How is Ecommerce Affecting the POS Terminal Market?
Ecommerce companies like Amazon are taking over the world of retail, winning customers by being convenient, efficient and global. Industry giants such as Apple and PayPal have partnered up with ecommerce sites to provide secure payment services, all of which can be processed with the click of a few buttons. Now, people can shop for an outfit or order a meal without leaving their home.
In this hectic world, ecommerce has saved people time – and money too. The rise in ecommerce has affected retail prices of items, causing competition between online and offline businesses. Stores selling the same or similar products have had to reduce their prices because customers can shop around (in both the online and offline worlds) to find the best deal.
With internet access and a device to use it on, people can avoid long lines and clingy shop assistants. They can also purchase items from anywhere in the world, opening up their range of options. This flexibility has given the power back to the consumer, but what does it mean for the POS terminal market? Will face-to-face transactions soon be a thing of the past?
Is POS Dead?
The booming ecommerce market has meant that the POS terminal market has had to adapt and evolve. However, the integration of the two has meant that both ecommerce businesses and the POS terminal market can thrive. Mobile POS systems and wallets like Apple Pay use POS software, combined with ecommerce capabilities, providing the best of both worlds.
Interestingly, the word ‘POS’ was originally applied to physical terminals, such as the credit card terminals we see in stores or restaurants. It was used to describe direct point of sale opportunities, whereas now the word has evolved to include online sales and anything used to exchange something for money. The POS terminal market has evolved just as the language around it has.
The way people interact and conduct business is constantly shifting and changing, but the good news is that things tend to evolve rather than disappear as suddenly as the flick of a light switch. Just like a cashless society doesn’t seem entirely possible, a world without physical POS terminals would be less convenient for consumers.
The key seems to be in the balance of all methods of payments. By providing options, people can choose the one that suits them best. Firemane provides new and used credit card terminals to resellers all over the world. In this way, we too are an ecommerce site, and we’ve successfully bridged the gap between ecommerce and POS terminals.
POS terminal suppliers need not worry then. And that means that businesses need not worry either, as people will always have their own preference when it comes to payment methods.