A POS system is at the heart of it all, from customers seeking a more customized experience to businesses depending on data to make better business choices. It's where business and real-time transactions interact, and it's where all the action takes place. But due to the latest developments of online shopping, is the POS market coming to an end? In this blog, we will try to provide the answer.
Is the POS market coming to an end?
In fact, there is only a decline in the use of traditional POS. The modernly designed POS market is growing rapidly. According to research, by 2022, the market for POS terminals is estimated to reach $98.27 billion, representing a 13.5% compound yearly growth rate (CAGR). Many businesses are now switching to a cloud-based or mobile POS system instead of on-premise POS.
There are a number of technological trends that help the POS market continue to grow fast despite many changes in consumer behaviors. Here are some of the trends.
Which makes the POS market still grow fast?
Cash and cash registers are gradually becoming outdated in the digital era and with new technology. Shoppers have more alternatives than ever before, from credit, debit, and prepaid cards to contactless payments and electronic app transactions. For retailers, cashless payments offer speed, convenience, and secured payment. Customers and merchants both benefit from security and transparency.
In today's digital world, it's vital for merchants to have instant access to the sales data from their smartphone, tablet, or laptop, no matter where they are. That's where cloud technology comes in. This is because cloud-based solutions deliver POS software, services, and data to users on-demand from the service provider's servers.
The major benefit of a cloud-based POS system is that it allows shops to do anything from simply accessing their data to updating their software across all of their locations at the same time. Multiple locations may be updated and changed in minutes, making it easier for businesses to operate. If you are finding a POS like this, try out ConnectPOS, a leading point of sale provider for thousands of retailers all over the world.
Data and analytics
POS systems are evolving to deliver a lot of data and analytics that may assist merchants in making more informed, data-driven business choices. To customize and improve the customer experience, you must first understand who your consumer is. You can accomplish this by analyzing data and analytics through your POS.
Today's point-of-sale software should give not just the most significant business statistics, such as sales income or transaction volume, but also the ability to dive down into more specific information. These insights can be centered around consumer behaviors, such as which customer often buys a particular type of product.
Artificial Intelligence (AI)
Artificial intelligence (AI) is already reshaping the retail industry. AI-enabled POS systems may now remind firms to complete orders or restock stock, inform them of changing consumer behavior and alert them to new product trends. Moreover, it can also propose which customers should be re-engaged, advise carry-out specials, analyze sales patterns, and many more.
To answer the question: Is the POS market coming to an end, we would say that it is not. Instead, the POS market is evolving in a different and more modern direction. If you are a retailer and interested in ConnectPOS, don't hesitate to contact our team for more information!