POS Systems, Mobile Payments to Grow in 2019

3 Jan 2019

mobile payments NFC

The retail landscape is fiercely competitive. With e-commerce capabilities growing and more consumers owning NFC-enabled mobile devices, it’s become important that businesses keep customers interested in shopping their brick and mortar locations to remain competitive.

The good news is that many shoppers have admitted to still wanting to head out to the store and browse for goods.

While this is good news for retail locations, it also means they need to do more to offer frictionless experiences in their stores. Customers may want to touch and feel the items they’ll be buying, but they also expect the quick, easy checkout methods that can be had online.

POS Systems at Retail Locations

To improve shopper experiences, most retailers are opting to upgrade their Point of Sale (POS) systems so that they can accept different payment forms. These systems are far more sophisticated than the old-school cash drawers sitting on a countertop. They have chip-enabled readers, accept mobile payments and even provide software tools to help businesses grow their relationships with customers.

According to market research firm Gartner, retailers today understand the need to increase technologies they use in-store and as a result, worldwide retail tech spending is set to increase 3.6 percent and reach $203.6 billion in 2019.

POS systems are a large part of this technology uptake and will also realize growth in the upcoming years. A study by Zion Market Research found the global point of sale software market will reach $30.9 billion by 2024. That’s a CAGR of 13.3 percent between 2018 and 2024.

The goal for retailers bringing these services and solutions into their stores is to be to simplify shopping and improve customer experiences. The future of payment technologies will also include personalized services, help to improve staff productivity and will even reduce labor costs with these systems in place. Will your business be ready?

If you’re interested in upgrading your POS system, get in touch with Turnkey today. We know payments inside out and can help you get the best solution for your needs. Fill out the form below and someone will be in touch soon!

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