New PYMNTS.com Study: Food and Accommodations Markets Eager for Innovative Apps
BOSTON--(BUSINESS WIRE)--Mar 28, 2019--Small to medium-sized merchants in the food and accommodations markets are motivated by competitive pressures and the drive to increase sales, followed by increasing consumer loyalty, according to the new edition of the Retail Innovation Readiness Index, a PYMNTS and AEVI collaboration. But a survey of 500 merchants in those markets indicate many are lagging in readiness to innovate, providing an opportunity for merchant payment solutions providers to offer consultative services and solutions.
PYMNTS surveyed food and accommodation companies, including coffee shops, bars, quick serve restaurants (QSRs) and sit-down restaurants, hotels, hostels and bed and breakfast facilities. While larger businesses in these segments have been quick to adopt point of sale (POS) solutions with integrated apps, smaller merchants are lagging behind.
While relatively few smaller merchants have adopted so called Smart POS systems, it is not due to lack of interest. Roughly one third (37 percent) of merchants say they are either very or extremely interested in adopting a Smart POS solution, and 40.2 percent indicated they had not previously heard of the features available with these systems but are interested in putting them to use.
“The survey provides insight into a ready market for Smart POS solutions, but a merchant base that needs guidance and assistance in sorting through all the new options available,” said Nicky Koopman, VP of content and value-added apps and services. “Acquirers have an opportunity to position themselves as trusted advisors who can sort through myriad options to tailor suites of value-added apps and services that please their customers and optimize business operations on Smart POS platforms.”
These merchants expect a POS system to be cost effective, both to implement and to operate. But convenience is the most important factor to look for according to majorities of both accommodation (56.6 percent) and food merchant (54.6 percent) businesses. Overall, two-thirds of those surveyed say ease of use is a major appeal of Smart POS systems.
Smart POS solutions can transform the traditional merchant countertop into a dynamic Point of Interaction (POI) that can integrate purchases with consumer-pleasing features such as coupons, promo codes and QR scans, and online features like enabling customers to book appointments and services, order products and track deliveries. These all-in-one solutions can also improve business operations with apps to improve customer loyalty, manage inventory, know when promotions are likely to be most successful, and identify top performers in their workforce.
Learn more about merchant needs in food and accommodations; download the full Retail Innovation Readiness Index here.
PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world. For more information, visit www.PYMNTS.com.
AEVI lays the foundation for next-generation acquiring by empowering merchant payment solution providers, such as acquirers, merchant banks, independent sales organizations (ISOs) and value-added resellers (VARs), to move and manage their classic payments proposition into a new value-added world of apps, payments and smart devices. For more information, visit www.AEVI.com
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CONTACT: Alexander Terzian
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE RESTAURANT/BAR SMALL BUSINESS MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE RETAIL OTHER RETAIL
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PUB: 03/28/2019 09:47 AM/DISC: 03/28/2019 09:47 AM