Mobile payment will change the way retailers engage and transaction with their customers. The years of inflexible, fixed, bulky POS systems is shifting to more personal interaction. When you think about it, POS systems were dictated by the size of the cash drawer and POS terminals fit that space.
With the adoption of debit and credit card payments, the paradigm shifts to rethinking how to service your customer. As staff have mobile capability and interest, the potential to use mobile to support on the job learning and training and put that capability into customer service seems obvious.
Leading consultants are projecting fast growth. “We expect global mobile transaction volume and value to average 42 percent annual growth between 2011 and 2016, and we are forecasting a market worth $617 billion with 448 million users by 2016,” said Sandy Shen, research director at Gartner. “This will bring opportunities for service and solution providers who will need to cater to the local demand patterns to customise their offerings.
Mobile payment capabilities do have the potential to change fundamental work practices.
For decades, Point of Sale terminals have occupied valuable store real estate, across entrances and exits and often in large numbers to cater for peak trading periods.
How much of this real estate is wasted for the majority of time the store is opened?
What products and promotions could use the front space in stores more effectively?
What is the real cost of designing the store in this manner?
What if peak periods could be handled in a different manner?
Our view is that retail is on the rebound. Retailers willing to engage and better understand their customer needs have strong potential for growth. We can make it extremely cost effective with mobile and move fast.
Re-allocating cost from ‘spare’ Point of sale terminals, including the total cost of space, power, maintenance, hardware and other costs, to mobile sales and payment has potential to produce results outside of the square.