POS systems have changed the payment processing landscape for good, making processing payments, tracking inventory, and managing all kinds of businesses easier and more effective than ever. POS systems provide crucial performance data to business owners and improve customer relations from one easy-to-use terminal.
With so much progress in the last few years, where are POS systems headed next? What can we expect from the technology that’s made such a significant impact across so many industries? Here’s what to expect from the future of POS systems.
Cash is Taking a Backseat
As we move further and further into the digital age of technology, we’re seeing less of an interest in using cash as a payment method. While a large percentage of the population still uses cash, it’s been on the decline for a few years now. New payment methods like touchless payments, secure credit cards, and even things like Apple Pay have shifted the payment landscape away from hard coins and dollar bills.
A POS sales system can process all manner of payment methods; from cash to credit cards to online payments and beyond. It’s possible that POS systems will even begin processing cryptocurrencies like BitCoin in the future.
With so many giant retailers (Amazon, Walmart, Apple) shifting toward a focus on creating new payment methods, POS systems are going to get a serious overhaul, and customers will have access to more payment methods than ever. The way we exchange currency is constantly changing in the digital age, and we’re excited to see where it goes next.
AI Is on the Rise
We’re not talking about Skynet here, but artificial intelligence is on the rise; even if it’s not set on exterminating mankind like the film Terminator portrayed. AI is being developed at a rapid pace, and it’s set to become one of the greatest tools ever created.
AI systems are already being used in retail environments to provide a more hands-off approach to marketing.
With AI technology, retailers get to know customers better than ever without ever having to lift a finger. That’s because AI learns, hence the name “artificial intelligence”. Teaching computers to learn has unlimited possibilities, and we’re sure to see AI become an important component in POS systems in the near future.
More Data, More Awareness, More Satisfaction
What’s the best way to improve your business and your customer satisfaction? By looking at the data, of course! POS systems offer an excellent resource for business owners. Many systems can generate detailed reports on sales, foot traffic, and more; right from the POS terminal. But what if data were even more detailed?
Showing information on hourly sales, individual product sales, and more can help you not only improve the efficiency of your business but also make much better decisions when it comes to things like staffing. The more data you have access to, the better.
Cloud-Based Tech Changes Data Storage
A far cry from the confines of hard drives and physical storage, cloud-based tech is revolutionizing everything; including POS systems. Cloud storage makes storing and sharing mountains of data easier and more secure than ever, and retailers are looking to get their hands on POS software with cloud-based storage and backup capabilities.
POS software that syncs to the cloud allows you to access your terminal from anywhere. You don’t have to be in the store to update product descriptions, generate reports, etc. You can access your store information from the comfort of your home, or check up on it from the comfort of a sunny beach while you’re on vacation.
eCommerce
One of POS software’s great advantages is its ability to function both off and online. You can use POS systems to process payments on your eCommerce site, giving customers the same comfort, ease, and security they’ll find inside your store from the convenience of their home. With Millenials doing about 60% of their shopping online, it’s important as a retailer to have a reliable eCommerce option to appeal to your customers.
The future will likely bring an increase to that number, as millions of people shop online across various retail sites on a daily basis worldwide. We’re moving toward a more digital shopping experience, and as we do, we need our POS software to follow. Developers are making POS as secure as possible in online spaces, as well as creating new tools to make the eCommerce experience as easy and secure as possible for customers.
POS Software Isn’t Going Anywhere
The future looks bright for POS systems as the way we shop continues to change. The software changes with the consumer, so we’re quite certain that POS services aren’t going anywhere in the near future. They can only improve from here on out, with things like AI tech only in its infancy.
