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The demand for Point of Sales (POS) increases among the retailers as consumers want a more personalized experience.
FREMONT, CA: It would be an understatement to suggest that digital evolution is arguably one of the essential retail disruptors since credit cards made their debut in the 1950s. Like the new phenomenon was credit card machines, a successful POS device is a necessary tool for any advanced brick-and-mortar retail location. According to a recent point of sale industry report, the market size of POS terminals is projected to hit $98.27 billion by 2022, which is a compound annual growth rate (CAGR) of 13.5 percent.
A POS framework is at the core of everything, from consumers seeking a more personalized experience to organizations relying on data to make better business decisions. It's the intersection where business theory and business transactions in the real-time cross and where every action takes place. As a retailer, keeping on top of the latest developments in POS technology is essential to keep steps ahead of the competition.
Increase in mobile payments and tablet POS
Cash and cash registers are fast becoming a thing of the past with the digital era and modern technologies. From credit, debit, and prepaid cards to contactless payments and transactions through electronic apps, shoppers have more choices than ever before, all of which offer several advantages that cash cannot touch. Cashless payments offer both customers and merchants speed, convenience, assured price for merchants, and protection and transparency.
Adoptions of cloud technology
Retailers must have their store purchases or sales details accessible easily from their mobile, tablet, or laptop, wherever they are, in today's digital world. It is where cloud technology comes into play, as POS applications, services, and data are delivered to the customer, on-demand, from the service provider's servers, through cloud-based solutions.
The most significant benefit of utilizing a cloud-based POS solution is that distributors can do everything conveniently accessing their information to update their software across every store simultaneously. It is possible to update and upgrade several stores in just minutes, making it easier for retailers to do business. However, since cloud POS is delivered as a service, new features can be created and launched with a client-server POS faster than possible by the provider.
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