The retail world has witnessed quite a revolution with the introduction of POS systems. Moving from the physical register to e-commerce platforms and computerized stock management are just some of the ways that retail stores have become more resourceful with POS software.
But the future holds so much in store for POS systems and it appears we have barely scratched the surface. Come check out some of the ways in which retail POS software is evolving right now.
Cashless payment modes are becoming the norm now and POS systems incompatible with at least a handful of e-commerce billing options bear the risk of losing valuable customers. Mobile payment solutions provide greater flexibility and convenience than cash for both customers and businesses. This allows for better security and analysis of spending habits.
Building on this, future checkout options would be made more simplified with zero contact payment modes. Innovative scan-and-go options make it possible for customers to perform the checkout by themselves using just their smartphones. Going a step ahead, it would be possible to simply add items to the shopping cart and walk out – the payment mode being specified before entering the store.
Moving from dedicated POS hardware to an Android Mobile POS app might simply be the greatest technological leap in retail commerce. A cloud POS system makes it easy to access all the data and operations of the store from multiple devices. Employees would be able to access the POS system from anywhere in the store while managers would be able to oversee operations from off-store.
Why it’s Good
The best advantage of a cloud POS system is that it is a service, rather than a product as traditional POS systems are. And since cloud service providers offer the service on a monthly or annual basis, they would be more responsible for the overall functioning of the cloud POS. Retail businesses would be able to enjoy regular updates and maintenance packages directly over the internet rather than having to wait for the service provider to do the same manually.
For retail businesses that take orders across various channels, a cloud POS system can make it easy for store managers to unify operations using an integrated system. They can use the POS system to track orders placed on different channels and match them against the inventory and organize customer information efficiently.
Extending cloud-based operations to the customer would also involve the introduction of multi-device shopping carts. This would enable customers to add products on one device and place the order on another device. The added benefit is that with all the content managed under a single integrated system, customers would be presented with the same promotions and offers on all devices and would thus feel more assured about making a purchase.
CRM integrated Retail POS Software Dubai has made it possible for businesses to formulate marketing strategies to suit specific customer demographics. Moving forward with this would allow customized marketing targeted at individuals based on their shopping habits and product affinity. This has great potential to change the way businesses engage with customers – imagine small businesses that cater to their regular clients, but on a larger scale.
Customers tend to work with businesses that view them as individuals and provide offers that are actually relevant to them. An Android Mobile POS app with intelligent learning capacity would be able to manage customer preferences and provide a customized shopping experience tailored to suit each individual based on their shopping pattern.
AI-based POS System
POS software today is taking the first steps into becoming autonomous entities in charge of all aspects of store operations. Processes that require human oversight can now be taught to intelligent software – especially repetitive and non-essential tasks that would divert resources from the core business processes.
AI-integrated POS systems can automatically fulfil orders and initiate re-orders based on stock levels. This eases the process of inventory management to a purely supervisory task for managers. Additionally, the POS system would be able to offer insights into changing customer behaviors and responses to different products. This can be used in determining the marketability of a new product. Identifying these trends in product sales would also allow businesses to replenish their stock of high-demand items and preclude any shortage.
The brick and mortar store is fast becoming a relic of the pre-digital era of retail business. Small and medium businesses already find it quite difficult to reach more customers under the domineering presence of online retail giants like Amazon. Simply having an online presence is not enough these days – customers tend to look for an alternative online store option wherever possible. Building an online catalogue over multiple channels lets you expand your business without the hassle of extra infrastructure or capital expenses.
Customers also take to social media platforms to get more information on products they are looking to buy. There is also a good chance that people will look for something that they found while browsing social media. Facebook and Instagram already have a form of online storefront where businesses can display products and allow customers to access an online store to make the purchase. Businesses would find it more profitable when their POS system is directly linked to their social media marketplace to facilitate an integrated e-commerce experience across the online and offline stores.
Inventory Access for Customer
Customers are more likely to check out a product online before going into a store to buy it. This used to be the case only for high-value products like vehicles. Now, with more information on products available over the internet, customers tend to make a detailed analysis – often as much as months – before making a purchase.
Making your store’s inventory visible to the customer would enable them to make an informed choice even before visiting your store. Even at the store, a simple option of scanning a QR code for details on the product would allow customers to participate in the retail environment before confirming the product.
Evolution of the POS Hardware
Currently, POS software designed for use on pre-designed hardware is the standard in most retail businesses. Checkout counters, barcode scanners, customer displays are some of the essential elements of a POS system. Save for cloud POS systems that can be used on multiple devices, the traditional POS that relies on a specific set of hardware would soon be a thing of the past.
iPads and other tablet devices are advanced enough right now to be able to perform all the operations of POS hardware. They are also cheaper and easy to use without requiring special training. Restaurants are already looking at alternatives to customer display units that allow patrons to view menus on their smartphones just by scanning a QR code.
Reliable POS for the Future
At SingleCart, we are always on the lookout for the latest technological innovations. We integrate the best features on our POS System in UAE so that businesses can run their operations effortlessly.