Key points
- Cash usage is reducing globally, however cash management should still be considered as part of end-to-end front-end solutions
- Carefully designed change management strategies prepare retailers, team members and customers for a self-sufficient future, while supporting the gradual reduction in cash transactions
- Self-sufficient technology is allowing retailers to roll out cash strategies which reduce financial risk, team member safety and operational overheads
Throughout COVID there has been a reduction in cash usage globally, but this doesn’t mean that it we should disregard its use. While customers move increasingly towards contactless forms of payment, retailers must ensure they are both meeting these new demands whilst continuing to cater for those who prefer traditional payment methods.
Card payments are a form of contactless payment that allows for a rapid transaction. It is clear that card only payments and other contactless forms of payment, like Apple Pay, are the progressive way of the future. They can be easily and quickly applied in a number of formats and for retailers, card only units offer low maintenance and lower ongoing overheads.
Despite the increasing uptake and alongside the evolution of self-sufficient solutions, it is important that retailers continue to incorporate cash usage into their front-end strategy. Customers should still be given options to spend their cash and to utilize cash out functions. At CLX we firmly believe that including cash functionality within self-sufficient solutions is an important part of an ongoing increase in self-sufficiency. While cash usage might decline in use and is seeing varying levels of use across countries, It is unlikely to ever become non-existent.
With an eye to the future, retailers must carefully consider a change management strategy in tandem with a cash strategy. It’s important for companies to ease their customers into progressive ways of payment and new technology. Careful placement of cash options for customers in their self-sufficient solutions helps support migration and increased take-up of these new concepts. It gives integrated options that customers are familiar with, allowing for a positive and seamless transition from manned transacting to self-sufficiency.
The strategic use of self-sufficient cash options also increases team member safety and reduces ongoing overheads, such as requirements for safes and cash management. We see a significant reduction of operating overheads with solutions like self-checkouts and cash recyclers, whilst these solutions also make theft infinitely harder and incorporate automated cash management processes. Retailers require less administrative effort while reducing requirements for cash holdings and safes. Additionally, they are increasing team member safety and reducing risk.
At CLX we believe that it is important for retailers not to strip away all options to pay using cash. Companies need to consider the future and adopt well thought out cash and change management strategies that can allow team members and customers to easily adopt and adapt to new technology. Retailers need to carefully consider the resources they pour into cash strategy according to its usage.
We are supporting our clients by creating these strategies and assisting them to seamlessly integrate them into their existing business. Get in touch with us now to learn about the ways you can help you prepare for the future.
