POS systems have come a long way over the years in terms of development. Gone are the days when all businesses would depend on traditional cash registers as a point of sale system. In fact, the market price of POS terminals is predicted to reach $98.27 billion by 2022. This highlights how POS systems have always been an essential component for businesses in retail, whether it be a small business POS system, restaurant POS or inventory management system.
However, it is also clear that ever-evolving technology isn’t the only factor that contributes to the changes brought about in POS systems. For instance, the impact of the COVID-19 pandemic has forced businesses and POS systems alike to adapt to the “new-normal” situation.
The pandemic has also brought about a change in consumer shopping behaviours, which retailers must now accommodate. As a result, POS systems are adapting in order to meet these new factors. Listed below are some of the ways in which POS systems are changing in 2022.
Flexible Check-Out Options
Conventionally, businesses have always had to focus on making the shopping experience convenient for the customer. However, the context of a convenient shopping experience has changed in light of the COVID-19 pandemic. This is simply because social-distancing and avoiding long lines is what makes a shopping experience convenient in the present day. Mobile POS systems may therefore be in more demand in 2022, because these systems provide portable checkout options. This means that employees can assist customers without having to wait in line and that customers can even utilise a self-checkout option. Additionally, POS systems with features like mobile payments may be used more as well in 2022, because they enable the customer to pay from their smartphone without any need for physical contact.
Statistics have predicted that by the end of 2021, there will be a 50% increase in the use of cloud-based POS systems. This is mainly due to the flexibility, simplicity and functionality associated with these particular systems. This would explain why 61% of quick-serve restaurants in the US are already using cloud-based POS.
Statistics from 2021 indicate that 75% of consumers prefer brands that have loyalty programs that reward members. This highlights how maintaining loyal consumers is more profitable than acquiring new customers. Therefore, it is likely that POS systems that offer loyalty programs may be given more preference in 2022. This is because retailers will also have to persuade customers to start visiting their stores physically post-pandemic to assess their new shopping habits. This can therefore be achieved by rewarding loyal customers with the use of loyalty programs.
Artificial Intelligence Integration
Due to the benefits associated with the integration of Artificial Intelligence (AI), 15% of businesses in the US have already incorporated it into their POS systems. AI integration gives way to an enhanced shopping experience due to personalization. It also detects and prevents in-store fraud, guaranteeing that the data you enter into the system is kept safe at all times. Furthermore, AI gives you the ability to know your consumer’s buying habits and helps prevent inventory loss by detecting checkout errors. It is therefore likely that more POS systems will be integrated with AI in 2022.
The popularity of product subscription programs has increased significantly in the retail industry. It is clear that POS systems are adapting to this trend in such a way that they strive to be more affordable for the businesses that wish to use them. More POS systems are starting to offer subscription packages, which is beneficial because they can be cost friendly in the long run.
In conclusion, it is clear that POS systems seem to be undergoing many changes in 2022. It is therefore important to keep yourself up to date with regard to new features and trends, in order to keep up with your competitors and maintain the efficiency of your business.