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In retail, hospitality and enterprise, the adoption of Mobile Point of Sale technology is continuing its rapid rise, with a recent study by Juniper Research indicating one in four transactions at the Point of Sale will be conducted using mobile devices by 2023.
The increase is being driven by increased availability and affordability of mobile devices like tablets and smartphones along with the continuing shift towards the digitization of payments.
Here’s an insight into the mobile Point of Sale playing field now and into the next five years.
In 2018, Juniper Research noted the mobile Point of Sale (aka a device that connects wirelessly to the internet) accounted for an estimated 28 billion transactions globally. By 2023 that figure is expected to increase three-fold, with 87 billion transactions to be completed at a mobile Point of Sale.
They note the rise of mPOS implementation will also respond to and result in increased use of digitized payments as emerging markets like India adopt payment cards and digital wallets.
This increased adoption will also see the price of mobile devices which are used as mobile Points of Sale plummet, decreasing from an average $40 in 2018 to $33 in 2023. And in turn that will spur on further adoption as small businesses currently reliant on cash turn to affordable digital technology.
The mobile Point of Sale market has been facilitated over recent years by three major trends:
For small and big business alike, the mobile Point of Sale offers major appeal, slashing the price of POS hardware while allowing the enterprise to take the register to the consumer, whether that’s in a café, market stall, pop-up shop or established retail outlet.
One of the primary benefits of mPOS is that it allows vendors to cut the queue, and according to a TimeTrade Retail Executive Survey, that has major benefits for the customer experience and the retail bottom line.
They note 70 per cent of retailers report consumers will wait five minutes or less before a customer abandons a purchase and leaves the store.
Not only does mPOS shorten the wait time for consumers, it also increases sales, according to a report by IHL Group.
They found retailers in North America who deployed mobile point-of-sale (POS) technology experienced a 24 per cent average increase in sales during 2017 compared with those who didn’t offer mobile checkout in-store.
The study further found about a third (34 per cent) of respondents had deployed mobile POS, while 31 per cent planned to do so over the next 12 months. An additional eight per cent planned to roll out the technology sometime in the next 12 to 24 months.
RIS News recently outlined the benefits of mPOS in terms of satisfying the customer experience, noting mobile technology and a mobile checkout allowed retailers to walk consumers through the purchase process, with information at their fingertips.
“The best brands have equipped their teams with mobile tools to make shopping a seamless customer experience. They have the ability to check for additional sizes, check other stores for inventory, and are with the customer from browsing to final purchase.
“They don’t make their customers wait for extended periods of time. They aren’t running up and down the stairs or back and forth to stock rooms. They also have access to their past purchase history, online wishlists, and other key shopping info to better personalize the shopping experience.”