The Latest Trends In POS Technology That You Need To Know

1. Mobile solutions

A growing number of people are now using handheld mobile POS to reflect the fact that customers are not always in one place, and greater sales can be optimised by staying on foot alongside them. This can also improve the user experience for the customer, who perhaps won’t have to queue as long. These types of solutions are typically cloud-based. They can be used anywhere in a retail or hospitality setting, or at the checkout. They can also enable staff to gain access to data. The flexibility of mobile solutions can help save companies money in the long-run.

2. Economic uncertainty

With Brexit looming and plenty of economic uncertainty throughout the world, many industries are holding back on spending money on POS upgrades – particularly within the fuel and petroleum industry. Many retailers have been tightening their belts and holding onto existing hardware despite better options being available.

6. Online spending

There has been a huge shift in customer spending from in-store to online, often with the better deals being available on the internet. A lot of customers now use the in-store retail experience to browse what is on offer before making their purchase when they get home or from their phone. In some cases, given how accessible the internet now is from smartphones, they could be stood in-store making an online purchase.

Many retail stores are trying to offer a more ‘online’ experience in-store, making tablets available for people to look up information and make transactions. They can also place these orders to be delivered to their home for ease. Retailers are also seeking to make their commerce unified, and are starting to ask customers for details such as their e-mail address at POS in order to set up a digital sales account for them and send an e-mail receipt. This also helps shops to personalise the sales experience and connect online, mobile apps and physical experiences.

3. Mobile wallets

There has been a lot of buzz surrounding Apple Pay and Google Wallet. Most people are used to paying simply through tapping their card on a card reader. However, mobile wallets haven’t totally displaced cash and people are still using this – or reverting back to it if they have previously switched to mobile wallets. Often it is a lot easier for people to budget with cash and easier to keep track of spending this way. This is reflected in the way people are making their payments, although it still remains a healthy combination of electronic, plastic and cash.

5. Cloud storage

An increasing number of POS systems are now based in the cloud, and this is gaining traction with an increased use of the pay-as-you-go model. Customers are able to access and download the latest technology much easier, and increase profit margins through value-based services.