In the ever-changing retail industry, companies are constantly looking for ways to optimize operations and enhance customer experience. Point-of-sale (POS) continues to play a key role in helping businesses achieve these goals, emphasizing its importance in retail. In fact, compared to this time last year, demand for POS servicing and installation grew 50%. In this blog, we’ll dive into several key data points that exemplify why this demand for POS services continues to grow.

1. Digital and mobile wallet payments are growing in popularity 

One critical component to this surge in demand is the development of new POS features, such as mobile wallet and digital payments. Many smartphones have digital wallets that contain the necessary bank information to complete a transaction. This feature eliminates the need to carry around physical credit cards. 

Mobile wallet and digital payments typically require new software and hardware installation. Installable equipment may include mobile payment terminals, card chip readers, barcodes, or receipt printers.

According to Fit Small Business, digital and mobile wallet payments have shown a drastic increase in POS payments in 2022 and are expected to continue to dominate. Grand View Research predicts that by 2026, digital and mobile wallet payments will make up 43% of global payments. These POS features establish an easy and secure method of carrying out transactions, making them a preferred payment method among tech-savvy retailers and customers alike.

2. Companies continue to invest in self-checkout systems

A staggering 80% increase in spend for self-checkout POS terminals this year means retailers are implementing ways to create efficiency but need to balance this with high customer expectations for their experience. With retailers requiring fast, contactless payment methods, self-checkout has become a trend within the industry that is here to stay.

3. Increased adoption of near field communication

Another trend making a splash in the world of POS is Near Field Communication (NFC). NFC is a POS method that carries out transactions through a quick and contactless communication between the POS device and credit card. By simply waving or tapping their smartphone or contactless card near the NFC system, consumers can quickly complete their transaction, cutting down on wait times and improving overall customer satisfaction. With consumers gravitating towards effortless and secure payment processes, NFC-enabled POS terminals are expected to only grow in popularity in the coming years.

4. Retailers will continue to implement high-quality POS systems

As the retail industry continues to evolve, companies are taking the necessary steps to adapt to changes to advance their positioning in the retail market. This means they’re looking to replace their existing POS systems to improve the overall customer experience.

Reports confirm 30% of retailers believe their existing POS systems require improvement, while an additional 30% of retailers plan to implement a new POS structure within three years. These statistics showcase the industry’s commitment to enhancing the transaction process and improving the customer experience.

Build a productive POS servicing team

Utilizing Field Nation to build a team of qualified POS technicians can help your company complete installation projects faster and more efficiently. You’ll be able to choose professionals you know you can count on, resulting in enhanced customer experiences and streamlined transactions for your retail clients.

The 50% rise in demand for POS services emphasizes the importance POS has in the retail industry. As companies continue to recognize the correlation between success and POS systems, service providers must be ready to dispatch their technicians and take on work.

Don’t miss out on the booming demand for POS services. Whether you are looking for more insight or interested in building your dream team of on-demand, high-quality technicians,  connect with Field Nation to get started.