Recently published research mentions that M2SYS is one of the leading companies in the industry. The report goes on to say that M2SYS is going to lead the biometric deployment in the retail sector through 2025, offering their innovative, customized biometric solution for the retail industry, as for the banking and financial sectors, and retail POS.
To be able to offer personalized customer experience significantly differentiates any organization’s ability to compete in the retail industry. That’s why many organizations are using biometric technology to improve organizational efficiency. For example, Forever 21, Inc. has more than 700 retail stores in 48 countries, and to increase service efficiency they implemented the biometric time clock for Kronos. Besides workforce management, biometrics facilitates accurate customer identification which enables companies to understand their customers’ behavior, build a customer persona, guess their buying pattern better and provide prompt customer service.
How M2SYS is Helping Thousands of Retailers
The retail banking industry was one of the early adopters of biometric technology, where they deployed fingerprint biometric technology to identify their account holders. The system accurately identified and retrieved the customer’s demographic data and other financial information from the database and served its users as required. It also helped with the overall advancement of many businesses by reducing administrative costs, lowering average handling time (AHT) and assuring the utmost security.
Due to the unfortunate rise of incidents like employee fraud, product theft, and transaction fraud, retail stores are concerned about their store safety, too. To secure their retail business from internal employee fraud, the Australian retail chain Lowes uses RightPunch in more than 215 stores to efficiently track their workforce attendance and POS operators’ break timings. This simple deployment has resulted in millions of dollars’ worth of savings each year. When it comes to the customer handling part, biometric identification can flag individuals with a troubled history to make store operation risk-free and secured from external fraudulent activities.
Future of Biometrics Technology in Retail Industry
Biometric identification is a process of identifying an individual through the unique physiological patterns of his/ her fingerprint, finger vein, iris, or facial recognition and so on. The industry is now focusing on the advancement of contactless biometrics. Retail stores are particularly concerned about the issue of hygiene and intend to use the contactless biometrics like iris or facial recognition. It’s expected that customers will become increasingly comfortable with contactless biometrics in the coming days, which might present a big opportunity for many biometric technology vendors.
M2SYS Solutions for The Retail Sector
Retail businesses are subject to having multiple business locations and POS stations, which require accurate tracking of employee time data to ensure accountability. Biometric solutions from M2SYS can help with that by keeping the management certain about productivity levels as well as employees remaining confident that their hard work will be rewarded.