POS systems have gone from merely a tool to record sales transactions to a robust platform in just a few years, one that can integrate your marketing, inventory, accounting and data analytics. And its evolution isn’t slowing down, hence, the need to keep up with POS trends. What’s in store for POS tools in the months ahead into 2020?
For that, you only need to browse below the key takeaways. In this article, you’ll learn how POS is critically relevant to customer experience like bread to butter. Likewise, you’ll see how mobile is disrupting the game in payments and–where on earth is this disruption taking place the fastest? We have compiled more key insights on POS market trends, information that may prove useful to your presentation, report or anyhow you use it.
The point of sale system is the very heart and soul of any business. In fact, according to a report from Grand View Research, the global point of the sale terminals market is expected to reach USD 108.46 billion by 2025.
If your business is still using the traditional cash register with a card reader and no other payment option, then you’re already behind on the times. Not accommodating your mobile paying customers is losing you your customer base.
One of the biggest POS industry trends right now is mobile payment transactions which saw a 40.2% year on year growth. However, over 46% of retailers can’t accommodate these mobile paying customers because they don’t have the right system to help complete the transaction.
Although retailers are incorporating these new methods of payment into their POS systems, 23% of them still can’t accept payment with the tool.
So, the solution is clear: it is not enough to upgrade your system. Retail POS trends point to the fact that it’s also important to learn how to use it effectively. Doing so allows you to sell more products, and bring in younger and more tech-savvy customers through your door. You’ll be making your life and theirs a lot easier by joining the mobile POS trends.
Add capabilities to current POS53%
Payment security/PCI compliance45%
Unified or single commerce platform41%
Source: Grand View ResearchDesigned by
One way to improve customer experience is making it easier to conduct transactions. That is why it’s also important to have a reliable billing and invoicing program together with your POS sale.
For example, in a recent survey, it’s found that 54% of consumers in the US preferred to use their debit cards to make payments. Being able to accommodate their preferred payment method will not go unnoticed.
In an effort to continue improving the customer experience, 53% of retailers and business owners are upgrading their POS systems. Among those upgrading their systems, 45% have security as their top priority. Offering a secure payment method improves the trust your customers have with your business.
Here are some other ways on how an improved POS affects the customer experience:
Source: creditcards.com 2018
Cloud-based POS is currently one of the leading POS technology trends today. In fact, Forbes reported that 61% of merchants are looking into getting cloud-based POS for their business.
Additionally, it’s predicted that there will be a 50% increase in cloud-based POS adoption before the end of 2021. So, now is a good a time as any to embrace the change. Merchants are liking these advantages of having a cloud-based POS are as follows:
Asia Pacific countries have fully embraced the use of mobile payment methods. eMarketer found that more than 45.2% of China’s population use mobile payment for their everyday use.
The trend is slow to come to the US, even with the world’s highest smartphone adoption rates with 77% of the population using one.
The 2019 mobile POS transaction value is estimated to be around US $745, 796 million. However, debit and credit cards are still the most popular methods of payment in the US. That could soon change as there is a 16.2% year on year growth of mobile POS payment users.
Here are some reasons to consider taking mobile payment options for your business:
Source: merchantsavvy.co.uk 2017
Because of the added benefits of having AI integration, 15% of businesses in the US are already using AI-enabled POS for their stores.
What’s more, 30% are already planning to make the jump to AI-powered POS within the next twelve months. If you’re worried about customers after the upgrade, don’t fret.
A study found 40% of 18 to 24 year-old consumers that they would let artificial intelligence shop for them; granted that it understood their preferences. With that said, there should be no problem with customers adjusting to AI in stores considering its benefits:
Customers want to make their shopping experience as flawless as possible. That’s why according to a survey, 83% of shoppers are willing to provide their information in exchange for a personalized experience.
This trend makes it easier to collect the necessary data from customers. POS systems have a feature similar to some of the best business intelligence tools in the market. It can help you process the data from your customers to create the best experience.
According to a study, 50% of retailers are still using spreadsheets to analyze their sales data. Change may soon be coming as 81% of businesses are looking to get a unified commerce approach for their business by the end of 2020.
Smaller businesses can take advantage of the situation by using a comprehensive POS system and utilizing all its features. Here are some other benefits of using this trend for your business:
Aside from a personalized shopping experience, customers want transactions to be faster. One way of making sure that transactions are faster is by upgrading older POS units and adding features. In 2019, the leading POS purchasing plans for merchants are new POS solutions, with 51% looking into the change.
Bigger businesses have more people coming in and making purchases, which is why 46% of store owners are looking to add new modules to keep up with the current demand.
Lastly, with the rise of mobile payment options, retailers and restaurants alike are looking to accommodate the trend. Which is why 39% of business owners wanting to get a POS for mobile devices.
With more payment options and registers open for paying customers, you can expect payment transactions to go faster over the next few months, resulting in happier customers overall. The benefits are aplenty:
A mobile POS system often consists of a tablet that accepts card, cash, and mobile payment options. Additionally, these systems can also be used as a standalone register for a self-checkout kiosk
Meanwhile, 46% of retailers don’t use mobile POS. Mobile POS offers convenience as it takes the point of sale system to the customer, rather than the other way around. Which is why it is a popular trend especially with the restaurant industry.
Advantages of these systems are as follows:
Having a state-of-the-art POS system for your business means you can do more than collect payment. Together with a CRM platform, you can gather and analyze customer data more efficiently and more accurately.
Trends are trends for a reason. If you don’t take these on for yourself, your competition will–and most likely, leave you in the dust.
With a state-of-the-art POS system, you’ll be able to handle more transactions on a day-to-day basis as well as cater to younger consumers using the latest and most payment methods like mobile payments. In fact, you can even improve your business process with some of the top accounting platforms of today.
Meanwhile, transitioning to a cloud-based POS will reduce your costs and offer better management of your data.
Once you have all the data you need, use that to help you figure out what your customers want and how you can deliver it to them.
If you’re a restaurant, you’ll need specific POS features. You can check the best POS software and find the one that suits your needs.
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