One of the most significant retail disruptors are the digital evolution as in 1950’s the credit cards made their debut. As these credit cards turned an integral and most important part of the last fact, a system of POS is therefore considered as an indispensable tool for the mortar and brick business of modern days. According to Point Of Sale review, it is expected that the Point Of Sale terminals market value will be as much as $98.72 billion by the end of 2022 according to the point of sale industry statistic recorded.
Since, plenty of businesses depend mainly on the data to make smart decisions in the field of business and increased demands of customers regarding personalized experience of shopping. POS system is at the center of this all as seen and this is where at actions normally take place. It is regarded as a touch point and important intersection where real time business and logic business transactions meet each other.
If you own a business, it is always important to be at the top of modern trends in technology and this helps you to excel in the competing market. For sale trends, five points are there which you need to watch in the years to come.
Tablet POS or Cell Phone based payments
We have to redefine retails due to digital push; it even pulls us away from the two staples of industry, cash registers as well as cash. It is seen that people are not much interested in using cash since the preferred method of making payments is the use of Mastercard. People use considerably lesser cash now days. The cellular and techno companies such as Google, Apple and Samsung also allow the mobile payments from cell phones and offer more convenient way to consumers, which ultimately means no cash registers are needed to be used. More Tablet based Point Of Sale systems are expected to be adopted by brick and mortar shops which allow the payments to be made via cell phones, modern and traditional transactions via credit card and cash.
Cloud based Technology
In most of the cases, the POS system tablets are cloud-based solutions, which mean that the data, services as well as POS system is offered to the user from the servers of the service providers on demand. It means that the service provider has to perform all the heavy lifting of stores and keep your data secure in such a way that you do not have to worry for it at all. The cloud technology has generated the ideal storm to minimize the cost barrier gateway to the technology. Few years back only larger enterprises were able to make use of it. With the lawful systems of Point Of Sale, significant cost upfront is there which are linked with the software and hardware such as monitors with touch screen, printers of receipt and cash drawers etc. Cost of value added services such as installation as well as training are also there.
Information and analytics
Technology is a driver of change; it is always in demand as well. Small business owners as well as entrepreneurs need easy and fast data access to be able to make smart and data based decisions regarding their ongoing business affairs. When a survey was conducted, it was identified by 50 percent of respondent’s access to reporting as one of the key contributor in their Point Of Sale usage. The cloud and modern model of business allow bridging the space in the data types, which was only available for larger enterprises and the smaller business have it inside their stores these days. The software of POS also offer the snapshot of data which is significant to the business such as volume of transactions and sales revenue, it is supposed to drill down at the time when transactions are taking place.
More information is the entire reason for this next point, man-made reasoning, or AI for short. What was once viewed as sci-fi or scenes out of the Jetsons animation is gradually beginning to end up a reality. Super intelligence of machine learning has been under development by Al, which will be capable to perform task needing human intervention and intelligence such as recognition of speech, translation of language, email sending as well as autocorrects. In the field of marketing for many years, artificial intelligence has played a key role. If you have ever noticed that email from online retailer mentioning the effect of things you have left in the cart, it means that in the background Al is working effectively. In the business, applications expect to see more Al as this helps organizations and small business to automate the tasks and learn the journey of customers via digital touch points and data.
Creation of a smaller environment of retail, which allows a lot of experience for customers, is becoming vital for all forms of business. For this process, POS is an integral part. With the evolution of POS technology, it is becoming more intelligent and affordable.