The critical role of mPOS in modern retail

Some mPOS statistics

A range of statistics indicate the important role mPOS is playing in retail and how its adoption is increasing as a result.

• 80 per cent of retailers now use mPOS in-store (Capterra)

• 46 per cent of retailers now exclusively use mPOS, compared to 32 per cent in 2017 (Capterra)

• 53 per cent of retailers listed onboarding mPOS in-store as a top priority at the beginning of 2020 (Capterra)

• Mobile POS Payments will reach AU$32,944 million in 2021 (Statista)

Why the increased adoption?

Over the next 10 years, mPOS systems are expected to see a compound annual growth rate of 17.9 per cent, according to Prescient and Strategic Intelligence.

Researchers note that growth is being driven by two main factors:

• The growing trend of contactless payments

• The need for a frictionless customer experience in-store

And mPOS meets these needs in a host of different ways.

Line busting

One of the biggest benefits of mPOS is its ability to cut the queue in-store. And with customers expecting an improved experience, fast service matters now more than ever.

A recent survey by Adyen found two out of three consumers abandoned a purchase due to long lines, with Gen Y the most likely to walk away from a purchase if they wait too long in a queue.

In total it is estimated to cost the Australian retail sector $13 billion in lost opportunity.

Payment flexibility

Retail Touchpoints recently noted the shift to mPOS is all about convenience, and at present that convenience involves contactless payments.

“The POS is the customer’s last experience on any given trip, so any friction or delays felt here will be magnified — and implementing the right payment procedures can increase comfort and speed up the checkout process,” they explain.

In fact, new data from global payments giant FIS indicates Australia could be 98 per cent cashless by 2024, with contactless payments driving the shift.

Customer service

With instant access to the Cloud and the ability to process transactions anywhere, mPOS empowers staff to provide better customer service.

They have stock levels and inventory at their fingertips, along with ability to search trends.

In fact, Capterra’s survey found 87 per cent per cent of retailers indicated they believe mPOS provides customers with a faster, more seamless checkout transaction.

In addition, retailers cited the following as being among the benefits of mPOS:

• Improved cashflow – 87 per cent

• Provides customised services/incentives to drive customer retention – 85 per cent

Additional services

If the past year has highlighted anything, it’s that additional services such as Click n Collect, and contactless pickup are now expected components of retail.

And key to this is the mobile Point of Sale which helps track and transact sales anywhere in the retail environment.

Cost effective

Using commonly available hardware such as tablets, iPads, or even smart phones, mPOS is just a fraction of the cost of the traditional Point of Sale.

It is also scalable, allowing retailers to quickly set up new registers with a minimal investment.

Introducing the NE360

InVue NE360 is the most flexible mPOS solution on the market. Retailers can use it with any tablet, smart device, or any mobile payment terminal with any operating system (OS).

Ultimately, it allows retailers the freedom to set up the mPOS ecosystem they prefer, while accommodating the changing consumer sentiment of the modern retail landscape.

You can learn more about NE360 and the simple mPOS solution it offers retailers here.