Over the last decade, many merchants have come to reconsider the way they handle their purchases. Some have adopted the use of POS devices for the first time while others were introduced to modern payment technology and its potential in improving business operations. While traditional POS models worked well for regular transactions, they limited the type and nature of payment options. As new payment methods like UPI and NFC gained popularity, it became imperative that POS providers integrated solutions that adapted to changing preferences.
To illustrate this, here are 4 POS trends which have reshaped the POS landscape;
- Smart POS:
Mobile POS machines are what most businesses would associate with payment transactions. Smart mobile POS machines allow businesses to accept credit card payment & mobile wallets from anywhere with an internet connection. These devices usually do not require any heavy equipment or complicated staff training. All that is required is a card reader attached to a smart device to scan a card or QR code to make the payment.
Smart POS machines have also started incorporating new payment methods such as NFC for faster and safer checkouts. With the rise of contactless payments due to the pandemic, POS machines with Tap & Pay features have become increasingly popular among business owners and customers.
New POS systems integrate real-time transactions with CRM solutions to help boost revenue and sales. While earlier POS systems provided basic data on customer behavior, CRM data makes it possible to determine which customers have the biggest impact on sales and the best ways to target their loyalty. This data can then be used to create client records, CRM tasks, and email-marketing lists to improve customer experience and acquisition.
3. E-Commerce Platforms & Omni Channel Solutions:
E-commerce platforms have been a game-changer in the way businesses run operations. With the digital medium’s expanded reach, e-commerce platforms have the ability to make a business grow exponentially. However, this did result in a problem. Businesses would have to run data from their e-commerce platforms and their physical POS systems separately for comprehensive reporting.
This changed with the advent of omni-channel solutions for e-commerce. These solutions sync and track transactions on multiple channels in real-time. Instead of managing two sets of inventories and payments, omni-channel solutions streamline financial and product information into a centralized dashboard, automating, and optimizing day-to-day processes.
4. POS+Big Data:
Big data isn’t just for large corporations with big budgets. Smart POS systems allow small businesses to access powerful data at their fingertips at a fraction of the cost. These devices have the ability to extract and analyze critical data for transactions that can help business owners make smarter business decisions. Detailed reporting such as inventory and volume analysis, top-selling items, revenue and profit margin optimization are just some of the ways in which POS systems can provide small businesses with robust data-gathering and reporting features. What’s more, these data points can also be customized to suit the needs of individual businesses and companies.
It’s clear that an increasing number of businesses are moving away from traditional cash registers to smarter POS solutions. Mobile/cloud-based POS systems have moved beyond simply processing transactions and are now becoming an integrated part of the entire business ecosystem. They play an essential role in how SMEs and small businesses better understand and optimize their operations.