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AI-integrated POS solutions have been demonstrated to be a vital tool in targeted marketing campaigns. Retailers can now gain worthy insights from tons of consumer data utilized to reach the appropriate customer set.
FREMONT, CA: POS systems have progressed from just being a tool to record transactions to a dynamic platform that can integrate marketing, accounting, inventory, and data analytics. Retailers who are leveraging the technology developments are thriving and are finding new ways to interact with consumers.
Here are a few POS trends that are creating new business opportunities for retailers:
Shift to cloud-based POS
According to a global media company, 61 percent of merchants have embraced cloud-based POS for their business. As technology grows, firms are more connected than ever. Cloud-based POS has empowered various game-changing features for retailers, such as real-time reporting, location-based discounts, and customer management. POS systems must be driven by agile, cloud-based software to experience the full advantages of today's cutting-edge technology and make the most out of technological progressions in the payment industry.
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Besides, cloud-based POS solutions also offer crucial features, including Customer Relationship Management (CRM) solutions, guest feedback, reporting and analytics, and payroll. It also gives companies an option to add an element critical to the business's success if the need arises in the future.
Mobile Payments
Today's consumers love the convenience, authentication, and security aspects of mobile payment options. Mobile payment presents a wide variety of benefits over cash with a range of credit card options to contactless payments. Furthermore, cashless payments deliver speed, convenience, secured payment for merchants, and safety and transparency for consumers and merchants. New trends indicate shoppers employing less cash than in the past, and eight of 10 customers globally use a tablet, smartphone, computer, or some form of digital technology in the store as they shop.
Artificial Intelligence (AI) Integration
The younger generation is more docile to the inclusion of AI in their day to day lives. AI allows various features such as real-time tracking of inventory, and better shopping experience, fraud prevention. Additionally, AI-integrated POS solutions have been demonstrated to be a vital tool in targeted marketing campaigns. Retailers can now gain worthy insights from tons of consumer data utilized to reach the appropriate customer set. AI algorithms have flagged the way for a better understanding of customer preferences, which is used to generate more personalized and pertinent promotional campaigns leading to enhanced customer acquisition.
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