OTIV vs SCKT technology: These are like comparing apples and cucumbers---not even two different fruits. The OTI product is aimed at consumers. It allows them to attach a device to their smartphone to let them pay for products at select retailers (who have the corresponding hardware) electronically from their phone by swiping it without having to use cash or credit card. Socket's barcode scanner is for businesses to use in checkout scanning and inventory.
People don't realize it, but the normal electronic cash register at your local hardware store costs thousands of dollars, a computer server in the back room, all the wiring, and high monthly costs. Mobile point of sale is the future---it's cheaper, expandable, and allows for interaction with the customer by employees, especially when tied into the cloud. ex. I go into my hardware store and can't find something. I ask an employee if they have such and such skill saw in stock. He pulls out his iPod or tablet and looks up the stock immediately. He tells they don't have it but he can order me one right there and have it shipped to my house. Option #1: I say great, he does it, I pay him with my credit card right there and the transaction is done. Option #2: I say, don't worry about it, and take my stuff to the main cash register. There they are using an iPad set up to a cash drawer, printer and barcode scanner. He then uses a Socket scanner to scan my items quickly and I can pay him with my credit card just like normal or I can use a device like OTI and swipe my phone to the special terminal and pay for it that way.
OTI: They will compete against Square here. That's an 800lb competitor. Square is focused mostly on making it easy for the consumer to pay with his smartphone. An example is the system they put in Starbucks. Square is not focused on providing the hardware or software for the business to run their terminals or organize their business.
Socket: Socket is teamed up with 100 point of sale developers who are going after the business end of things. When the employee needs to do inventory with his iPod as he's walking around the store, he can use a dedicated barcode scanner (the camera scanner is not adequate for this type of operation). The main player for type of employee is Linea Pro that offers a sled that attaches to the iPod that allows barcode scanning and credit card scanning. Don't be surprised if Socket goes after this option themselves.
The iPad/Android tablet as a cash register is where Casio, NCR, Fujitsu and the majority of point of sale software is going after. They will provide the hardware and software to run your whole business and use the cloud as a server. It simplifies business and lowers their costs tremendously. Once you are sending data into the cloud, you can do inventory with tablets/iPods in the store and send that there. You can connect up with customers electronically for coupons and e-mails. This if the future and it's expected 80% of all businesses will be using tablets in the next 5 years. The number one player for the barcode scanner used in these hardware packages is Socket for various reasons I won't get into now. Socket is being used by multiple billion dollar partners going after this emerging market. When Fujitsu sold their hardware/software/support tablet based point of sale package to a major national retailer in Japan, it's why Socket is now sending them 3200 scanners to go with it all.
The future of retail is mobile based point of sale, whether it's checking out employees in the aisles or at the main register. There are multiple players here. I'd highly recommend looking into this more as it's going to produce some big winners. Tablets and smartphone use by consumers has gone exponential. Only now are businesses starting to use it.
AI
