A report from Juniper Research forecasts that by 2021, mobile point-of-sale (mPOS) systems are expected to carry out 20% of total retail transactions. The increasing presence of mPOS systems has certainly impacted retail operations, from line busting to clienteling – customers are experiencing a new and improved system of shopping.
Apple stores have replaced traditional POS stations by sales associates who are ready to process payments instantly from anywhere in the store, using a mobile payment device. Whether via a smartphone, tablet or integrated payment device. mPOS is rapidly taking over the way individuals, particularly the younger generation, do retail.
By using mPOS, the point of sale has extended from the checkout counter to any square foot of the store where a consumer is ready to buy. While accepting a variety of cashless payment options, retailers are also providing a value-added service to expand revenue and build unprecedented customer loyalty.
For brick-and-mortar businesses, a mPOS solution in a highly competitive retail space is more a necessity than an added luxury. Clients constantly use their smart devices and consequently are more than just diverse buyers, they are informed buyers. Consumers can access apps for all their favourite brands and retailers, as well as search reviews and compare prices instantly. As mobile technology continues to develop, so does the payment industry.
Line busting is one way mPOS has changed payments through its technology. By using integrated devices, retailers and their employees can take customer orders and process transactions while they’re waiting in line. Quick-service and fast-casual restaurants widely adopted this practice, both accelerating customer service and creating added revenue streams.
In the era of experience economy, where customers often value experiences rather than the item itself, the products they do buy must be accompanied with seamless customer service. Mpos solutions allow retail associates to concentrate on sharing information and presenting a story about the product, creating personal connections that generate a better and more memorable transaction experience for the customer.
Evidently, there is a current growth of mPOS across the global commerce landscape. The number of installed Mpos devices has grown from 5.8million in 2013 to 15.6 million in 2016 and according to a forecast report by ABI Research, by 2020 they are estimated to mark 31.4 million.
Despite the features that make mPOS systems attractive to retailers might also make them vulnerable to data breaches, their numerous benefits render a winning proposition to both large and small retailers, who will continue to influence retail in the near and long-term future.