This is the second part of “Keep the Receipt,” a five-part blog series about the various advantages paper receipts offer to businesses and consumers, and why you should elect to choose to offer – and accept – paper receipts.
Welcome to the next part of our Keep the Receipt blog series, where we’ll explore the ways that a paper receipt benefits a business’s return on investment (ROI), as well as its customer experience. During a time when options abound for consumers when it comes to retailers and restaurants, it’s important to not only boost cost efficiency, but also optimize the experience customers have from the moment they enter the door, up until the transaction is completed. Read on to discover how paper receipts can help you achieve all of that – and more.
Paper Receipt Benefits | Return on Investment
At the end of the day, businesses need to communicate with shoppers to inform them of transaction details, promotions, return policies, and more. That need is not going away, so the question becomes, what’s the most effective and cost-efficient way to share that necessary information?
Email services can cost hundreds or thousands of dollars a year, while direct mail can cost nearly $1.00 per piece! Receipts, on the other hand, are extremely cost-effective. Printing 1,000 receipts costs only approximately $1.50 – that’s just $0.0015 per receipt!
With a laundry list of expenses including rent, utilities, wages, POS hardware, commerce software, payment processing, and more, saving on regular expenses like receipts and marketing communications can make a big difference for businesses of all sizes.
The receipt is also a very cost-efficient and effective marketing medium. Don’t miss our next Keep the Receipt blog post, where we’ll explore marketing advantages of paper receipts.
Another less obvious way that receipts boost ROI is by increasing the efficiency of the checkout process. When a business chooses to offer paper receipts, no customer contact information needs to be collected at the point of purchase, meaning the transaction can completed in mere seconds. Speeding up long lines and serving more customers, faster? Sounds like a win to us!
Paper Receipt Benefits | A Smoother Customer Experience
Simply put, if you don’t provide your customers with a positive experience, chances are they will begin to spend their money elsewhere. While building an optimal customer experience is a multifaceted endeavor, offering paper receipts is an easy way to help create a more reliable, comfortable experience for shoppers. Here are three major reasons why:
- No Need for a Digital Device: Smartphones are great, but putting all your eggs in one basket and only offering digital POS services can be problematic. For starters, according to Pew Research, 19% of Americans don’t own a smartphone. Offering paper receipts is a surefire way to navigate that digital divide and avoid leaving out a significant portion of the population.
- Fewer Junk Emails: A whopping 281 billion emails were sent and received worldwide per day in 2018. And while 99% of consumers check their mail every day, that doesn’t mean they open every single one of the emails they receive, especially when it comes to retail emails. That being said, it’s becoming increasingly easy for consumers to misplace their digital receipts, which can cause a headache when going to return or exchange an item, budget the purchase, and more.
- A Consistent, Reliable Format: Having a smartphone doesn’t necessarily mean a smooth digital experience: retail stores are built of concrete, brick, and steel, which can block signals and create wireless dead zones. For customers, this poor wireless service can mean difficulty retrieving promotions, proof of purchase, return policies, and more. And even in the midst of a digital transformation, consumers are used to receiving a paper receipt. There’s no question of where to find transaction, promotion, and return policy information when it’s all on a printed receipt safely tucked away in a wallet, not lost in an email inbox. Avoid all of the digital risk by choosing paper receipts (which can include promotions)!
Are you a business owner? Do you find paper receipts valuable, even in a digital age? Let us know in the comments!
Be sure to tune into our future Keep the Receipt blogs, which will take a deep dive into even more topics like marketing advantages, bookkeeping/informational benefits, and sustainable features of Star receipts.
Guillermo Cubero is the Product Integration Specialist at Star Micronics. He is responsible for helping Star’s Software Partners develop the next generation of solutions for the POS industry. Guillermo has been with Star for seven years and supports all of Star’s development tools, SDKs, drivers, and Star Micronics Cloud.