With the evolution of technology, it is not easy to keep track of all the trends. As a retailer, you should adapt to maximize sales and stay ahead of the competition. Lucky for you, you have come to the right place! Today, we will look at 3 retail POS trends and Statistics for 2023 and how you can apply them to your business.
But first, what is POS?
The Point Of Sale (POS) system is the heart and soul of a business. It is where a product or service is passed from seller to buyer. Retailers usually use a POS system to complete sales transactions. Nowadays, it is also doubled as a stock and sales control system.
- The global POS system market in 2019 was $15.64 billion and is expected to reach $29.09 by 2025
- Within 2020, the mobile POS transaction value is $1,017,982 million, and 54% of businesses have utilized mobile POS to process transactions
- For stores that are using mobile POS systems, 79% of them are small and mid-sized brands with sales less than $10 million, while 21% of them are large enterprises
Now that we understand POS, let’s move on to the latest trends.
Transitioning to cloud-based POS
Cloud technology refers to the usage of the internet to store, retrieve, and share resources of data immediately. Users could access said data via the internet and from any device. An example of cloud technology would be iCloud on Apple products; it stores and syncs photos, music, and notes of all your Apple devices in real-time.
Most businesses want their sales data to be accessible quickly from any device, at any place, and at any time. This is when cloud technology comes to the rescue.
Businesses are starting to integrate cloud technology into their POS systems. By using a cloud-based POS, businesses could easily access data in real-time. Forbes reported that 61% of retailers consider getting cloud-based POS for their business, 60% of new retailers ask for cloud-based POS rather than traditional POS. It is predicted that there would be a 50% increase in cloud-based POS adoption in 2021. Therefore now would be a good time to embrace the trend.
Cloud-based POS is currently one of the leading POS trends. It makes the work easier for retailers and changes the landscape of the retail POS industry in the future.
If you are looking to switch to cloud-based POS, we have the perfect option for you. Here at ConnectPOS, we have the leading cloud POS for every business and are also compatible with both PC and mobile devices. ConnectPOS is the momentum for your ideal omnichannel business.
Using e-wallet and mobile payments
As the number of smartphone users increases each year, more and more customers are using e-wallets to store debit cards, credit cards, or even loyalty cards. Instead of carrying a bulky wallet or forgetting your card, cash at home, all of this would be stored on your phone. You could make instant payments instead of inserting a card and entering a PIN or having to withdraw cash from the ATM. Digital payments allow faster and easier checkout. Additionally, it helps customers to keep track of their transactions and spending budget.
E-wallets and mobile payments give customers better flexibility and convenient choice when it comes to payment. Sometimes, e-wallets come with special perks such as cashback rewards and promotions.
It is estimated that in 2019 mobile transactions value on POS in the US is around $745,795 million and a year growth of 16.2% of mobile payment users. Moreover, the average transaction value of the mobile payment is $658.
Here are some reasons to consider integrating mobile payment for your business:
- Make transactions easier: The process of a mobile payment mostly consists of scanning codes or tapping the phone on the terminal. It only requires little training for employees and could adapt to it fast.
- Improve customer service: Mobile payment allows lines in-store to move faster and gives customers a feeling of satisfaction since nobody likes waiting.
- Secure the transactions: Mobile payment is extremely safe. The system uses the latest secure credit card two-end processing technology to protect both you and your customers.
- Save money: E-wallet has a low interest rate of 1-2% compared to 2-3% rate of credit cards.
Mobile payment and e-wallet are quickly becoming a huge trend, heading towards a cashless future where you could pay with just a tap of a button. By having a POS system that accepts digital payments, businesses would maintain competitiveness while improving their customer service. ConnectPOS provides you with an advanced technology and a feature-rich POS system, implemented with an e-wallet and mobile payment option, promises to give you the best experience.
Integrating AI in retail
AI (Artificial Intelligence) is a programmed machine capable of mimicking human thoughts and actions by simulating human intelligence. Its benefits could be:
- Detect and prevent in-store fraud: It could secure information from falling into the wrong hands at any time. It would send alerts if there are any suspicious activities. It could also keep track of employee behavior and make sure that they are doing their job.
- Keep track of inventory: AI lets you know the purchase habit of your customers so you would know how to increase profit. It also detects errors to reduce inventory loss.
- Improve customers’ shopping experience: AI could personalize the behaviors of a customer and offer relevant products based on their purchase history.
Because of the benefits of integrating AI into your POS system, 15% of US businesses have already used AI-enabled POS. Furthermore, 30% of US businesses are planning to make the jump within the next year. Another study found that 40% of 18 to 24-year-old customers are happy with AI shops for them, as long as it meets their preferences and expectations. For all of the reasons above, there should be no problem with customers adjusting to AI in stores, so you wouldn’t have to worry about whether or not you should adopt this trend.
To retail businesses, AI is a useful add-in to ensure the seamlessness of your POS system for an omnichannel experience. ConnectPOS is proud to present AI facial recognition features for your POS system.
These retail POS trends are a mixture of advanced technology and customer preferences. After learning about the latest trends, you would be able to grow your business by embracing those trends and invest in a smart retail POS system. Having a POS is a secure, efficient, and affordable way to improve your business. Make sure to choose an updated system that suits your needs, power your business with ConnectPOS – an all-rounder POS with all the features you need to adapt to said trends.