Rtp webinar-verifone-final deck-fv
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Think the IoT is just for the biggest retailers? With new applications and devices entering the market, the IoT presents possibilities for retail and hospitality businesses of any size. Unlock the power of POS, digital payments and the future of retail with IoT! Tune in to learn more: http://ow.ly/CnGx306d6u2
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Rtp webinar-verifone-final deck-fv
- 4. #SMBPOS About Retail TouchPoints ü Launched in 2007 ü Over 40,000 retail subscribers ü To provide executives with relevant, insightful content across a variety of digital medium Sign up for our weekly newsletter: www.retailtouchpoints.com/subscribe
- 6. How SMBs Are ThinkingAbout Payments, POS And IoT October5,2016
- 7. Todays’ SMB merchant is not the one we knew 5 or 10 years ago… Key Themes from the 451 Research Study
- 8. Digital transformation is driving a profound evolution of consumer behavior and commerce technologies, resulting in an influx of new complexities for SMB’s To thrive in such a dynamic commerce environment, embracing change must become the new norm for SMB’s The next several years will see SMB’s increase their adoption of new commerce software and technologies to keep pace with all of this change 1 2 3
- 10. Business Challenges for SmB Merchants 10% 12% 14% 25% 37% 16% 12% 20% 27% 22% 20% 20% 23% 21% 15% Other, please specify Managing employees Adapting to new technologies Creating customer loyalty Controlling costs Acquiring new customers 1st 2nd 3rd What is the top challenge facing your business this year? (n=205)
- 11. Top Software Applications 3% 6% 6% 7% 10% 14% 15% 18% 20% 9% 8% 8% 14% 17% 13% 17% 15% 9% 10% 9% 19% 11% 10% 17% 15% Other E-commerce Marketing Employee scheduling Payroll / Accounting / Bookkeeping Customer ordering / booking / reservation / table management Customer Relationship Management (CRM) Inventory Point of sale 1st 2nd 3rd What software applications do you consider mission-critical for running your business? (n=144)
- 12. Payment Technology Used 4% 6% 9% 14% 25% 42% Tablet point of sale Wedge/integrated card reader (generally integrated into the physical PoS display) Mobile point of sale (mPoS) device Handheld pay-at-table terminal PIN pad Countertop terminal What is your primary method of accepting card payments? (n=179)
- 13. Notable Shifts are Starting to Occur…
- 14. § Although current-generation POS systems are doing a fair job fulfilling their purpose of accepting payments, there’s indication of a need for a more robust POS that goes beyond just payment acceptance. § Less than 1 in 4 of respondents stated their existing POS does not go above and beyond their needs § 81% of respondents are considering, planning or in the process of upgrading their POS, 38% within the next 6-12 months. POS Upgrades are Underway 38% 19% 16% 27% Plan to upgrade in next 6-12mo No plans to upgrade In the process of upgrading / recently upgraded Considering upgrading without an immediate timeframe In regards to your point of sale system, which of the following are you planning to do? (n=179)
- 15. SmB Interest in Customer Facing Applications 64% 49% 35% 30% 28% 8% Pay with credit card points Pay with a mobile wallet Redeem/earn loyalty points and rewards Add additional products/service to the order Display promotions / advertisements on the point of sale display None of the above What specific customer facing applications/use cases are most important to you in a point of sale system? (select all that apply)
- 16. § Mobile wallets lead the trend with over 63% of respondents noting an increase in demand/use § Mobile loyalty and mobile coupons are also trending upward– almost 50% of respondents have seen an increase § Across the 3 technologies, <12% have seen less demand or use, signaling the use of mobile at the point-of-sale is likely here to stay Customers Demand & Use Mobile More 28% 18% 19% 35% 29% 27% 30% 46% 43% 5% 4% 8% 2% 2% 3% Mobile/Digital Wallets Mobile Loyalty Mobile Coupons How much change in customer demand for / use of the following technologies have you seen over the past year? Significantly more demand/use Somewhat more demand/use About the same demand/use Somewhat less demand/use Significantly less demand/use
- 17. SmB Adoption of Digital Technology 43% 38% 35% 35% 32% 29% 29% 27% 10% 20% 24% 26% 18% 27% 27% 21% 23% 27% 15% 19% 16% 22% 17% 19% 22% 20% 18% 22% 20% 23% 25% 24% 25% 27% 30% 45% E-commerce website Mobile-optimized website NFC-based mobile payments EMV mPOS Mobile coupons/offers Branded customer-facing mobile app Mobile loyalty/rewards program BLE Beacons What is your company’s position on the following technologies? Currently implemented Plan to implement in next 6-12mo Considering implementing without an immediate timeframe No implementation plans
- 18. With new applications and connected devices entering the market practically every day, the IoT presents possibilities for retail and hospitality businesses of any size.
- 19. IoT: The network of physical objects, such as devices, vehicles, buildings, etc., which are embedded with technology that enables them to communicate and collect and exchange data. § 77% of SMBs indicate they have a moderate or strong understanding of IoT, but few fully grasp it § Despite its early stage, we believe IoT will have a pervasive and transformative impact across all aspects of commerce § End result will have a direct and favorable influence on how goods and services are purchased and customers are engaged The Intersection of IoT and Commerce 23% 47% 30% On a scale of 1-10, how would you rate your understanding of the concept of "Internet of Things (IoT)“ (n=205) Little to no understanding (0-3) Moderate understanding (4-7) Strong understanding (8-10)
- 20. When asked, 87% of SMB’s said that they can see IoT applying directly to their business in some way. Key use cases: § Developing or enhancing existing products/services § Attaining customer-centricity IoT Business Application 0% 13% 25% 32% 41% 46% 46% Other I do not see IoT directly applying to my business in any way Helping us to reduce risk Helping us to optimize operations Helping us to better understand our customers Helping us enhance customer targeting/increase sales Helping us to develop new or enhance existing, products or services How do you envision IoT applying most directly to your business? (Select all that apply) (n=205)
- 21. IoT Status In the eyes of SMB’s, IoT is quickly becoming more than just a theoretical concept. § 15% of SMB’s have already deployed one or more IoT initiatives § Another two thirds of SMB’s are planning or considering an IoT deployment § Education is critical for the remaining 26% who are not considering an IoT deployment The potential to combine IoT initiatives and POS upgrades is very real, and there is a major correlation between the two 31% 15% 26% 28% What is your organization's current status on IoT-related initiatives? (n=205) We plan to deploy an IoT initiative within the next 6- 12mo We have already deployed 1 or more IoT initiatives We are not planning or considering deploying an IoT initiative We are considering deploying an IoT initiative with no immediate time frame
- 22. High Correlation Between Planned POS Upgrade and IoT Deployment SmB’s POS Upgrade and IoT Initiative Plans We are in the process of upgrading our POS / recently upgraded We plan to upgrade our POS in 6-12 months We are considering upgrading our POS without an immediate timeframe We have no plans to upgrade our POS We have already deployed 1 or more IoT initiatives 36% 18% 10% 6% We plan to deploy an IoT initiative in the next 6-12 months 50% 54% 15% 6% We are considering deploying an IoT initiative without an immediate timeframe 7% 21% 48% 29% We are not planning or considering an IoT initiative 7% 7% 27% 60%