POS and furniture inventory control software keeps evolving to better serve the fast-changing retail landscape. Here are the top POS market trends that are shaping the future of retail businesses:
Untethered POS systems
POS systems are no longer tied to 1 checkout counter location. Now you can use mobile POS systems (mPOS) with handheld devices to interact with customers, look up items, and complete sales. With mPOS, customers can also order for delivery, or order online and pick up in-store.
Seamless omnichannel experiences
Omnichannel isn’t new, but POS technologies continue to empower business owners to create a more seamless shopping experience across all touchpoints. Customers prefer consistent experiences no matter where they interact with your brand, from eCommerce stores to brick-and-mortar shops, social media, or marketplaces. All data of customers and sales from all channels are centralized in a unified platform for analytics and insights.
Alternative payment methods
POS systems are accepting more payment methods, creating the convenience for customers to pay in their favorite way. Apart from traditional cash, debit, and credit cards, now POS software allows mobile payments, buy now pay later, installation payments, split bills, gift cards, loyalty programs, etc.
Personalized shopping experiences
Personalization can boost customer satisfaction and loyalty, and in turn increase your revenue from returned customers. POS systems help you achieve this by capturing customer information and behaviors, so you can build customer profiles and deliver personalized content, and product suggestions, or execute marketing ideas for different customer segments.
Besides customer data, the POS can collect and reveal information about other business aspects, including inventory, products, store layout, foot traffic, return rates, staff performance, and more. These metrics will help you make better decisions, such as determining the best sellers and the reorder points, forecasting demand, making pricing strategies, improving store design, and setting up winning promotion campaigns, etc.
The trend of POS systems moving to the cloud is increasing, with almost all top POS providers now offering the option for cloud-based systems. This technology allows more security, less storage space for businesses, and more affordable pricing. It is also easy to access the software from any device and get updated versions of the POS.
Upgraded POS hardware
Retailers are switching from traditional cash registers toward more mobile, business-friendly hardware like smartphones and tablets, barcode scanners, receipt printers, and cash drawers. Other POS hardware trends are the decline of swipe transactions, the rising of Bluetooth, self-checkouts, electronic shelf labels, and pickup lockers.
Many POS providers offer subscription plans to create more flexibility for customers to choose their best-match plan with an affordable monthly fee, and the ability to upgrade to a more premium plan if they want to scale up.
Integrated loyalty programs
You can set up and manage loyalty programs right from your POS system. In this way, you can monitor if your program is getting more customers to come back, whether the customers are happy with the program, and how it affects your profit.