Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
Customers today are more curious and aware than ever before. People are willing to take time out of their busy schedules to compare businesses, read reviews, and seek referrals from people’s experiences to find brands specifically tailored to their lifestyle. Business owners are often on the look for additional value-added services as they are trying to approve their business practices and earn additional revenue.
Not surprisingly, for many small business owners, customers saying “thank you, I love your extra service” plays like music to their ears. You have to take the time to understand and find what additional value-added services can benefit your business in the long term. This doesn’t mean you’ll have to send your customers free products. For instance, a small upgrade to a new POS payment system with Elly should ultimately do the trick and help choose the right services for your clients, while boosting sales and profit with the help of your customer’s loyalty.
So, what are value-added services? How can mobile VAS help your business?
Value-added services are defined as services that are tailor-made to benefit your business. Using value-added services, you can offer a service or sell a product, then add services that may directly or indirectly lead to extra income and therefore create extra value. In this sense, value-added services work as an enhancement in improving your current revenue streams with things like selling ads, running loyalty programs.
The tricky part of providing a value-added service is the part of figuring out what your clients want or need and what your business can also handle without deviating from the primary goal of the company. After all, the word “value” means different things to different people. For this reason, we recommend using this approach when evaluating which extra service to implement into your business:
For example, if you are running a small in-store or online business, and you are accepting crypto, or you are using a digitalized method of payment. It shouldn’t take you long to know that some of your crypto customers may want to purchase/sell crypto or they may want to digitally pay for their items. While they wait for the transaction to clear, wouldn’t it be smart to show them some ads on the POS system while you have their attention?
As the name suggests, additional service solutions can add extra value to your clients while increasing your sales, revenue streams and improvement of your customer loyalty. There are different ways this can be done. Companies may choose to use mobile VAS for the purpose of adding extra discounts with purchases, which makes them stand out among all their competition, therefore increasing additional value in customers’ eyes. By offering special prizes, discounts, and loyalty programs are a big incentive for the shoppers to return to your store. Highly saturated markets always get jam-packed with razor-thin margins. They can also be difficult to navigate. Every business has the same goal, to maximize profit and turn services into profits. However, this is hard to accomplish when the margins are getting smaller by the day. Besides setting the pricing correctly, offering something more to your clients is among the most important things for your long-term business. Finding new solutions and using mobile VAS to your advantage, can be very useful when talking about competitive advantages.
The mobile VAS integration can also be a complex process for some retailers, so they decide not to use it in the end. This might hurt them in the long term because they can miss out on huge opportunities. Thanks to Elly, there are various simple steps in which you can implement our mobile VAS solution in your store or restaurant. The common examples of various types of mobile VAS and how physical location businesses can use it can be found if you read further.
Companies use additional services and extra features to add value to their services and increase customer’s perceptions of how much extra value they can get from specific brands or retailers. One example includes a free year of tech support for loyal customers, or a free yearly subscription for POS payment devices offered by the payment solution companies.
Marketing itself can also be a form of value-added service to a brand. Most companies have successfully expanded from just selling a product to selling an experience. Bose did this with their speaker products. The Supreme brand also did this by creating hype around their brand and this value-added service has given them countless sales of their products plus an incredible success rate amongst competitions.
So value-added services can come in many shapes and forms. Before choosing what your extra services will be, make sure you do your research before jumping in handing out free gifts to your customers, just so they appreciate you. Value-added services should benefit your business first and then focus on the customers’ point of view.
Mobile value-added services should be a win-win solution when it comes to the business-client relationship; it gives your company a competitive edge while making extra revenue from providing VAS services. For your business, digital payment products such as Elly POS provide solutions that your business can implement and use mobile VAS. Some of their value-added services include:
To start today on implementing Elly’s mobile value-added services included in our POS device, visit Elly.com and join the community of happy business owners today!