The point of sale industry has been changing rapidly since the release of the iPad in 2010. 2017 was another exciting year with big product launches and exciting new partnerships. What do we think is going to happen in 2018?
More mobile payments – Apple, Google and Samsung have all been growing their mobile payments platform.Though mobile payments make up a small amount of the total payments volume, we see them growing significantly in 2018 for a few reasons. They are more secure, newer devices will make it easier to pay with your phone or watch and more merchants will start accepting them as they upgrade their point of sale or terminals.
eCommerce – In 2017, eCommerce accounted for 9% of all retail sales in the U.S. That number seems low to people who have at least one Amazon package waiting at their doorstep everyday, but not to worry, we expect it to grow quickly. As Amazon makes it easier to accept packages and other services ordered online and smaller retailers take advantage of Shopify and other eCommerce platforms, consumers will find it even easier to order goods online and receive them quickly.
Lower fees – As point of sale companies grow larger and have additional ways to generate revenue, we believe the fees they charge for the point of sale app will drop. The decrease in revenue will be offset by selling add-ons (eCommerce, loyalty, payments, etc.) and additional services to a larger customer base. Point of sale companies will also be able to utilize the larger dataset they have on their users as well as the customers of those users.
With all the developments, 2018 will be another exciting year for everyone in the point of sale industry. If point of sale technology continues to improve as it has, small independent retailers have a better chance at competing with the big brand names. Business owners may someday find it hard to believe that investing $20,000 in a Micros point of sale system was the only option at one point.