New Research Report From I Love Velvet Unlocks Consumer Attitudes Towards Mobile Point-of-Sale
NEW YORK – (September 16, 2013) – I Love Velvet, the Mobile Point-of-Sale (MPOS) hardware and software innovator for large retailers, airlines, restaurant chains, and leisure and entertainment groups, today released the results of its new “Consumer Mobile Point-of-Sale (MPOS) Attitudes Report.” Conducted by OnePoll on behalf of I Love Velvet, the study found that 51 percent of Americans believe the cash register’s days are numbered, even saying that it would be “gone soon.”
Instead, consumers favored solutions like MPOS which allow for a customer to check-out anywhere on the store floor. Thirty-five percent of respondents stated that they would shop at the store more often. In addition:
- 17 percent would share their experience on social media
- 37 percent would tell a friend and recommend the retailer
- 46 percent would think the retailer was “tech-savvy”
- 56 percent would appreciate that the store made their experience more convenient
“Consumers are essentially telling retailers: ‘get with the times’,” said Pascale Juan, I Love Velvet COO. “As MPOS has the ability to cut down long lines in-store and get staff out from behind the cash register, it’s clear that the businesses that recognize the benefits of MPOS solutions will win not only more of the consumer dollar, but the perception competition as well.”
When and where? Consumers adapting to emerging MPOS technologies
Consumers feel most comfortable using MPOS technologies in retail settings (26 percent), paving the way for large retailers to begin offering these in-store solutions. The food/beverage industry came in second, with 14 percent of consumers feeling most comfortable using MPOS, followed by airlines/car rental companies (10 percent).
While MPOS solutions are gaining traction across the board, consumers still feel uneducated about how they work. Even though 1 in 5 consumers polled had allowed a retailer to check them out using a MPOS solution, almost as many (15 percent) still avoid using MPOS. Overall understanding of MPOS technology remains a barrier for consumers, with 1 in 10 consumers saying they would be more likely to use MPOS solutions if they had more information about them.
“The report reveals a major opportunity for savvy retailers to proactively educate their customers on MPOS,” said Juan. “Providing customers with a wealth of information via dedicated emails, on the retailer’s website as well as at check-out will help raise consumer confidence – ultimately helping retailers more efficiently and cost effectively check out customers.”
Lack of trust comes with level of security
It’s no surprise that security continues to top the list of consumer concerns when it comes to MPOS. According to I Love Velvet’s report:
- 57 percent ranked security as their number one concern when it comes to mobile payments
- 62 percent said it would affect their decision to use services like Square or LevelUp if they did not provide the same levels of security as the traditional cash register
- 88 percent had doubts about a retailer’s ability to protect their personal payment information – in fact, just a meager 12 percent of consumers said that they “completely trust” retailers to do so
“As the payments industry moves at lightning speed, it can be a challenge to keep up with the security requirements and standards of mobile payments,” said Juan. “True enterprise-grade solutions need to be both PCI-PTS and PCI-PDS compliant. It’s something not enough retailers are considering as a real and present threat – especially considering all of the security breaches and hacks we’ve seen on financial organizations and traditional POS systems in the past year.”
I Love Velvet commissioned research firm OnePoll to poll the views of a representative sample of 1000 U.S. adults. Fieldwork was undertaken July 12-17, 2013. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).
About I Love Velvet
I Love Velvet (www.ilovevelvet.com) is at the forefront of the MPOS industry. I Love Velvet is the industry’s only mobile point-of-sale (MPOS) company wholly committed to providing enterprise-grade MPOS solutions to the retail, restaurant and entertainment industries. A comprehensive, end-to-end hardware and software solution that goes beyond simple mobile payments, I Love Velvet’s MPOS systems provide customers with the most integration, flexibility, compatibility with business processes and global security certification. With a 360 degree understanding of its customer’s business processes, I Love Velvet offers organizations the opportunity to transform the customer POS experience. For more information visit www.ILoveVelvet.com.
Louise Gonzalez, Diffusion PR