The recent trend of mobile point of sale (mPOS) technology gives a clear indication that it will continue to influence the customer’s shopping trend and they will obviously experience a radical change in 2014 and beyond. According to Gartner, mPOS market will reach a value of $617 billion with 448 million users by the end of 2016, representing 42% of annual growth.
Retail is expected to be one amongst various other segments which will be directly boosted from mPOS. And as a result there will be few specific changes in the market scenario. Every retailer needs to be aware of these coming trends in the market.
- It is speculated within the end of 2014, vendors will launch enterprise-ready mPOS solutions. ROAM is already leading the way by working with several Tier 1 retailers, including a major home improvement chain, in the process of combining services through m-commerce solutions. This helps multi tasking in a systematic way and also extends capabilities in every respect. This is no doubt an outcome of Integration of back-end inventory and ERP system.
- There is an increasing trend of Tier 1 retailers gravitate to tablets. This is obviously faster and more powerful than mobile phones. ROAM’s parent company Ingenico has already become one up by working with Apple stores in Europe to equip associates with iPad-based mPOS solutions for line busting and customer service. It will become popular within a short time.
- In near future may be by late getting 2014 there will be an integrated device commonly in use, which will serve both the purposes of a mobile wallet and a mobile POS. It will be an easy solution securing mobile to mobile transactions. Retailers will accept mobile wallet payments on a mobile POS device. And automatically it will be treated as good as another currency, and should be accepted at both fixed POS stations and mobile POS ones.
- Apps developer will have a great contribution in 2014 in developing and integrating mobile payment apps and mobile POS. Very often companies require customized solutions in the areas of storefront creation, inventory tracking, mobile payments, delivery tracking and more. Soon this will lead to easy and integrated payment processing capabilities in use. Ogone, a vendor has started working with MasterCard to develop and launch MasterPass, a digital platform that will make online purchases made very easy trhough connected devices including PCs, touchpads and smartphones.
The new trend will start transforming the current payment pattern. iTunes has already become accepted as an alternative form of payment in some countries. Soon there will be more such steps taken by the companies like Google Facebook, PayPAl and Amazon. Bitcoin also is gaining popularity among consumers in making payments for various specific sites. Soon there will be a rising trend in gift-card payments via mobile, including loyalty programs that allow customers to apply points as payment via mobile. All these alternatives will be used as replacement of cash. Hence the retailers immediately need to give it a serious thought on how they will start making transaction this way.