With the steady rollout of EMV and NFC at in-store POS terminals, the launch of retailer apps that allow mobile checkout (e.g., IKEA), and the development of alternative networks, the retail POS payments landscape is forever changed. Macy’s and Walmart are just a few of the big names offering consumer the opportunity to purchase online and pickup in-store, which further shows the current and future disruption the payments arena will face.
Javelin strategy & Research released, Retail Point of Sale Payment Forecast, which evaluates transaction activity in the physical retail POS market through 2020 and explores consumer behavior as omnichannel shopping takes hold.
Retail transaction behavior is undergoing a consumer-driven metamorphosis as the physical channel gives way to digital ones. Consumer buying habits are changing as they purchase in one channel and picking up goods in-store or consuming a service on-site, such is the case at CVS and Chili’s.
While total retail sales (POS and e-commerce combined) are expected to grow from $4.76 trillion in 2015 to over $5.33 trillion in 2020. The bigger story is the differing growth rates over this time period where as digital commerce’s growth rate is over 5 times faster than in-store transactions.
While in-store POS volume continues to be a dominant part of the retail landscape, despite the continued growth of e-commerce, a bigger trend is emerging as consumers skip checkout lines in favor of delivery services, such as Google Express and Instacart, and buy online and pickup in-store.
The report, Retail Point of Sale Payment Forecast, delves into the POS payment ecosystem by and highlights individual product growth and share shifts at POS for cards (credit, debit, prepaid, and gift), cash, check, and mobile proximity payments.
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