mPOS adoption continues its rapid rise | Bosstab

mPOS adoption continues its rapid rise

February 19, 2019

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.

The mPOS playing field

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.

Universal appeal

The mobile Point of Sale market has been facilitated over recent years by three major trends:

  1. Increased mobile technology – like smart phones and tablets which can readily connect to the internet.
  2. The Cloud – Which enables users to access payment platforms such as Square and PayPal to run point of sale software on their devices and facilitate transactions for a minimal fee.
  3. Increased digital payments – Including payment cards and digital wallets such as Google Pay and Apple Pay.

    (In 2018, the World Payments Report found non-cash transaction volumes increased at a rate of 10.1 per cent globally to reach 482.6 billion globally during 2015-16, while the e-wallet market had increased to 41.8 billion in 2018, accounting for 8.6 per cent of all non-cash transactions globally.).
Freedom mPos

Looking to deploy an mPos suitable tablet stand in your business?

Why mPOS

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.

Better customer service

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.”

Share this Post
medical-apps-for-doctors-header

Medical apps for doctors

Like many industries, the medical profession is becoming increasingly mobile, with technology allowing doctors do their …