According to a new market report published by Credence Research “Mobile Point-of-Sale (mPOS) Terminals Market (Restaurants, Hospitality, Healthcare, Retail, Transportation and Warehouse, Sports and Entertainment, and Other Verticals) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the demand for mobile POS terminals is poised to witness upsurge, majorly contributed by the demand from retail sector.
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According to the research study titled “Mobile Point-of-Sale (mPOS) Terminals (Restaurants, Hospitality, Healthcare, Retail, Transportation and Warehouse, Sports and Entertainment, and Other Verticals) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the current penetration rate of mobile POS terminals is comparatively high in the retail segment, especially among micro, small and medium sized business retailers. Easy operational use and low upfront cost of these devices has necessitated retailers, especially micro and small merchants to look beyond the traditional stationary POS systems.
Thus, the use of a tablet or a smartphone allows retailers to support the Point of Sale capability at relatively less capital expenditure and realize improved return on investments. Furthermore, mobile POS devices also support loyalty programs that are targeted at customer retention. By identifying loyal customers (through their payment information), mobile POS terminals enable retailers to offer discounts, coupons and other perks to these customers, thereby enhancing their shopping/buying experience.
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Although mobile POS terminal vendors have eventually realized the need for achieving scale and targeting beyond their core base of micro merchants, the adoption of mobile POS terminals among larger retailers has been low. However, with the established retail chains such as Apple, Home Depot, Gucci, Nordstrom, and Urban Outfitters increasingly deploying mobile POS terminals, the future prospect looks favorable.
The advanced mobile POS terminals are also sometimes coupled with Bluetooth-enabled printers to ensure queue busting for faster checkout during heavy rush at retail stores. In retail stores, mobile POS terminals enable sales associate to answer queries, provide information, and check out a customer anywhere and quickly. Thus, by integrating mobile POS terminals into their business processes, retailers are able to accelerate the transaction time at the counter by ensuring five times faster contactless credit/debit card payments than those requiring a signature.
Comparatively smaller life (on an average 2 years as against 4 to 6 six years for traditional fixed POS systems) would mean that mobile POS solutions will be replaced more often than the traditional stationary POS systems. Thus, the opportunity for resellers and distributors lies in selling more software licenses as the number of mobile devices is expected to grow significantly in the coming years.
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