POS software is indispensable for retail, e-commerce, and restaurants of today. For entrepreneurs and business owners, it is crucial that you have a firm grasp of the current key trends in POS software to help you leverage such insights in your purchase decision and, ultimately, to gain a competitive edge in your market. To help you avoid spending too much time on research, we’ve gathered 20 essential POS statistics and trends, supported by key industry data and POS charts, that will likely bring significant impact in the years to come.
Personalization is the way toward perfect customer experience. Key to success in today’s highly competitive market environment is the proper and timely use of technology for enhancing customer relationships and boosting the quality of customer experience, at the same time streamlining the daily activities of businesses. New research data indicates that good customer experience is achieved through personalization:
One way to build a personalized shopping experience is by creating a seamless customer experience. Because people want a steady experience in every customer touchpoint of a business, one of the hottest marketing approach today is the offering of an omnichannel experience. Although marketing promotions and incentives are still valued by customers, today’s omnichannel shoppers give more importance to convenience, consistency, and value. A business must accompany each customer across all available channels as he or she journey toward making a purchase in order to gain a seamless and personalized shopping experience. Because the better a business knows a particular customer, the better it can personalize his or her shopping experience. The days of using a one-size-fits-all solution are over.
It’s time to face the truth: retail businesses must embrace a mobile-first POS strategy to give what customers want. Adapting a mobile-first POS approach brings in the money and, critically, cash is getting dethroned from its long-held rule as the preferred method of payment worldwide. The shopping landscape has gradually changed in recent years as shown by these latest POS payment figures:
Consumer expectations and behavior have been greatly affected by the immensely-wired, technology-filled world of today. As technology continues to change retail as we know it, this digital thrust is also, in the process, removing two traditional pillars of retail—cash registers and cash itself. Business owners should also try to bring the checkout procedure closer to the consumers, like in the various customer touch-points within the store. You can read about our top 12 mobile POS systems here.
If you know your customer, success will come. As customers in the past are not the same as today, businesses must also make adjustments to provide them what they need. Consumer preferences had greatly evolved along with changes in technology and in the world as a whole. Traditional business strategies that were effective years ago are now becoming partially or totally irrelevant at present, as can be seen in the following study results:
Along with the efficient use of technology like POS, small business owners must have instant access to rich consumer data and robust analytics to help them carry out more intelligent, data-based business decisions on a timely manner. Businesses need to know who their individual customers are as this is the only way for them to provide a personalized shopping experience. The continuing advancement of POS technology ensures that more valuable data and analytics features will be provided to help businesses better serve their customers. If you’re running an online or physical store (or both), you can check out our list of top 15 POS tools for retailers.
The future will be dominated by cloud-based POS solutions, like the 12 popular POS systems we’ve reviewed in another post. The trend indicates a continuing shift from legacy (on-premise) POS systems to cloud-based POS solutions. Where before POS was expensive — legacy POS systems require considerable initial investments for both the hardware and software — the popularity of cloud-based POS solutions has leveled the playing field for small businesses and start-ups.
Artificial intelligence appears to have the biggest impact on POS. Since their deployment a few years ago, AI has since been gaining significant strides in machine learning that can do what normally need human intervention and intelligence like predictive text, sending emails, language translation, and speech recognition, all of which levels up the POS experience to unprecedented heights. Check out the following statistics that indicate the continuing rise of AI in POS systems:
POS systems are among the top users of AI, which now functions to remind businesses to fulfill an order or replenish stock, to notify businesses about evolving customer behavior and new product trends, give recommendations on which customers should be re-engaged or what promotions to carry-out, and to evaluate sales trends.
Point-of-Sale (POS) systems are evolving fast, offering businesses increased control of their operations, more flexibility to adapt to change, and effectively generate robust market insights. This is why more and more businesses are shifting from the old-school cash registers and traditional credit card readers to the high-tech on-premise, cloud or mobile POS systems. In fact, by 2022, the total market value of POS terminals is predicted to surpass $98 billion. Aside from offering a host of added functionalities that the traditional cash box doesn’t have, POS systems empower businesses to have full control of all their transactions, derive useful insights from the reports they generate and make more efficient, evidence-based business decisions all in a single, convenient location. (You can learn more about the benefits of POS systems here.) The following POS statistics should only cement your conviction to get this system or upgrade to a modern one if you haven’t yet.
To consistently offer seamless customer experience, one must build an intuitive business atmosphere and a smart POS solution is an important element of that environment. A POS tool, at the minimum, must be able to offer a readily accessible snapshot of your key business and customer information such as monthly sales and customer demographics, while at the same time provide smart market intelligence when you need to make crucial business decisions.
With the POS systems’ continuing advancements, you can look forward to seeing more exciting developments like greater integration of AI into POS and other business applications, for instance, in helping businesses streamline processes and better learn a consumer’s buying journey using rich data and digital customer touchpoints.
As POS systems continue to reach higher ground, become cheaper, smarter, and be more integrated into the very core of your business, remember these key POS facts and trends when the time comes for you to buy a new system or upgrade your existing one. Once you are ready to make a purchase, consider reading our guide on the 20 best POS systems for sales for 2019. It will help you fast track your research and identify the right set of features for your business.
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