The retail payment industry has seen some major changes in the last few years as mobile devices have become a viable business tool. While many people may believe that the future of retail sits in the eCommerce realm, a recent report shows that in-store purchases are still the king.
According to a new report from Javelin Strategy and Research, 93 percent of total U.S. retail dollar volume happens through point of sale systems. While the prominence of the internet would have you believe it holds the future of sales, mobile devices have changed that. The study also featured a forecast that found mobile POS proximity payments will reach $5.4 billion by 2018.
A recent blog post from payment solution provider PayAnywhere spoke about the importance of the mobile revolution. It said that one of the most important benefits of the increase in smartphone and tablet penetration is the ability for merchants to accept credit card payments on the devices.
"Mobile payment solutions also offer the greatest flexibility in terms of POS," the post reads. "In large department stores, a salesperson can ring up customers directly from the floor - securing sales on the spot while sparing customers of long, sluggish lines. With mobile devices on hand, merchants can also give customers the options of digital receipts, which save on paper while providing permanent verification of every sales transaction."
The future of the brick-and-mortar store has been given a massive shot in the arm with the help of smartphone and tablet POS systems. Merchants need to be aware of what the future holds if they want to remain competitive and capture the attention of their consumer base.