Point-of-sale (PoS) terminals offer great convenience and are used for carrying out various operations such as payments, inventory management, and printing bills. Some of the end-use verticals of the global point-of-sale terminals market are retail, healthcare, entertainment, and hospitality. Due to their convenience, which enhances customer experience, the global point-of-sale terminals market will witness healthy growth, says Transparency Market Research (TMR).Although the fixed point-of-sale (PoS) terminals are currently leading the market, it is the mobile PoS terminals sector that is attracting more attention. According to a TMR analyst, “The fixed PoS terminals sector thrived because of its early adoption. However, mobile PoS terminals, due to their affordability and exponential demand from SMBs, will exhibit a high growth rate.”
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Top 5 Reasons behind the Impressive Growth of mPoS (Mobile Point-of-Sale) Terminals
- Enhanced Customer Experience: Mobile point-of-sale (PoS) terminals allow sales and service industries to carry out financial transactions in any place. This enhances customer experience and also frees up the valuable space that dedicated fixed point-of-sale terminals need. Furthermore, mobile point-of-sale solutions facilitate faster checkout, which saves the hassle of standing in long checkout lines.
- Affordability: mPoS can be very cheap and thus allow small businesses to carry out transactions without the need to invest in an electronic register or pay a third-party to support the software.
- Flexibility: Mobile point-of-sale (PoS) terminals deliver a personalized customer experience. This flexibility associated with mPoS is what makes the mobile platform so attractive. Mobile point-of-sale is considered one of the key technologies that is helping modernize and augment the conventional PoS experience.
- Integration: Mobile point-of-sale (PoS) terminals can be easily integrated with other technologies, which is further fueling the demand for mobile point-of-sale terminals in the global point-of-sale terminals market. The majority of top retailers consider PoS integration with other applications as a top priority when it comes to implementation of dynamic marketing content via mobile gadgets.
- Store Customer Data: Mobile PoS systems can help retailers analyze consumer trends better. mPoS have the ability to collect consumer data and store it in CRM programs. This data can help retailers enhance consumer experience by targeting sales according to consumer preferences.
Due to the benefits offered by mobile PoS terminals, several larger firms are adopting this technology. Mobile PoS is now moving beyond its micro-merchant area and companies such as Roam, Square, and Revel are incorporating this technology to target a broader range of merchants. Furthermore, several established retailers are announcing chain-wide deployments of mobile point-of-sale (PoS) terminals. Some of the retailers that have declared widespread deployment of mobile PoS systems are Nordstrom, Home Depot, Urban Outfitters, Gap, Disney Stores, and Guess.
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Even though the mobile PoS sector in the global point-of-sale terminals market will experience exponential growth, issues related to security will pose a major challenge to this sector. Hence, companies in the global PoS terminals market need to ensure that their mobile PoS solutions are in compliance with regulatory guidelines and equipped with advanced security.
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