Three POS Trends Shaping The Future Of Retail Industry

CIOReviewIndia Team | Thursday, 16 January 2020, 12:52 IST

Three POS Trends Shaping The Future Of Retail Industry Latest technological advancements, particularly the Point of Sale systems have transformed the business operations in the retail industry, helping retail business owners enhance the customer experiences and improve sales. According to a report by Mordor Intelligence, the global POS System market is projected to reach USD 29.09 billion by the end of 2025, maintaining a CAGR of 10.9% between 2020 and 2025. “The retail environment is changing faster than ever, but the value of service, speed, convenience and newness remain constant. To continue to be successful into the future, we need to invest in technologies that will enable us to deliver on those qualities and better serve customers in a digitally connected world,” opines Brian Gill, Chief Product Officer, Nordstrom. The POS systems have evolved from being a tool to facilitate financial transactions to an integrated platform that helps retailers in product marketing, accounting, etc. In this context, let us have a look at some the POS trends that are expected to shape the future of retail industry.     

Mobile Payments Driving Revenues  

As number of mobile users grows, there will be a definite increase in the number of mobile payments. Mobile payment applications with personalized offers are also driving the mobile payments. So, POS systems that support mobile payments are expected to gain prominence in the market. As most of the present POS systems do not support mobile payments, integrating mobile payments within the point of sale systems can help retail businesses drastically drive revenues with increases sales.

Shift towards Cloud

As cloud enables remote accessibility and scalability, cloud-based POS systems have become a preferred choice for retailers irrespective of size of the business. The cloud-based POS solutions not offer agility but also enable retailers to reduce the costs eliminating the need for large-scale hardware equipment. For retailers with stores in multiple locations, cloud provides a unified interface to access the all details and have full control over business operations.

Data Analytics for Better Decision Making

Today’s POS systems do not merely process the financial transactions but also support data collection and can deliver actionable data insights through extensive data analysis for better decision making. This helps retail business owners to better understand the customers and predict the future scenario so as to take necessary moves in advance. This also proves to be instrumental in designing customer-centric marketing strategies. 

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