Customers are interacting with businesses in different ways thanks in part to the rapid growth in digital technology. As demand continues to shift toward mobile and portable device interaction, local merchants must rise up and meet these needs with the right payment infrastructure. Consumers are the lifeblood of any successful business unit, which highlights the importance of aligning operational infrastructure with what patrons want to get out of their shopping experiences.
In today's day and age, buyers have the option of interacting with a brand or its products and services from multiple locations, especially if the company supports total mobility. Whether it's a mobile point-of-sale system within a brick-and-mortar location or a mobile payment gateway via a web-based retail platform, businesses that serve its customers outside of its walls are taking positive steps toward market differentiation. Companies with total or complete mobility don't stop accruing revenue when their doors close on a given day. Just because a brick-and-mortar location ends commercial activity for the day, that doesn't mean they have to stop collecting consumer transactions outside of its walls or during off hours.
POS market growing fast
Local merchants are beginning to realize the value of total mobility, which is why they're investing in the proper infrastructure to meet these consumer needs. According to Statista®, the mobile payment transaction value in North America in 2013 was at $37 billion. The further consumerization of mobile technology will likely increase growth in 2015, and businesses are spending their money to meet customers in the channels they prefer to shop.
According to a recent American Express® study, 45 percent of small-business owners surveyed planned on making capital investments in technology in 2014. The small business ecosystem is no longer immune to new and emerging technology, business owners must adapt and quickly do so. Mobile POS and mobile payment gateways can be quickly implemented and won't require the company to close its doors for an extended period of time. Since mobility installation isn't a vast or overly complex operation in the small business landscape, it can be done at a relatively low price point as well.
While technology investments seems like a broad description of future capital outlays, a separate Yankee Group® study found 32 percent of U.S. merchants studied already have deployed mobile POS, while another 29 percent plan on doing so within the next 12 months. Even though the general economy's health is still in a recovery stage, small-business owners can be certain and confident about adding total mobility infrastructure to their operation. Companies that give consumers the option to make a payment outside of its four walls are setting themselves up for success now and further down the road. Consumer demands are rapidly changing, but total mobility allows merchants to scale quickly and meet the needs of their patrons.