers within the retail business. Retailers are switching to receipt printers due to the convenience that it provides. Thermal receipt printers are very efficient in their functioning.

The technology that is present in the pos printer makes it easy for retailers to use them. The benefits due to which retailers are slowly embracing this technology are as follows.

Fast Speed of Printing

The first thing that helps retailers is that the printing speed is quite fast in receipt printers. Pos receipt printers are thermal printers which have advanced technology of printing. These printers are placed at the checkout point where the bills are made. This means that there would be a long queue in this area.

The person placed at checkout would have to be quite fast and the bill orienting needs to be fast. Thermal printers are quite beneficial at this point since the receipts are printed within seconds. The customer checkout would be fast and there would not be a long queue of customers waiting.

They Are Cheap Way of Printing

Thermal Printers are cheaper as compared to traditional printers. This is because there is no cost of replacing cartridges as the printers are inkless. The printing on the receipts is done with the use of heat on the paper. The money that retail stores would have to spend on the ink cartridges are reduced to a great deal.

They also do not have to spend on printing ribbons as well. The pos thermal printers are one in all technology which directly prints the required images and letters on the paper with heat pressure.

They Do Not Need High Maintenance

One of the best things about the receipt printer is that they do not need high maintenance. It might get quite problematic for retailers if the receipt printer stops functioning during checkout. The long chain of customers would have to wait for a long time and there would be a disturbance in the store.

This is one of the things that retailers dread all the time. Since there are not many moving internal parts in a thermal printer, they have fewer chances of not working or suddenly malfunctioning. Even if there are any issues, the repair of a thermal printer is quite cheap and fast.

They Are Very Efficient

Pos printers are very efficient and can work without any interruptions for a longer time. The employees would have to change the ink cartridge or the ribbons every few days. Since this is not necessary for a thermal receipt printer, there is a lesser delay in workflow and hence a lot of time is saved. The thermal receipt printer would be able to work continuously till the time there is no internal failure. This is how printers increase work efficiency in retail stores.

Following the benefits that are mentioned above retail printers have become a prominent part of every retail store in current times. People have started to understand the significance of pos receipt printers within the retail business with time.

When Should a Retail Business That Sells Products to Consumers Consider PI Insurance?

A Retail Business is a business that sells products to consumers (excluding manufacturers, importers/exporters).

It is important to firstly explain the coverage provided by each of these policies. These policies do not overlap or provide dual cover. We have summarised an overview of common policy feature provided by each of these policies. However, each insurance company has their own policy wording. This means that coverage can vary considerably from one insurer to another, and the following overview provides only a common outline of policy features. It is important that you compare each policy based on the appropriateness of cover for your individual business needs and seek professional advice.

Public & Products (Broadform) Liability Insurance policies provide insurance cover in respect of insured’s liability for loss or damage caused negligently to third parties, who are not the insured, as a result of an occurrence in connection with the insured business.

It indemnifies the insured business against legal liability to pay compensation in respect of personal injury or property damage claims arising in respect of the Product &/Or Service sold or supplied by the insured, however it does not cover product warranty and is always subject to terms, conditions and exclusions.

In addition, these policies also provide cover for defence costs even if the action against you is false or fraudulent, and provides that an excluded circumstance does not apply.

Personal Injury – Cover may include:

– Death, bodily injury, sickness, disease, disability, shock, fright, mental anguish and mental injury

– False arrest, wrongful detention or imprisonment, and malicious prosecution

– Wrongful eviction

– Assault or battery

– Libel, slander, defamation of character or invasion of the right of privacy

Property Damage – Cover may include:

– Physical Damage to tangible property

– The loss of use of tangible property which has not been damaged but cannot be used due to Damage to other tangible property

Additional Comments

Common exclusions – Advice for a fee

– Does not provide cover for pure financial loss where no injury or damage has occurred

Policy Trigger for a Claim – Bodily Injury or Property Damage

Professional Indemnity Insurance protects an individual and/or company against claims made against them by a third party for financial compensation arising from a breach of their professional duty. It is an essential protection for professional advisers who provide professional advice or expertise services to third parties.

It provides indemnity for claims brought against the insured company and its principals, partners and employees for financial loss arising from a breach or an alleged breach of your professional duty in the course of conducting your business.

Policy features may include:

– Trade Practices Legislation – Libel & Slander – Dishonesty

– Loss of Documents – Defence Costs – Official Enquiries Cover

Professionally Indemnity Insurance generally aims to provide protection for:

– settlements, compensation and/or damages awarded against them;

– legal costs and other expenses associated with defending a claim.

Who is a Professional adviser?

Anyone who gives to another person advice and/or services of a skilful character according to an established discipline might be regarded as a ‘Professional’ adviser.

Why do Professionals need Professional Indemnity Insurance?

A Professional will hold himself or herself out as having a special skill, which can be relied upon by another. Consequently, the law requires that the Professional exercise the required skill to an appropriate level expected by that profession.

Professionals are only human and mistakes do happen. Any financial loss, injury or damage arising from a mistake or failure by the Professional to exercise the required level of skill may mean that an award is made in favour of a person who suffers a loss, damage or injury. A Professional may also be held to be liable for a mistake even though there was no negligence.

In the event that a financial loss, injury or damage arises from a failure to provide that appropriate level of skill, it may result in an award for damages being provided to the third party that suffers the financial loss, injury or damage. The Professional Indemnity insurance provides cover for damages awarded against the Insured Person and/or Company including costs or expenses incurred in defending the claim.

Additional Comments

Policy Trigger for a Claim- Financial Loss arising for a breach of professional duty.

It is important that Professional Indemnity Insurance and Public & Products Liability Insurance work collectively to ensure that the main exposures of your business are covered.

When should a Retail Business that sells and supplies Products consider Professional Indemnity Insurance?

Several key areas for business owners to consider when selling and supplying products:

• A business that charges a separate fee for advice should have professional indemnity insurance covering their overall business or the area of their business that provides advice for a fee. As mentioned above, the liability insurance policies generally excludes advice for a fee, so in the event that there is no professional indemnity cover in place, claims arising from advice for a fee would be uninsured. For example:

Computer Retailer

A computer retailer that supplies products and charges a separate fee to program and install software / hardware.

• If a Retail Business provides advice in accordance with their product sales and the manufacture instructions and does not provide a separate fee for advice regarding the sales of their products. In the event of a claim arising from negligence in relation to products sales that results in injury or damage, your liability insurance policy should generally respond (subject to the terms and conditions of the policy coverage).

However, for some Retail Businesses, in the event that they are negligence, their clients may not necessarily incur injury or damage, but pure financial loss. We provide the following examples:

Fertilisers Retailer

In the event that the wrong fertiliser was provided, and the crop did not produce, there may not necessarily be any injury or physical damage, only pure financial loss.

Pool Company

Supply of pool chemicals (licensing also requires Pool Companies to maintain Professional Indemnity Insurance)

A business owner should always obtain professional advice when obtaining and reviewing their insurance. Insurance products are legally binding contracts and under current legislation it places responsibility on all parties to an Insurance Contract to be aware of the details of that Contract. Insurance companies are not licensed to provide advice and can only explain their product features. They do not advise on the suitability of the cover for a business.