On Tuesday, Javelin Strategy & Research released the firm’s annual POS 2013-2018 Forecast report, which evaluates the actual and forecast changes in the retail POS market.
The eagerly anticipated report also tracks payments mix data and identifies key drivers of market change.
According to the data presented, at 93% of total U.S. retail dollar volume, the point of sale (POS) retail market towers above the online market and will continue to do so for years to come.
But the growing popularity of the digital realm has fundamentally altered the nature of the POS, as brick-and-mortar retailers have had to embrace elements of mobile and online channels in order to remain competitive.
Today’s report underscores the growing wave of retailers racing to embrace the nation’s fastest growing mobile payments platforms.
“Of all the great benefits that merchants gain from the mobile revolution, the most important of all is the ability to accept credit card payments on iPhones, iPads, Androids and BlackBerrys,” reads a recent post on the practicality of mobile payments in retail by PayAnywhere, a leading provider of mobile payments solutions.
“Mobile payment solutions also offer the greatest flexibility in terms of POS,” the post continues. “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.”
Over the next six years, an industry-wide push for mobile technology will help propel mobile payments to astonishing growth and will allow mobile POS proximity payments to reach $5.4 billion by 2018, today’s report from Javelin Strategy & Research forecasts.
“The retail POS market is evolving at a remarkable rate with the increased popularity of the e-commerce and mobile payments markets,” says Aleia Van Dyke, an industry analyst with the prominent research firm. “Today’s consumers are demanding more digitized payment options to enhance their in-store shopping experience. The advanced features of non-traditional payment options like mobile and prepaid cards have encouraged adoption with today’s tech-savvy shoppers.”
To learn more about today’s report, click here.