The essential, yet often unwanted item has been described as one of the most powerful tools a retailer has to directly interact with customers. Whether it is provided in store at an EPoS till or sent virtually, it provides retailers with the opportunity to “build a communication channel between the merchant and the buyer”, Dorsey said at the recent NRF conference in New York. Yet retailers are missing a trick and failing to use the receipt in any innovative way.
“Sometimes the receipt isn’t taken – the reason it’s not taken is it’s not useful. We see the receipt more as a communication and publishing medium – a product in itself that people want to take home and engage with,” Dorsey commented during his keynote session at NRF.
He continued “We believe if you give something valuable to people they’re going to come back and create more value to commerce. The receipt is a rich communication channel that can be interactive,” he said.
Dorsey is the founder of a mini card reader that can be attached to mobile devices called Square. The multipurpose tool enables a consumer to make payments, and works along side an app that stores their credit card details and a directory of retail stores in the local area that the Square can operate within.
The clever technology activates as they enter the store and connects with the EPoS till point at which point their name and picture of their face appears on the retailer’s screen. The retailer is able to take the payment without the consumer’s bankcard making an appearance. In this case the receipt is paperless and sent virtually to the consumer via text or email. The idea behind the tool is that it skips the impersonal side of a sale and cuts straight to a speedy, positive interaction. Since its launch four years ago there have been one billion visits per year to merchants signed up to Square. It’s not yet in the UK as it is currently only available for retailers in the US, Canada and Japan.
However, according to Dorsey the Square device is expected to be “a big part of the future of commerce”, and a “more affordable POS alternative”.
“We see this product as a way to build a communication channel between the merchant and the buyer. We believe if you give something valuable to people they’re going to come back and create more value to commerce. The more you personalise the experience and tailor it to them the more they come back,” Dorsey said.
Source: Retail Week