Will POS Technology Revolutionize Retail Industry?

By: Retail CIO Outlook | Wednesday, November 27, 2019

POS technology has evolved greatly and become more affordable, intelligent, and ingrained into core retail business operations. Retailers will have lots of opportunities to create a smart retail environment and offer the customers with products and ideal customer experience.

FREMONT, CA: POS functionality has become very popular over the years. With the emerging technology, the customers are expecting better service in real-time from their favorite stores. The retail industry has entered a new era. The store experience goes far beyond conducting a simple transaction at POS. Instead, this new retail landscape combines the physical and virtual worlds. In fact, according to a recent survey of the sale industry report, the POS terminals market value is expected to reach $98.27 billion by 2022, that's a compound annual growth rate (CAGR) of 13.5 percent. Here are some of the latest trends in POS technology every retail industry must watch out for.

With the digital age and new technology, cash and cash registers are rapidly becoming a thing of the past. Shoppers have more options than ever, all of which offer a variety of advantages by not using cash. Cashless payments provide speed, convenience, guaranteed payment for merchants, and security and transparency for both the consumers and retailers.

The most significant advantage of using a cloud-based POS solution is that the retailers can do everything from easily accessing their data to upgrading their software over all the stores at the same time. Lots of stores can be updated and improved in just minutes. This makes doing business easier for retailers. And because cloud POS is offered as a service, new features can be developed and released by the supplier quicker than was possible with a client-server POS.

POS abilities are not limited to offering a better understanding of the financial workings of the business. They become sophisticated and critical when it comes to leveraging data more efficiently and effectively across all the platforms of business, comprising customer relationship management. Retailers use their respective CRM dashboards, which can help segment marketing and coordinate sales and promotions that are based on their interests and shopping habits.

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