M o b i l e P o i n t o f S a l e ( P o S ) – Is it a Holy Grail or Hall of Fame for Retail Stores?

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Info-Wallet

IntroductionGreat shopping experiences that engage cus-tomers have become more complicated today than ever for Retail stores. Payment processing, Loyalty Management, Coupons and store sales must work seamlessly and securely with backend systems like order management and fulfillment, inventory, and customer experience manage-ment. Most large retailers have embraced multi-channel sales strategies, including e-commerce, online advertising and mobile product informa-tion. Despite the huge growth of Omni channel and multicommerce Internet retailing evolution in retail, today’s brick-and-mortar stores process 95 percent of sales transactions through a tradi-tional POS terminal.

The latest buzz in retail and payments space is around mobile POS. Will it revolutionize the re-tail industry? Or will it replace traditional POS? The evolution of personal mobility devices and capabilities has led retailers to take a new look at mobile POS. Retail stores are doing multiple levels of experimentations around using consum-er devices as mobile POS platforms. The intent is to augment the traditional POS terminal and enable more personalized experience between shoppers and store sales person. Mobile POS will be handy for tradeshows, near product sales, or events. However, in high volume environments, 100% mobile POS does not make sense but they can serve very well during festive periods.

Retailers are taking a closer look at mobile POS to evaluate the possibilities of replacing traditional Point-of-Sale terminals. Let us look at the chal-lenges closely and then understand the benefits.

T op 3 Challenges• Securit y concerns : Mobile PoS network must be separated from internal networks so that it will comply with payment card industry (PCI) auditors. There is a close scrutiny to ensure appropriate encryption and operational best practices.

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• Guidelines : PCI guidelines are pretty vague with the recent developments in the payments space. Retailers must be sure that they should not save any customer payments related data in non-volatile memory on the mobile device. A single security breach can result in signif i-cant impact in the retail brand and serious ef-fects on customer loyalty associated with the brand.

• Integration : If a retailer wants to carry both PoS terminals and Mobile PoS devices, it will create a huge impact in synchronizing and maintaining consistent rules for selection, pri-oritization and calculation of promotions be-tween two systems. One cannot charge dif fer-ent prices for the same transaction.

Future of Mobile PoSAs retail operations and systems continue to evolve, the future of Mobile POS will most cer-tainly change. Most likely, traditional POS ter-minals will remain dominant with brick-and-mortar retailers and Mobile POS will grow to complement traditional POS terminals to im-prove the customer experience and create val-ue for retailers.

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