The POS industry is among the most dynamic. Business owners and retailers should always be informed about the latest trends in the industry. Here are a few POS trends to watch out for.
Mobile Payment Increase
Digital changes also bring shifts in payments for the retail industry. As the number of mobile users grows, you have more and more who prefer paying via smartphones. This means cash is no longer king, and cash registers are becoming obsolete as well. Technology is moving further to create a portable POS solution for retailers.
Earlier, cash was the preferred method of payment, but digital payments have gradually increased in popularity. Consumers in cities prefer to pay by card. Lots of startups with new technology have brought digital wallets which make it possible for users to pay from their phones. Other payment startups have brought mobile point of sale (MPOS) technology for retailers so the latter are able to accept card payments easily and create an engaging and personalized shopping experience for customers.
In the future, we can expect to see more and more retailers adopting mobile point of sale solutions to accept payments from cards and mobile devices.
A business has the potential to grow exponentially by taking its operations online. Earlier, businesses would first have to run data from their e-commerce platforms and after that from their physical POS systems. To pull up a comprehensive report, the retailer would then have to import both results into reporting software, a spreadsheet, or another accounting software. Thanks to shared commerce POS systems, they can automate the process and save plenty of time.
E-commerce solutions like Shopify’s POS system sync with the respective app for iOS and Android to track both offline and online transactions. The Shopify POS synchronizes and streamlines your financial and product information in a centralized dashboard instead of managing two sets of inventories and payment systems. This way, you have fast and easy access to customer insights and real-time data across two sales channels without having to run reports on multiple systems.
Use of Big Data and Analytics
Technology isn’t the only thing that created change. So did demand. This is why many retailers are turning to big data and in-store analytics to understand what’s going on in their stores. This way, they can make better data-driven decisions for their venues.
The emerging technologies have put an end to the problems small retailers faced with the type of data which was only accessible for major enterprises. We might see the use of big data and analytics in the future at every phase of the retail store process to determine trends, predicting the demand for fast-selling products. This will also make it possible to see which customers are more likely to purchase those products.
The best use of big data depends on the customers’ location in the store. This will make the best decisions possible with respect to tracking, stocking, and refilling inventory on a daily basis.
Analytics have helped the retail industry by providing tools to track how a business is performing and to gain insight into consumer shopping behaviors and patterns.
Integrated POS and CRM Solutions
New POS systems integrate transactions with CRM solutions in real time to help businesses increase sales and revenues. POS and CRM integration makes it possible to see which customers are having the biggest effect on sales and whose loyalty is worth pursuing. Earlier, POS systems could only provide basic data regarding customer behavior, if they provided anything at all.
One such solution is online CRM and invoicing software Sellsy. For example, its POS integration lets businesses create CRM tasks, client records, and email marketing lists straight from their POS tills.
Another example is Revel, which integrates an iPad POS with CRM capabilities. These features allow businesses to collect all kinds of customer data from POS transactions, such as names, emails, billing and shipping addresses, order history, and loyalty program membership details. The software then helps businesses organize this data, distribute and synchronize it to different departments like tech support, sales, marketing, and customer service, and ultimately improve customer conversion and experience.
Cloud Technology Adoption
Today, retailers want their store transaction or sales data to be quickly accessible from their smartphone, desktop, or tablets wherever they are. That’s where cloud technology comes to their rescue. We are seeing a rising number of POS systems with integrated cloud solutions. In the future, many small and medium sized retailers will be adopting cloud-based solutions.
The biggest benefit of using a cloud-based POS solution is that a retailer can access their data easily, and upgrade their software across all venues at the same time. Today, POS systems come with integrated cloud technology not only on software and card payment solutions, but also on hardware devices.
This integration of cloud-based solution into point of sale systems will change the entire industry to make it easier for retailers to do business. In just minutes, it will be possible to upgrade and update multiple locations.
Personalized Customer Experience
Emerging technology in the retail sector is helping retailers make better decisions for their venues and create a more personalized shopping experience for their customers. Of course, you need to know your customers first if you want to personalize their experience. According to a survey, almost 80 percent of consumers claim that they will only engage with a brand if the latter’s promotional offers are customized to how the consumers have interacted with that brand in the past.
Brands that want their customers to keep coming back to their location and to gain new customers need to create a highly personalized marketing approach. They need to create a “buyer persona” to approach new and returning customers. This can be achieved with artificial intelligence tools. It is easier for retailers to offer their customers a wide variety of choices to accommodate them with their shopping with the emerging new mobile POS technology.
The POS industry is changing rapidly, and retailers need to stay abreast of relevant developments to remain at the top of their game.