Merchants must start adapting new POS innovations or risk falling behind

With payment technology advances, merchants need to upgrade or risk falling behind.

The payment industry is not what it was a few years ago and based on the latest innovations, nor will it be the same a few years from now. Evolution is in full effect, with technology pushing the wave of the future, and smartphones are leading the way. This is easy to understand, as the functionality of mobile devices makes it easier than ever to check prices and make payments.

Havas Worldwide recently conducted a study of 10,000 adults from 31 countries. The report found that 22 percent of respondents have used a mobile device to make purchases. The company also created a specific category for tech-savvy consumers who are known as "Prosumers" and 38 percent of that group reported to have used mobile devices in a transaction.

According to a guest column from Marketing Magazine, Havas Worldwide head of planning Phil Johnston said that mobile devices are just one of many technology upgrades that merchants need to be aware of. If the growing numbers of consumers using these tactics is alarming to business owners, it should be, as they need to start adapting or run the risk of being left behind.

This can be a scary thought for many merchants, especially for those that have avoid upgrading point of sales systems for years under the guise of "if it ain't broke, don't fix it." However, with the help of a retail solution provider, any company can start taking small steps into the 21st century by updating a point of sales system or adding digital menu boards.