Written by Revel Systems Australia MD Josh Franklin and originally published by Dynamic Business – November 4, 2014
Emerging technologies and innovations are increasingly changing the face of business and forcing business owners to plan for the future. Solutions and systems of today quickly become outdated, so it’s important to integrate cutting-edge practices to ensure your business stays ahead of the game. Point of Sale (POS) technology has experienced significant transformation over the last few years.
As technology continues to develop at a rapid pace, POS users encounter more and more opportunities to upgrade. When you begin to outline your business plan for 2015, keep these four key POS trends in mind to start integrating the tools of today to stay relevant tomorrow:
- Mobile devices
The use of POS systems on mobile devices is set to triple by 2018, reaching $5.4 billion in payments, and comprising of 46 per cent of overall POS globally in 2019. This expectation stems from the demands of today’s consumers for digital payment options. Retailers have already begun to replace older, bulky POS systems with iPads and other tablets, and we’re even seeing consumers increasingly use e-wallets.
- Software Innovation
Intertwined with new device availability is the rise in software innovation, which means fewer IT resources are required. Remote management, such as the transition of back-office systems to the cloud will become the norm in a few years. Increasingly emerging software technologies include biometrics that can identify the customer, RFID to replace barcode scanning, self-checkouts already seen in Woolworths, K-Mart and Coles, digital signage engagement, and advanced CRM; all of which separately or combined offer an increased comprehensive, personalised customer experience.
- Data-driven Business Models
A current shift to data-driven business models is opening opportunities for POS systems that deliver data insights. As companies aim to effectively monetise data, providing insights collected by POS systems enables individual customer service, sales performance feedback, specials predictive analytics, labour forecasting and much more. Further, investment in analytics can help to maximise ROI and continue to improve the customer experience
- Customer Experience
A key driver for the changes in POS really can be attributed to changes in consumer behaviour and the demand for new customer experiences. Companies are now expected to increase their focus on the customer and engage in more personalised interactions. This can be achieved through the use of individual tracking and purchasing data to provide faster, efficient, unique shopping experiences.
Research from PayPal reveals now is the time to step up to intelligent POS systems as the space is set to undergo significant transformation in the next few years. Early adopters and organisations that keep up with today’s trends will have a clear advantage at the peak of the POS evolution.
Too often, technology advances faster than companies can keep up. Don’t put off until tomorrow what you can do today – invest in vital tools to see your business paving the away by 2020.