We saw a lot of growth in the tablet point of sale market in 2017 and wanted to highlight some of the achievements of tablet point of sale companies we follow. The growth and developments in the tablet space benefits small business owners as they utilize the technology to grow their business and differentiate themselves from the competition.
Square had another fantastic year! The company’s market cap more than doubled in 2017 along with a few notable achievements. Square’s two biggest wins of the year were releasing a standalone retail app and launching their own custom stand. The retail app allows Square to offer larger retailers the features they need without disrupting millions of other users. Initially, the retail app was not very different from the Square Register app but Square engineers have been adding new features at a steady pace. Square’s recently launched custom stand is an even bigger win. It allows Square to deliver a much better user experience and also go after larger businesses that need customized solutions. The stand looks great and comes loaded with dual displays, ability to accept a range of payment methods and more.
Shopify also saw stellar growth in 2017 and managed to double their market cap, which is very impressive for a company their size. Shopify improved their eCommerce platform by partnering up with eBay and UPS. The eBay partnership will allow sellers to seamlessly list their products on eBay, extending their reach. The UPS partnership provides Shopify sellers with discounts on shipping helping them save money immediately and improve their bottom live. Shopify also released their own reader with a flat fee to appeal more to in person sellers. These and other developments led to Shopify merchants selling over $1 billion of merchandise on Black Friday, a record setting day!
Lightspeed is another tablet point of sale company that saw growth in 2017. Since Lightspeed is a private company, it is hard to get exact growth metrics. Lightspeed did cross the 50,000 customer threshold with a total payments volume of around $15 billion in 2017. More importantly, Lightspeed raised a massive investment round of $166 million from new and existing investors to fuel faster growth in the coming years and to set themselves up for an IPO. Lightspeed has done a good job of acquiring companies and improving their technology. Their acquisition of POSIOS, a point of sale product for restaurants, in 2014 and subsequent improvement of their technology has made Lightspeed a serious contender in the tough restaurant point of sale market.
We expect 2018 to be just as exciting, if not more, for the point of sale industry. We will continue to follow the market and update you!