What's trending in retail POS

With the advent of technology, the retail industry has evolved a lot in the 21st century. If you are a retailer then you need to have a sharp eye on how consumer behavior is changing rapidly. One also must have a concrete strategy towards the adoption of technology to grow faster and boost sales. Retail POS is a game-changer and you can say that it is controlling the sales and revenue to a very much extent.

In this article, we will learn more about how technology is significantly playing the role of a difference-maker. We will also discuss some of the most trending patterns in retail POS.

Here are some of the major revolutions taking place in the retail POS industry given below:

• E-transaction

• Cloud –technology

• Personalized consumer marketing

• Data Analytics, Big Data, and AI/ML

• Social media strategy

• POS hardware/software

Let’s discuss and elaborate on each one by one.

E-transaction:

E-transaction or electronic transaction is an online transaction with the help of mobile apps with working internet. Various apps like PAYTM and other banking platform has made it easy to transfer money through the wallet. It’s super quick and convenient. Thus, it has witnessed a surge in online transactions over the year. The reason is quite obvious. Customers have now more power to shop, transact, check the payment history and control the budget in a superior way. What can be easier and more convenient than not to carry cash and pay anytime and from anywhere. Payment apps like GPay powered with google technology are more secure and private. So, it’s a huge trend nowadays when we see most retail POS systems can collect mobile payments.

Cloud –technology:

Cloud has become a buzzword in the industry. Why so? Cloud is leaping to scale the company in transformative ways. It helps you freely store and access the data anytime and from anywhere. POS system is not untouched from it. With the adoption of cloud-based technology retail POS can upgrade their services to the global audience with less effort. Retailers are the ones who are getting benefits and processing the smooth transaction with real-time impact over its business implication.

Personalized consumer marketing:

Personalization is taking over the retail industry. It is one of the most exciting ways to make a loyal customer. With POS technology available retail industry has now broken its traditional barrier and offered a better and improved customer experience.

Data Analytics, Big Data, and AI/ML:

Nowadays retail POS technology is implementing trending technology like AI/ML, big data, and analytics. It is helping them to keep an eye on the customer behavior, their buying pattern and use it to offer a promotional discount, loyalty programs, etc.

Social media strategy:

Your customer is everywhere and the role of social media is evitable. Customers are now more aware of the brand, its products, services, reviews, etc. So being a retailer, you must implement a core and solid social media selling strategy through different channels like Facebook, Instagram, Twitter, etc. Following this trend, POS system have now adopted these changes. It’s easy to set up an e-commerce store with the help of a POS system and retailers are more connected with their target audience.

POS hardware/software:

If you want to match the pace with the treading pattern in retail POS, you must implement the basic POS hardware and software for a smooth transaction like barcode scanner, customer display, computer equipped with POS software.