Press release

New PYMNTS.com Study: Food and Accommodations Markets Eager for Innovative Apps

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Sponsored by Businesswire

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.

About PYMNTS
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.

About AEVI
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