A recent industry report showed that the market value for POS terminals will reach nearly $100 billion within the next twelve months, which is a growth rate of over 13 percent! This is partly the result of increased demand from customers and those who want a more customized experienced as well as the emphasis on real time transactions. Below are some additional reasons why the future of POS systems is so bright.
Faster Mobile Payments with Tablet Support
While past transactions were limited to cash registers, today consumers have the option of prepaid cards, debit cards, credit cards and the ability to make payments through digital apps, all of which have advantages over cash. Digital payments have become faster due to increased computational speed and are transparent and secure.
Though still in its infancy, AI has already made a significant impact on retail POS sales. About fifteen percent of companies are currently using AI based point of sale systems while thirty one percent of businesses have revealed that they plan to utilize AI in the future. The implementation of artificial intelligence has a number of advantages, which include automatic reminders to replenish stock or fulfill orders, alert executives about changing customer demand and notify them of emerging product trends and recommended promotions.
In today’s fast-paced environment, it’s crucial for retailers to be able to quickly access sales, prices or transactional data from their tablet, desktop or smartphone regardless of their location. This is why cloud technology has become so valuable, because the data and services are available on-demand and can be accessed from servers directly.
Additionally, cloud technology allows the software of multiple devices to be upgraded simultaneously, which means that retailers that operate multiple outlets can upgrade all their equipment concurrently. The process is also done quickly, which minimizes downtime.
Usage of Analytics and Data
Another advantage of point of sale systems is their ability to offer an array of analytics and data which can be used to assist retailers in making wiser business decisions which are data driven. To customize the buying experience for each client, you must know more about them, and this information can be obtained through analyzing POS analytics and data.
A quality POS system will do more than just tell you about the transaction volume or sales revenue; it will also reveal detailed information such as the peak hours of operation which makes the business easier to staff, and which items are selling the best. Future technology will allow retailers to learn even more about their clients so they can make accurate and profitable decisions.
Research shows that almost eighty percent of customers prefer brands that use personalized offers which are based on past interactions, and over 90 percent of consumers prefer shopping with businesses that that can make recommendations which are relevant to their needs.