The Future of POS Systems. And Why

To say the digital evolution is arguably one among the foremost significant retail disruptors since credit cards made their debut within the 1950s would be an irony. even as Mastercard machines became the newest phenomenon, today an efficient POS is an important tool for any modern-day brick-and-mortar retail location. In fact, consistent with a recent point of sale industry report, the POS terminals market price is predicted to succeed in $98.27 billion by 2022 — that’s a compound annual rate of growth (CAGR) of 13.5 percent. From customers demanding a more personalized experience to businesses counting on data to form smarter business decisions, a POS system is at the middle of it all. It’s the intersection where business logic and real-time business transactions meet, and it’s where all the action happens.

As a merchant, it’s essential to remain on top of the newest trends in POS technology so you'll stay steps before your competition. Here are five point of sale trends to observe for within the near future.

Increase in mobile payments and tablet POS

With the digital age and new technology, cash and cash registers are quickly becoming a thing of the past. Shoppers have more options than ever — from credit, debit and prepaid cards to contactless payments and making purchases via electronic apps — all of which supply a spread of benefits that cash can’t touch. Cashless payments provide speed, convenience, guaranteed payment for merchants and security and transparency for both consumers and merchants.

In fact, 73% of shoppers say they use less cash than within the past and eight of 10 customers worldwide use a tablet, smartphone, a computer or some sort of digital technology within the shop as they shop. Not only that, but 82% of consumers say they first ask their mobile devices to seek out more about any purchase they’re close to make during a store.

POS systems have come quite great distance since the primary “arthrometer.” Long gone are the times when POS systems were simply how to finish sales transactions with the customer. Now, these intelligent systems do everything from tracking customer info and rear inventory to managing customer relationships. Read on to find out the evolution of POS systems from the primary calculator to modern-day POS terminals, and what the longer term may hold

Humble Origins

The first “POS system” was a kind of mechanical calculator invented in 1623. From there, the calculator grew to try to bigger and better things. From this, the arthrometer became the primary commercial calculator within the late 1800s. The arithmometer used a series of buttons and sliders to feature, subtract, divide, multiply, and even find roots of numbers. Improvements to the functionality of those early POS systems continued to advance their abilities until the primary “incorruptible” register was put to use in 1883. Over time, mathematicians and engineers developed more security measures and sophisticated computing capabilities.

Business intelligence

‍Point of sale solutions should have one central database that's real-time, accessible and provides automatic updates. It should have the power to supply meaningful reports, which can enable small businesses to form better-informed business decisions.

Instant access

‍The ability to access your pos software, anywhere, and at any time, is now a necessity. Small businesses got to be ready to work from home or while travelling, instant access is crucial. New generation technology has transformed how retailers operate and enabled real-time access to both financial and operational data. Another huge advantage of having instant access is that it enables small businesses to supply better customer service. Lastly, point of sale systems should enable the mixing of physical store fronts and online shops.

Next-Gen Point of Sale Terminals

Now, business owners manage the front of sales at the POS terminal, but they also manage rear operations. With integrated systems like inventory management and CRM functionality, POS systems allow modern-day businesses full control. Sales, marketing, inventory tracking, accounting, and customer information can all be accessed and analyzed with customized reports.

Technology evolves over time to suit the every-changing needs of today’s consumers. Luckily, point of sale systems, today are fast, intuitive, and full of every feature and functionality that you simply could consider. For retail owners trying to find an updated POS system which will fit their unique wants and wishes.