Today’s point-of-sale (POS) system has come a long way as it continues to be on par with technological advancement. What started out as bell-ringing cash registers have now become an advanced tool that’s essential for any modern brick-and-mortar commercial location.
According to a recent industry study, the point-of-sale market size and share will surpass $98.27 billion by 2022. Different factors are contributing to this significant rise in statistics. There is the customer demand for more personalized transactions and the businesses relying on data for smarter business decision making.
Businesses need to be updated with the latest POS technology trends so that they can stay on top of their competitors. Many retailers and merchants are considering the move towards technology-enabled services for better customer experience. With that, it is anticipated that customer expectations will drive the future of POS systems.
Here are the 5 future of point-of-sales trends you can expect:
#1 Cloud Technology Adaptation
The fast-paced technological advancements are critical for the future of point-of-sale software. As transactions slowly transition to online mobility, the need to integrate cloud-based solutions into your POS system becomes more evident. It allows you to quickly access store transactions and business sales data anywhere you are through your phone or laptop.
One of the biggest advantages of using a cloud-based POS system solution is the ability to access data easily and efficiently. It also allows you to update the software across all of your business locations at the same time. You can update multiple stores in just minutes, cutting the hassle of going from one area to another. Since a POS system is a third-party provided service, new features can be developed and released by the provider earlier than expected.
Cloud-based solution technology also allows you to give better customer experience. You can directly check the stock availability of your products from each store location. With that, you can give multiple options for the customer regarding her purchase and the shipping of the product.
#2 The Shift to Mobile Payments and Tablet POS
To meet the customers’ payment demands, more businesses are adopting the mobile payment option and tablet POS system. Purchasing of goods now has more options for clients to make payments via online applications — from credit and debit cards to prepaid alternatives. All of these offer a myriad of advantages compared to cash payments in stores.
Today’s digital advancements made cashless payment the number one option for customers. The statistics below show the preferences of buyers when making payments.
- 73% of shoppers use less cash today than in the past
- 80% of customers prefer to use a tablet, smartphone, laptop, or a computer to shop for merchandise they need
- 82% of consumers first search for products online before going into stores and making a purchase
- 61% of Generation X are in favour of paying for everything electronically and prefer to live in a world where they don’t have to carry cash
- 44% of those aged 55 and over also favour a cashless society
More consumers are expected to look for an option that allows them to make payments wherever they are. To meet that demand, even the traditional brick and mortar stores are also looking into collaborations with other businesses. The main goal is to make customer payment more accessible to everyone, heralding the future of POS technology.
#3 Better Customer Experience
Business success is critical in today’s highly competitive market environment. Keeping up with your business while improving the quality of customer experience is a challenge that POS system providers are trying to address.
The shift in focus to more accessible transactions is the main goal for the future of POS machines. It is targeted specifically for both consumers and merchants. The aim is to develop a new POS system that can accommodate a growing number of purchases without sacrificing customer experience and business flow.
Providers are thinking of adding new features and capabilities into POS systems. The objective is to be able to record comprehensive customer profiles and access their preferences and purchase history with only a few clicks. However, this can only benefit businesses but not consumers.
The issue of security is the main concern for consumers. It can affect their privacy and the leak of information is susceptible. To balance out the needs of both parties, providers are trying to build tighter security parameters to avoid future incidents and make a promising future for POS systems.
#4 Simplified Updating of POS Systems
Compared to traditional updating of POS systems that take a significant amount of time and expenses, there are now streamlined processes that can be run through cloud-based applications. These are highly cost-efficient and easier to do. It is somehow similar to updating mobile applications. You only need to press the update button and it will automatically let you know if there is an update available for your POS system.
With a new way of updating POS, it is easier to fix bugs, add new functionality, and resolve issues if they arise. Mobile updates make it possible for all your business locations to update the system simultaneously by setting a reminder. You can ensure proper maintenance while cutting down costs.
#5 Accessible Data and Analytics
POS systems are evolving to help retailers make smarter business decisions for their company. With the use of analytics, business owners can make data-driven plans to personalize and enhance the customer experience. They can do that by analyzing the available data in their POS system. The information that they can gather for analysis are the following:
- peak hours of customer visits
- fast-moving product
- slow-moving products
- purchase history
- demography of buyers and clients
- payment reports
- number of in-store and online purchases
From a wider perspective, the availability of robust analytics can help businesses provide solutions to possible problems ahead of time. It can also help them correlate and compare trends in the market and turn it into a business opportunity.
POS systems are constantly being improved. Innovations are always up-to-date; your business needs to catch up with these changes. Upgrading to a better and new system may be challenging. It needs some consideration in order for it to benefit your business dynamics.
However, there is no turning back or staying idle when it comes to business. You need to move forward and adapt to the changes to stay relevant and keep up in this highly competitive market.
To make sure that your investment will not go to waste, make sure to choose a trustworthy POS system provider like Point of Sale Remarketing Group (POSRG) Canada. We are a leading and certified software and POS system hardware solutions provider.
We take pride in our ability to provide a wide variety of hardware repairs and fixing software problems. We are a trusted POS system repair and refurbishing company committed to helping maintain your existing system through our services.
To know more about our POS services, give us a call at (905) 332-8809.