Staying Ahead of the Curve: Emerging Trends in Point of Sale Systems
You generate valuable data every day and probably don’t even realize it. We’re talking about your point of sale system.
Point of sale systems are everywhere. They’re used to complete sales transactions. And they’ve come a long, long way from the simple cash registers of the 20th century.
Don’t worry if you’re unfamiliar with the true potential of the POS system.
We’ll discuss how point of sale systems are evolving – and how your business can benefit.
How Point of Sale Systems Boost Your Business
A point of sale system (or POS system) is your secret weapon.
Point of sale software is designed to streamline the process of tracking unpaid purchases and checking customers. In the restaurant business, point of sale systems provide servers with an overview of a restaurant and outstanding orders.
Some advanced POS systems might give hints to servers by highlighting tables that have been waiting for too long, suggesting ways to upsell additional products.
In retail stores, POS systems aid employees with inventory management and scheduling.
Modern POS systems integrate with merchant services. They handle:
- credit card processing
- cash processing
- receipts
- and more!
They can connect to the internet, sync with mobile devices, and even integrate with social media platforms.
More than that, though, POS systems offer a wealth of data that you can use to better understand your own customers. They can track purchase histories and identify buying patterns.
In other words, they create a lot of useful data that you can use to improve your business.
Such insights help you tailor and personalize your offerings. They let you optimize your pricing to remain competitive (yet profit-generating) and target your marketing efficiently where you need it most.
Point of Sale Trends in 2023
As we look to the future, it’s clear that the evolution of POS systems is still ongoing. The ever-accelerating pace of innovation continues to drive change and alter consumer expectations and point of sale systems are no exception.
Here are five trends you should be aware of as the 2020s get firmly underway.
Trend #1: Digital Price Tags
Traditional paper price tags are going the way of the dodo: They’re outdated and can be troublesome for both consumers and retailers.
Where’s the problem?
Paper price tags get lost. They can be smudged, poorly printed, and difficult to read. And when prices need to be updated, a store employee has to manually alter every price tag in the store.
That’s not to mention the possibility of a customer “accidentally” replacing a price tag with a cheaper one to get a better deal.
Digital tags solve all these issues in one fell swoop. The electronic displays can be easily updated with the latest information, including deals and discounts. They’re accurate and efficient, modern alternatives that allow retailers to adjust their prices in real-time response to market conditions.
Trend #2: Personalized Recommendations
Personalized shopping experiences are all the rage in retail.
That trend is making its way to POS technology, as well. A system that can suggest products and services based on a customer’s preferences boosts sales and improves customer happiness.
After all, customers are always looking for a product that appeals to them.
Trend #3: Seamless Mobile Checkouts
Mobile technology is cementing itself as a vital part of the checkout process, and this is happening in two ways.
The first, and most common, is the ability of customers to omit cash and credit cards in favor of mobile payment. In effect, their cell phones are replacing their wallets for personal identification and payment.
Some countries are already going cashless in small increments. In Sweden and South Korea, for instance, more than 70% of customers prefer to pay without using cash.
The second way mobile technology is influencing checkout is with the introduction of mobile POS. With it, customers complete their purchases from anywhere in the store. Some retailers are experimenting with custom payment apps, while others (including big-brand grocery retailers) offer customers the option of carrying a store-owned mobile POS on their person during their time in-store.
Elevate Your Point of Sale
Point of sale systems are more than transactional tools.
They’re comprehensive business management solutions that boost efficiency and improve customer service. In the right hands, POS systems increase sales and revenue and drive business growth.
Gateway Payment specializes in cutting-edge technology for small businesses. We provide first-rate POS systems for retail, restaurants, and other small businesses, and you can click here to learn more about our services.
