After all the disruption of the recent year, mobile Point of Sale has emerged as one of the easiest available technologies for retailers to quickly implement in the face of disruption.
Allowing store associates to take the register to the consumer, it has been instrumental in catering to an improved customer experience while also enabling retailers to pivot and adapt to the challenging COVID landscape.
To understand its emerging popularity, here are five quick facts about the growth of mPOS in retail.
A new focus on sales associates
mPOS or mobile Point of Sale refers to a handheld device such as a tablet or smartphone that functions in much the same way as a traditional register.
The technology is then connected to a payment terminal such as EFTPOS or a card processor but draws on Cloud-based software that allows data to be accessed anywhere at any time.
As the name suggests it allows the register to be mobile, enabling retail associates to undertake transactions on the floor of a store, or in pop up shops.
80 per cent of retailers now using mPOS
According to a survey by Capterra, 80 per cent of retailers now use mPOS in-store. In some cases, it is supported by traditional POS, but more and more often mPOS is the stand-alone system deployed for retail transactions.
Capterra’s survey indicates 46 per cent of retailers now exclusively use mPOS, compared to 32 per cent in 2017.
Over 50 per cent of retailers are prioritising mPOS adoption
Capterra’s survey also found many retailers are seeking to introduce mPOS in the immediate period ahead.
They noted 53 per cent of retailers listed onboarding mPOS in-store as a top priority at the beginning of 2020.
This was followed by plans to enhance and upgrade their current POS (48 per cent).
“Retailers are recognising the opportunities and benefits that going mobile brings, and are prioritising plans to that end,” they reflected.
mPOS Systems to grow by of 17.9 per cent in the next decade
Over the next 10 years, mPOS systems are expected to see a compound annual growth rate of 17.9 per cent, according to Prescient and Strategic Intelligence.
Researchers note that growth is being driven by two main factors:
- The growing trend of contactless payments.
- The need for a frictionless customer experience in-store.
Digital payments to increase 41.1 per cent in 2021
One of the major reasons mPOS is becoming the tool of choice for retailers is due to the fact it accommodates contactless transactions via digital wallets and NFC technology.
By the end of this year, Capgemini tips 876 billion digital payments will be completed, compared to 598 billion in 2018.
Looking specifically at the Australian market, Statista predicts these transaction values will rise 41.1 per cent this year alone.
At present transactions via mPOS are valued at AU$32,944 million, but are expected to grow at a compound annual growth rate of 28.4 per cent in the next few years and are likely to total AU$89,101 million by 2025.
87 per cent of retailers believe mPOS facilitates a better customer experience
Capterra’s recent survey highlights the reasons many retailers are turning to mPOS, with the majority (87 per cent) indicating they believe it provides customers with a faster, more seamless checkout transaction.
In addition, retailers cited the following as being among the benefits of mPOS:
- Improves cashflow – 87 per cent.
- Provides customised services/incentives to drive customer retention – 85 per cent.
“By providing a more efficient checkout process through adopting an mPOS that accepts and encourages mobile payments, retailers can help reduce the likelihood of customers changing their minds about making a purchase and leaving the checkout line,” Capterra noted.
“In the new era of social distancing, reducing wait times and removing any complexity at checkout is critical to attracting new customers and keeping existing ones.”
An all-in-one solution – the NE360
Vitag now offers an innovative mPOS hardware range known as NE360 that accommodates any device, any payment, anywhere.
Renowned as the ultimate universal mPOS system, NE360 offers the complete freedom to combine any tablet or mobile device, any payment terminal and any operating system to create a flexible, cost-effective and scalable mPOS solution.
NE360 range offers complete versatility including:
- A full mPOS terminal complete with stand, payment processor cradle, discreet cable management, integrated charging, and the option to go handheld when you need.
- Universal mobile smartphone enclosure with payment processor cradle.
- Universal mobile tablet enclosure with payment processor cradle.
You can learn more about the NE360 range and how it can assist your retail outlet here.