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A POS retail system, no doubt, is an invaluable business tool that has taken the place of the traditional cash register. Until today, it has never stopped evolving, changing for the better to adapt to market demands through tech-driven solutions.
POS retail systems do not just ring up sales, but efficiently track inventory through POS for multi-location businesses.
Many POS retail systems have the capability to handle employee schedules and clock-ins and the capacity to collect data for business intelligence and personalized service. Because POS retail systems are constantly evolving, here are the latest trends that you need to be aware of and how they impact small businesses everywhere.
Many new features provided by POS retail systems are being powered by the cloud. The different parts of the system share data through the cloud servers run by the POS retail provider and accessed through the internet. Data generation, different payment systems, personalized shopping, table seating and reservations, and omnichannel experiences are all backed up by cloud-based technology.
It is no surprise that cloud-based technology systems are a continuing POS retail trend. Moving all systems to the cloud is a priority for many retailers, with 22% of current POS retail systems already in the cloud and 29% of retailers planning to move to cloud-based systems by 2024. In fact, the cloud POS retail market size is expected to grow exponentially in the coming years.
Normally, traditional check-out counters are found at the far end of the store or near the exit point. All transactions take place at the checkout counter where the traditional cash register is. But with the latest POS retail systems, you are no longer tethered and dependent on the counter when paying. It has now become mobile. Mobile POS retail systems enable you to take orders from where you are or from off-site locations and just sync instantaneously with the main store. This is way more convenient and efficient and most of all, fun to do.
What is an omnichannel experience? It is providing customers with a consistent and continuing positive customer experience coming from all touchpoints. The cohesiveness makes the experience memorable for customers, wherein companies give access to their products, offers, and promos, and support services to customers across all channels, platforms, and devices. Offering a flawless omnichannel experience to customers poses a lot of benefits:
With an omnichannel retail, marketing, or service approach that you can employ, you will be reaching a wider network. No matter where they are, your products are only a click, an email, a direct message, or a phone call away. Such convenience at their fingertips.
Offering an omnichannel retail experience ensures easy and systematic purchases and this is much easier for them to purchase from you again or renew their subscriptions, securing recurring revenue.
Your customers will be satisfied because of the omnichannel experience and everything else that you can offer them. Customer satisfaction is the key to having loyal customers.
POS retail systems now have more varied and flexible payment methods. From a cash-basis system, credit cards, as well as debit cards, have grown tremendously over the past years. With credit cards accounting for 38% of point-of-sale payments and debit cards making up 29%, this trend will continue to grow.
POS retail retains data that is valuable for more than just getting to know your customers and their communication preferences. The metrics from your POS retail system can also provide information about your staff, products, store layout, foot traffic, and return rate, as well as other metrics.
POS retail systems track which inventory is selling and which items are less popular with your customers. Likewise, POS data provides insight into seasonal trends and makes it possible to increase margins based on pricing data.
POS retail systems, in general, have upgraded and are definitely a notch higher than before. Because of constant changes in POS retail technology, you can anticipate the following:
Bluetooth technology is now incorporated with POS retail system trends. This allows businesses to interconnect with mobile card readers and other peripherals.
Touchless payments are here to stay, so better say goodbye to your magnetic stripe swiping.
Retail stores continue to add self-checkout stations to save on manpower and labor costs.
POS retail systems have gone a long way since they were introduced a few years ago. Today, they are just more than cash registers. Modern POS retail systems have added features and functions that translate into a virtually automated command center for your business. Choose the best POS retail system that goes beyond just accepting payments.