According to a report published by Transparency Market Research, the mPOS market is expected to reach a whopping $38 billion in annual revenue by 2024, jumping from $2 billion annually in 2015. Analysts predict that more than one in three retail transactions will occur on POS within five years.
That’s rapid and significant growth—but is your business positioned to take advantage of it?
If you’re still reluctant to add an mPOS system, here are three things to consider:
mPOS is easy to use
These days, mPOS systems are very user friendly, so it shouldn’t be difficult to find a system that works for your business and that doesn’t come with more capabilities than you need. When researching mPOS software, look for systems that are easy to set up, intuitive to use both on a tablet and online—and graphically and aesthetically pleasing to the eye.
Ideally, your mPOS system will integrate seamlessly with your existing business systems. It will be scalable as your business evolves. You don’t want to have to look for a new system in a few years if your business grows, so make sure your mPOS works well with third-party web tools and updates regularly.
mPOS is cost-effective
Adopting mPOS may be more affordable than you think. Investing in a workhorse mPOS system can help keep the business growing and, in most cases, quickly pays off. Expect some costs for a monthly subscription fee, plus initial setup expenses for locations that don’t already have tablets or POS terminals for accepting payments.
And that could be all. You may be able to stick with your current internet connection when you add mPOS, since most businesses already have a beefy wi-fi connection to attract customers who expect free wi-fi. And with an mPOS package that offers free tech support during your regular business hours, there should be no need for an in-house IT person to keep the system up and running.
Affordable mPOS systems such as Instore Terminal now also offer a narrowed set of features targeted to small businesses, like taking payments, rewarding and tracking customers and selling gift cards. This way, you can get the functionality you want without paying extra for features you don’t need.
mPOS gives you a 360-view of your business
With a mPOS system in place, business owners can take advantage of insightful customer data to get a complete view of their establishment. Restaurants can provide a convenient point-of-sale transaction for ordering, paying for and receiving food, and tracking customer preferences and purchasing habits via a database associated with credit card or loyalty card information.
Using mPOS lets you manage information about your target market. It also allows you to track sales, peak times and customer habits. With this information at your fingertips, it’s easy to run targeted sales or promotions or set up more appealing rewards benefits. For example, you can print customized text on a receipt offering half-price on a product that compliments one they often purchase—like half-priced soda with the purchase of a sandwich. You’ll also be able to build and maintain an accurate customer database that can sync across various locations, so if your customer visits one of your satellite outlets their information will still be in the system.
Thanks to mPOS, the same level of data collection used by larger retail stores and restaurant chains is more readily available to small or mid-size businesses at a manageable cost, and won’t require you or your staff to earn an advanced IT degree to get maximum benefit from the investment. No wonder mPOS systems are zooming past market predictions.
Photo copyright: thampapon1/ Deposit Photos