The global mobile POS (mPOS) business is expected to grow from $2 billion in 2015 to $38 billion in 2024 and solution providers must embrace mPOS devices to help retailers improve in-store customer experiences, same store sales and to avoid losing business to e-commerce market places, said Epson’s North America director of commercial channel sales, Tom Kettell.
Speaking to more than 200 solution providers at the ScanSource Partner Summit held on Tuesday in Greenville, S.C, he said, Epson's mobile POS business has, for the first time, surpassed its traditional, fixed-location POS business as many mom and pop shops have ripped out their electronic cash registers and replaced them with table-based systems.
Quoting analysts’ views, Kettell said, the mobile POS business is projected to grow at 36 per cent compound annual growth rate (CAGR) between now and 2019.
While hardware and software are bundled together for traditional POS devices, Kettell said the hardware and software are independent of one another in mobile POS systems, with many software providers focused solely on creating software and having little to any interest in the hardware sale.
Mom and pop shops are happy to rip out their electronic cash registers and replace them with mobile payment terminals, but Kettell said a rip-and-replace model would be very expensive for major retailers, who would prefer to incorporate mobile technology into their existing infrastructure.
Retailers, though, are very focused on figuring out ways to enhance their customer experience so customers can make their final purchase in the store, rather than doing their research in a store and then making the purchase online with one-day shipping, Kettell said.
Kettell said, more and more department stores have sought to improve their customer experience by having its sales associates walking around each department with a tablet in hand that can check customers out rather than forcing them to go to a fixed cash register and wait in line.