Decision making is all about timing. To take a sports analogy, in a long distance race a runner has to decide when to attack - do you go early or bide your time until you believe your competitors have used up their energy and that you will be able to catch them before the finish line. The potential problem with such an approach is that the race may not develop in the way you envisage and rather than winning there is a danger you cannot close the gap and will be left behind with the also-rans.
If you consider investment in cash processing, there will be some who read the media and believe that a cashless society will soon be upon us. In a retail context they may believe that cash payments will continue to decline so why invest in them now? At the same time if the future is online trading is this the time to invest in physical stores? Wouldn't it be easier to wait to see what happens or could such hesitation prove fatal to your future prospects? Is this a true-life example of the phrase 'he who hesitates is lost' or to quote the bard 'there is a tide in the affairs of men which taken at the flood leads on to fortune'. The quote is taken from Julius Caesar, and Brutus goes on to say 'Omitted, all the voyage of their life is bound in shallows and in miseries '.
So let's look at it logically. Are cash payments about to disappear and if not, can you ignore them? If there are less payments what are the implications for the cost of processing them and are there fixed costs that will still apply? Secondly will the growth of online sales lead to store closures and will the losers be those who have delayed addressing cost issues in areas such was the processing of payments?
Cash accounted for 28 percent of all payments in 2018 according to UK Finance. This will fall to 9 percent by 2028 but as things stand it is fair to say cash is here to stay. A 3 March 2019 article in the Guardian shows that 'eight in ten Britons rely on cash for everyday payments', using cash to pay taxi drivers, newspaper sellers, window cleaners and gardeners.
According to the ONS, online retail sales accounted for 18.6 percent of total sales in March 2019. Though such sales are increasing in importance more than eighty percent of purchases still take place at physical outlets.
To stay competitive stores not only need to accept cash but they need to do so in the most cost-effective manner, managing the movement and use of cash. Working with Glory companies can gain competitive advantage from every process involving cash.
Benefits of change
By investing in the enhancement of cash processes now retailers can reduce costs by increasing efficiency around float preparation and cashing up tills while at the same time improving secuity, reducing shrinkage and identifying counterfeit notes. In an increasingly competitive market environment improved processes free up staff time, enabling delivery of a personalised customer service.
Cash payments remain important and cannot be ignored. Retail outlets face increased pressure to remain competitive in a rapidly changing environment. The time to ensure cash payments are processed in a cost-effective efficient manner is now. It is not the time to hesitate. To return to our analogy, others are already making their move and the gap is widening.
Retailers worldwide are working with Glory to increase efficiency, enhance security and release staff to focus on the experience they deliver. Don't delay, contact Glory today!