By Joshua Stanphill, Business Development Manager for ISVs and Strategic Alliances for Epson America, Inc.
mPOS (mobile point of sale) systems are experiencing explosive growth in the retail sector. These devices are expected to account for 24 percent of all POS transactions by 2023, according to research from Juniper – that’s a threefold increase over the number of transactions expected in 2018. Global Market Insights estimates that sales of mPOS terminals will have a compound annual growth rate (CAGR) of 18 percent through 2024.
For small and midsize retailers (SMRs), mPOS technology represents an opportunity not only to expand the flexibility of their POS options, but also to completely reconfigure both the way staff interacts with customers and the fundamental store design concepts.
Many retailers, however, are not taking full advantage of the opportunities that mPOS presents; in some cases, they are simply deploying mobile hardware at traditional checkout counters as a cost- or space-saving strategy. In doing so, they may be missing opportunities to improve the customer experience while also increasing average ticket size.
mPOS can change the way SMRs interact with their customers on a variety of levels.