Rohan MathawanAs technology continues to advance at an unprecedented rate, all aspects of modern life are changing. This is just as true of the retail and hospitality industries as it is of agriculture, construction, and other fields. Read on to find out about the trends currently shaping the future of point of sale (POS) technology in retail.
Touchscreen Displays
Gone are the days when touchscreen displays were considered a novelty. Today, just about any customer-facing business can benefit from installing the more technologically advanced touchscreen POS systems from Clientron. Touchscreen displays are more user-friendly than traditional registers, which makes it easier to train employees. They can also be used in self-checkout situations where customers need access to an easy-to-understand system with clear, detailed instructions.
Faster Payment Processing
Modern POS systems offer much faster payment processing than traditional cash registers. Manufacturers are always adding new features and upgrading their systems’ hardware, and smart business owners are keeping up with the trends by purchasing new POS systems as they come out. Faster payment processing means businesses need fewer open registers. It also means customers will be happier with their in-store experiences and will be more likely to keep coming back.
Cloud-Based POS Systems
Cloud-based systems are becoming increasingly popular among retail store and hospitality industry business owners. These systems store data in the cloud, which allows employees and business owners to access it from any Internet-capable device. Cloud-based systems are a must for companies with more than one location, as the systems are all updated at the same time to minimize downtime, improve security, and ensure that everyone stays on the same page.
Mobile Payments
Mobile payments haven’t fully caught on yet, but they’re becoming more popular every day among younger consumers. They allow customers to pay with credit or debit cards using electronic cashless payment apps. Not all consumers like mobile payments, though, since not everyone carries a smartphone or tablet at all times and some people just prefer face-to-face interactions. While the ability to accept mobile payments can help some business owners, especially those that cater to younger crowds, it would be wise to wait a few years to see if this technology will truly catch on before making any commitments.
Data Analytics
Most modern POS systems collect and store far more data than just the price of items. They can also collect payment details, tax information, and sales data, and even monitor employee productivity. Combine this increase in data collection with cloud-based data analytics and it becomes clear that providing a stellar customer experience at checkout can also benefit store owners. When used appropriately, data analytics can help businesses monitor trends, get a better understanding of their customers, and improve customer service to boost sales.
AI Integration
Some modern POS systems can be integrated into other artificially intelligent systems to improve security, reduce theft, and provide a better shopping experience. AI is already used extensively online to create personalized suggestions for shoppers, but it has even more promise when implemented in a brick-and-mortar store. POS-integrated AI systems can track employee behavior, detect fraud, and keep track of inventory. As technology continues to advance, most consumers expect to see more AI integration in their favorite stores.
The Bottom Line
Advances in technology are occurring at an impressive pace in every sector of today’s economy. Most improvements in retail tech revolve around providing better customer experiences and driving more sales. Business owners who want to keep up with the changing times should upgrade their POS systems as soon as possible.