mPOS beyond checkouts:
Making it a Smart Assistant

The story of Square, the company that developed the earliest version of modern mPOS (mobile Point of Sale) systems, is a classic case of necessity bearing the fruit of a future revolution. The idea for a mobile app based payment system, cutting down on excessive credit/debit card-based transaction charges, was born when one of the co-founders lost sales in his glassware shop because he had the option for only cash transactions.

Retailers who are catering to the millennial audience know that a challenge like the above one is a deal-breaker. The impatient, impulsive and informed shoppers of this era will choose to walk out rather than deal with longer check-out lines, uninterested store associates and an overall uninspiring shopping experience. It is no wonder that new age inventions are directed towards not just bridging the gap but intertwining technologies with the human way of life.

Did you know?

A study in 2016 by Juniper Research has reported that by 2021, 20% of all retail transactions across the world will happen through an mPOS device (1 in 3 of POS terminals will be mobile).

Mobility in the world of Digitization with mPOS

It is 2017 and key digital players, like Amazon, are trying insert what retailers can learn from amazon go page once design is ready to put people back to shopping at physical stores. It is thus imperative that the businesses have to now offer the comfort and convenience of online shopping right at their physical outlets as well. A key step to achieving that is to facilitate mobility everywhere in the shopping space.

One of the most prominent solutions of mobility in the digitalized stores that is accessible to every section of the business world is the mPOS. The very concept of turning a simple smart phone/tablet into a payment gateway straight up eliminates the cost and installation difficulties surrounding the traditional POS systems. Then from the set up- as portable, integrated, wireless and physically connected- to implementation on premise or literally anywhere else, mPOS technology dictates flexibility at every level.

This ease of use allows the customer and the business, especially small to medium-level traders, in the store to interact in a more effective way. It is thus safe to say that the introduction of mPOS, as a stand-alone payment process, has helped retailers achieve more than just accelerated payment processing benefits.


Selling Convenience

Starting from the most obvious application of an mPOS device- line busting. Along with enabling faster check-outs and transactions for the customers, with mPOS’ ability to be used anywhere, the store associates can also effectively up and cross-sell anywhere. Combine that with the flexibility that allows customer to pick from the store and pay from anywhere, even from their doorstep- the brand is golden.


Real-time Decision Making

The future of retail will be much more data-dependent than it is today. The retailers, who are finding avenues to capture every customer reaction as data, need not look further than the mPOS technology. A simple app that can store and process customer information and a savvy store associate is all that is needed for retailers to win the data game. From tailored product recommendations to customer purchase pattern predictions, mPOS can renew the definition of clienteling.


Beyond the Store

In today’s immensely competitive retail segment, business owners are constantly made to walk on a tight rope in customer retention without actually pushing their brand down the public’s throat. So when a customer’s requirement is not available right away in the store, they can still retain the customer in the ecosystem with endless aisles. Loaded with the right inventory information, the hand-held mPOS device can be fired up in seconds to find where and when the product will be available next. So, before the customer could think of where to go next, your store associates could be asking where the customer would like the product to be delivered.


Business Agility

The current advancements in the mPOS technology have already taken it to the cloud thus guaranteeing a greater storage and control of business information. Retailers can harness this to register their entire inventory circuit onto the mPOS to have greater control in bridging the gaps in their supply chain management system.


The retailers who are keen on riding the online and the offline wave of the brand should also believe that the customer experiences in both the worlds are more connected than ever before. With improved mobility as the key, the customer and the retailer can take the brand wherever they go and fulfil each other’s requirements effortlessly for a healthy symbiotic relationship.

Author Name : Bhargavi Seshadri, Research Analyst

Practice Head : Abhishek Mahajan, Digital Retail