The technological advance makes it simpler to keep an eye on the future of POS. As a retail business owner, you had better have an idea of it to boost sales and take the lead. Fortunately, you have been here. In this post, let’s look at how POS is projected to be.
What is POS?
The POS solution (Point of sale) is essential to any retail business. It enables service or item to get passed smoothly from the seller to purchaser. Businesses tend to make use of this software to finish sales transactions. These days, POS likewise serves as an inventory and sale management system. Statistically, the worldwide POS market was more than 15.50 billion USD and is predicted to come at almost 30 billion USD by 2025. The mobile point of sale transaction value in 2020 is more than 1.015 million USD, and over 50% of firms have leveraged mobile POS for transaction completion.
What is the future of POS market?
AI in POS systems
With the AI integration, retailers can make use of motion analytics and object recognition at the point of sale checkout station. There are also digital sensors, helping to fight off any loss. AI in the point of sale system can likewise assist in orders handling, stock management, highlighting product trends, promotion suggestions, staff management, and so on. For instance, the 1st cashier-less coffee store has proved how point of sale and AI can be one of the best collaborations for business growth.
Speaking of the future of POS, you may have heard of the term “cloud tech”. It means the adoption of the Internet to make keeping and exchanging information or resources automatic. By using a Cloud POS, you can access your store transactions or sales information from any device, no matter where you are. A lot of businesses, regardless of the size, have started to integrate it into their operations. According to statistics, the Cloud-based POS market size expectedly reaches 6 billion USD by 2028 with a 22.5% CAGR.
Self-checkout and Contactless Payment
The Verizon Look Forward study showed that over 20 percent of respondents use self-checkout. Better yet, mobile payment systems become the favorable alternative to static POS counters in some stores. Speaking of contactless payment, you can expect it to thrive even more following 2021. Shoppers these days have highly appreciated the perks of this new and practical payment method and kept asking for its access. That justifies the reason a great many stores count on ConnectPOS, a reliable POS solution provider, to support their self-service approach. Ultimately, ConnectPOS’s ability to accept mobile payment methods and even more has enhanced the shopping experience.
Now that you have an idea of the future of POS market. Should you be looking for a trusted POS with excellent features, give ConnectPOS a try. As a top POS provider, ConnectPOS has served thousands of retail businesses from everywhere in the world. Reach us now!