The mobile point of sale (mPOS) market is growing. Grand View Research valued the market at $36.07 billion in 2022 and predicts a CAGR of 11.1 percent, with the majority of that growth in software for mobile systems. Furthermore, even though you may have considered the restaurant POS space saturated, analysts point to adoption in the hospitality sector as a market driver.
John Choi, Product Manager for Epson America, confirms that analysts’ predictions are materializing on Main Street. “Hospitality is replacing traditional operations with streamlined processes,” he says. “Carrying out transactions beyond the checkout counter or the dining room terminal is rapidly growing.”
Restaurants are taking orders tableside in the dining room or on the patio, in the drive-thru, and at the food truck counter. mPOS gives restaurants the freedom to increase efficiency, enhance convenience, and improve customer experiences. Moreover, restaurateurs see the ROI. “Businesses of all sizes can benefit from mPOS solutions,” Choi says. “But for large multi-store chains, process improvements multiplied by the number of locations they operate can add up to significant savings.”
Don’t Offer the Same Old Solutions for New Ways to Operate
ISVs should keep in mind that restaurants are searching for innovative solutions for today’s processes. “Best practices for handling order pickup experiences have yet to be standardized,” comments Choi. “There’s no single experience that we’ve all come to expect as consumers.”
Innovating to address this pain point is a prime opportunity for ISVs, particularly if you are able to integrate all facets of the ordering and pickup process from the back-of-house to the front-of-house and create a unified digital solution. mPOS can give teams visibility into orders throughout the process and provide easy access to information when customers arrive for their orders.
“Some restaurant chains are expanding their in-house development teams for integration work,” Choi says. “ISVs should engage with those businesses and show them how they can deliver the solutions they need in a quicker manner and provide insights on how to build processes that deliver the greatest efficiency.”
ISVs need to remember, however, that one-size solutions don’t fit all, but one platform can. Develop solutions that give you the flexibility to address your target market’s needs. That may be providing an mPOS solution for a particular vertical, a solution for small businesses vs. enterprises or franchises, or building a solution designed for additional capabilities, such as CRM integration for smarter marketing. Regardless of your market, Choi says all your customers will be looking for analytics to take advantage of the data their solutions collect.
It’s also smart to integrate your solution with hardware that meets your clients’ needs. The Epson mSeries thermal printers, for example, support a tablet and multiple peripherals, allowing a merchant to create a full-functioned POS system with a range of connectivity options. It’s also online ordering ready, allowing the printer to receive data directly from the internet. Additionally, the range of printers in the series ensures your clients can find the right features for their businesses.
In addition to functionality, also consider aesthetics. Choi explains, “IT hardware should be ‘invisible,’ seamlessly fitting with the décor of a business. It should seem like it belongs there.”
Advice for Selling mPOS in Uncertain Times
Due to economic uncertainty, businesses will be looking for high-value solutions. So, Choi advises ISVs to develop solutions with a strong value proposition that focus on essential functionality, optimal customer experiences, and long-term dividends.
“These factors will be critical for POS sales in the upcoming years,” he comments.
mPOS solutions can provide restaurant businesses with the value and ROI they’re now looking for to support the new ways they’re doing business and the flexibility to adapt to whatever the future holds. Look deeper into this vertical, and you’re sure to find opportunities.