According to IHL's 2015 data, shipments of mobile point-of-sale (mPOS) units to department stores grew 107 percent worldwide. That's the fastest-growing retail vertical, followed by restaurants (90 percent) and specialty stores (70 percent).
It's clear that the flexibility, customer focus, reduced footprint, and low barriers to entry of mPOS solutions are attracting a fragmented market. Take a look at five verticals showing strong interest in mPOS:
Boost customer service for retail stores
It's not surprising that mPOS devices first found a home in retail. But as the technology matures, the use cases continue expanding.
For larger retailers, mPOS gives employees the tools to assist customers anywhere in the store. From stock look-ups to finding and ordering wanted items from other stores to on-the-spot check-outs, mobile devices remove purchase barriers for consumers.
Give customers the order screen with mPOS for restaurants
One of the keys to success for eating establishments is quick and accurate communication from the guest all the way to the kitchen. That's why mPOS is so appealing for restaurant owners.
Instead of relying on an order pad or a server's memory, mobile devices improve order accuracy and speed. Some restaurants choose to give the customer control of the ordering process with a mobile device on the table, effectively turning it into a digital menu. Patrons can place multiple orders for drinks and appetizers without needing the server's attention.
Handle peak hotel traffic with mPOS
Like other industries looking for ways to elevate the guest experience, hotels are increasing mobility with tablets and interactive kiosks. Peak customer traffic during check-in and check-out drives a need for more transaction points to accept payments and give guests access to hotel services.
mPOS shortens the revenue cycle in healthcare
Like other verticals that have embraced mobile solutions, healthcare offers up many settings where employees need to move away from the computer. The rise of electronic health records is also driving mobility.
Today's healthcare payment experience includes more than traditional hospital settings. In the doctor's office and the pharmacy and with in-home health services, both providers and consumers are looking for convenience, accuracy, and speed.
Healthcare organizations also need to meet PCI compliance standards and patient information privacy laws. That means encrypted mobile solutions that keep medical records and payments secure.
Don't make customers wait for entertainment
Including operations like casinos, sports stadiums, concert venues, amusement parks, and movie theaters, the entertainment sector is expected to sustain steady growth in coming years. A study by Global Market Insights predicts mPOS for entertainment applications will top $4 billion by 2023.
Like hotels and restaurants, these businesses need to handle large groups of customers arriving during short time frames. Patrons don't want to miss the kick-off or the start of the show. Business owners want to process entries more quickly in order to have consumers buying food, drinks, and souvenirs.
When you're considering vertical industries that want and need mPOS capabilities, these five offer plenty of opportunity.
In your opinion, which industry verticals are most likely to adopt mPOS solutions?