The world is changing faster than most can keep up. This is especially true when it comes to retail. While interactive kiosks, digital signs, and unattended retail machines are becoming more and more common in the modern world, Point of Sale (POS) remains the heart of any physical retail store. In fact, according to Grand View Research, the global POS terminals market is expected to reach USD 108.46 billion by 2025.
The momentum of POS innovation is not slowing down anytime soon. 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. Recently, a report by FinancesOnline.com discussed some key POS trends that all retailers should keep top of mind in 2020. This report discusses why POS is critical to the customer experience and why digital innovation is disrupting the market so quickly.
Here are the most notable trends from the report and how they’re impacting retail.
Faster Checkouts. You know what they say, time is money, and that applies to consumers too. Consumers know what they want, and they want it now. In an age with free 2-day shipping and hundreds of instant streaming services, patience is a virtue that few consumers possess. That’s why it’s no surprise that faster checkouts will continue to be a priority in 2020. To streamline your checkout process, you’ll want to make sure your POS has a fast processor. Have you seen the drive-thru process at Chick-Fil-A? They can handle a ten car backup faster than most places can handle 3. Be like Chick-Fil-A.
Multiple Payment Options. Cash has its place in the economy, that much is for sure. But every consumer has their preferences. Maybe one of your customers uses the envelope method to budget and only carries cash, and another customer just got his American Express Delta card and needs to spend $5,000 in three months to get his sign-on bonus miles. Make sure all customers are able to pay how they want to pay.
Customized Customer Experiences. While privacy concerns seem to appear in the news daily with large companies like Facebook under scrutiny, 83% of shoppers are willing to provide their information in exchange for a personalized experience. Many POS systems do much more than just process transactions. Utilize your POS to the fullest by collecting data and personalizing the shopping experience. Use this data to create a more robust marketing strategy.
Functionality Over Everything. All of the extra features available for POS are nice and can help businesses and brands succeed, but more important than all is functionality. While not being able to use Apple Pay at a store might not be a deal-breaker, not being able to accept any form of digital payment is. Imagine trying a new restaurant only to find out that their internet went down, and they are unable to process any transactions. When is the next time you’re going to give it a try? Probably never. Guarantee that you are always prepared by having a cellular internet connection for your POS. It is more reliable, faster, and oftentimes cheaper than relying on a standard business internet connection.
Cloud-Based POS. It won’t be long before everything we use that stores any type of data is cloud-based. A legacy POS system is clunky, difficult to access, and can be physically damaged, taking all of that precious data down with it. Protect your business and don’t get left behind by utilizing a cloud-based POS. Cloud-based POS systems are simple, can get updates over the air, eliminates the need for costly IT maintenance, and improves functionality by integrating with other systems the business already uses.
Retail is growing and evolving daily, especially when it comes to POS. What used to be considered a luxury is becoming a necessity, and businesses need a reliable internet connection for their POS to function and bring in revenue. With OptConnect, you’ll get secure connectivity paired with 24-hour award-winning support and much more.
To learn more about our connectivity for POS, click here.