4 Ways POS Systems Are Evolving

by Susan Paige on April 19, 2019 · 0 comments

As with most technologies, point of sale (POS) systems are continuously advancing and evolving. With more control, flexibility, and data than ever before, a growing number of businesses learned just how beneficial it is to use a POS system. Not only are these systems able to process transactions, but they also offer many other benefits such as automated inventory tracking, customer data, and even mobile device support.

Even with the many advances that POS systems have already undergone, these systems continue to evolve. No matter if you’re looking to invest in your first POS system or want to learn more about what features are available today, you’ve come to the right place!

Here are 4 ways that POS systems are evolving and changing how we conduct business.

1. Mobile POS

Mobile sales have done much more than allow consumers to make purchases using their mobile phone or some other connected devices. Mobile POS has also changed how we pay.

While cash once reined king, a growing number of customers are paying using debit and credit cards. In fact, a report conducted by Finance Magnates found that by 2025 around 75% of all transactions won’t be made in cash. This means that your business needs the ability to accept other payment forms.

With a mobile POS system, you have the ability to accept credit card and mobile-based payments from anywhere. At the same time, you also give customers full control over how they pay.

Unlike a traditional POS system, a mobile-based system doesn’t require a clunky cash register or a card reader. Instead, all your business needs to use a mobile system is a connected device (such as a tablet) and internet connection.

As an added benefit, mobile POS systems also accept payment from mobile wallet providers such as Apple Pay, Google Wallet, and Visa Checkout.

2. Big Data for Everyone

For years it seemed that big data was reserved for booming companies and large corporations. Thankfully these days you don’t have to have a huge intelligence budget in order to enjoy the benefits of big data. With a modern POS system, you’ll have affordable and real-time access to extremely powerful business and consumer data.

Using a POS system you have the ability to track transactions, sales, and inventory. You’ll also have critical data such as:

  • Which products are selling the fastest
  • Profit margin optimization
  • Inventory and volume analysis
  • Staffing statistics

With this information, you can make informed business decisions and set your company up for long-term success.

What’s even better is that big data goes far beyond the retail industry. Big data is also beneficial for restaurants, hospitality locations, and many other industries. So no matter which industry or niche that your company is a part of, you can collect, analyze, and use big data as a way to increase sales, revenue, and your overall bottom line.

3. Shared Commerce

A growing number of companies not only operate brick and mortar stores but also run an e-commerce store as well. This allows customers to enjoy the best of both worlds while allowing a business to reach an even larger number of consumers.

By taking your business operations online, the sky is the limit. Because of POS system advances, you no longer have to run sales data from your e-commerce store to your physical POS instead. Instead, you can find a system that automates the process.

Modern POS systems are designed to be able to sync online and offline transactions. This means you don’t have to manage two different payment systems or inventories. With consolidated data, you can streamline products information and financial data.

4. Customer Relationship Management

POS systems are for much more than processing sales and automating inventory. In fact, many POS systems have been designed to integrate with customer relationship management processes. For example, you can use a POS system to track basic customer behavior data, such as which customers are making the most sales.

By determining your top customers, you can inevitably increase sales and revenue. When you reward the customers that spend the most, you’re able to strengthen their loyalty and positive attitude towards your brand even more.

Using a POS system you can capture all sorts of consumer data including name, addresses, email, order history, and much more. CRM software can then be used to sort and organize the data, which can be used by your marketing, sales, and customer service departments as a way to improve customer experience and satisfaction.

Conclusion

As POS systems continue to evolve, businesses can enjoy a growing list of benefits. If you’re looking to invest in your first POS system or if you’re considering purchasing a more modern system, keep these advances in mind. With the right POS system, your business operations can be more streamlined and efficient than ever before.

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