How EPOS Trends Will Shape the Future of Retail Industry
The digital revolution keeps on changing the retail landscape which a couple of years ago was unthinkable. It also brings change in POS system and it became an essential tool for today’s brick and mortar stores. A recent report reveals that the Point of Sale (POS) terminals industry will reach 116.06 billion by 2025, with a CAGR growth of 9.9%, which isn`t too bad.
Now-a-days, as business owners rely upon data to make better decisions for their business and customer demanding safe and unique shopping experience for them, making POS systems a bridge in between businesses and customers. It is important for retailers to understand the importance of big data, in-store analytics, and cloud technology.
POS industry has been changed enormously in past few years and still, new technologies are emerging quick. Business owners and retailers should always be updated with the latest trends coming in the business. Here are a few Point of Sale trends which should be on your watch –
Increment in Mobile Payments
The digital push also brings change in payments for the retail business. As the number of mobile customer users grows, customers tend to pay from their smartphones. It took us away from the two industries – cash and cash registers. This encouraged the technology to move further and make a portable Point of sale solution for the retailers.
In places where cash used as a preferred mode of payment, digital payments laid their way and now it`s tasting success as customers in cities likes to pay from their card and wallets than cash. Many new businesses with new technology brings digital wallets which enable customers to pay from their smartphone and some other payments startup businesses brought mobile point of sale (MPOS) technology for retailers so they can accept card payments effectively and create an engaging and customized shopping experience for their customers.
Presently in, future we can hope to see increasingly more retailer adopting MPOS solutions for accepting payments from cards, mobile and cash also.
Usage of Big Data & Analytics
Technology isn`t the main thing that pushed us for a change, demand also did the same. This is the reason retailers going to the big data and in-store analytics to understand what going on in the store, so they can make better and data driven decisions for their stores.
The emerging technologies have helped the issues for the small retailers with the kind of information which was only accessible for the large enterprises and big retailers.
Maybe we will see the usage of big data and analytics in future applied in each stage of the retail store process to decide trends, anticipating the demand for quick selling items and spot the customers who are more likely to purchase those products. The best usage of big data may depend upon the location in the store where customers are to make better decision to track stock and refill item on daily basis.
Analytics helped the retail business every time by providing tools to track how their business is performing and customer shopping behaviors and pattern.
Adoptions of Cloud Technology
Retailers nowadays need their store transaction or sales data to be accessible quickly from their smart phone, tablet or desktop any place they are. Furthermore, that where cloud technology comes to the rescue for retailers.
We saw the developing number of POS systems come up with the integrated cloud solutions in the systems. Furthermore, we can see the increase in the adoption of cloud-based solutions by a large number of SMB. In the meantime, these small medium businesses (SMB) or retailers are often agile and aren`t associated with a large, complicated system which makes it easier for them to change to a switch for a unified commerce technology.
The biggest advantage of using a cloud-based POS solution is that a retailer can without much of stretch access their data and upgrade their software across all of the stores in the same time. Today POS systems come with cloud technology on hardware devices as well as on software and card payments solutions also.
This integration of cloud-based solution into POS systems will reshape the whole POS industry to makes working together easier for the retailers. Multiple stores can be upgraded and updated in just a matter of minutes, isn`t it brilliant.
Personalized In-store customer experience
As we mentioned in past, how this emerging technology in the retail sector is helping retailers to make on better decisions for their stores and creating a better customer experience. But to customize their customer experience, a business has to know them first. As per a survey of 2,200 buyers, 78.6% of purchasers said that they will engage with a brand if their promotional offers are customized to how they have interacted with that brand previously.
If you need your customers to keep coming to your store for shopping and need to acquire new customers in your store then you have to make a hyper-customized marketing approach. You have to create a purchaser persona to approach new customers and repeated customers you can achieve this with artificial intelligence tools. What`s more, with the emerging new mobile POS technology, it is easier for retailers to offer their customers many choices to suit them with their shopping.
What a customer experience from a retailer is, reliable experience over the store and each channel. As the demand for more personalized experience from customers on the rise, we can expect to see that new features will come to the rescue of retailers. With that, they can follow their customers shopping behaviors engage with them with great loyalty programs to create a better shopping experience.
Having a smart retail POS system becomes important for businesses to offer their customer a seamless experience. As the technology keeps on developing, the POS systems are becoming more smart, proficient, secure and affordable for the retailers to improve their business operations. Retailers should be refreshed with new trends and features when picking a POS system for your business.