Artificial intelligence is one of the latest developments in the field of technology. AI has altered the path of technological advancement to an entirely new era where machines take over production, business management, medicine, and almost every other walk of life.
Like every other business of life, AI has revolutionized the way businesses manage their sales. Just a few years back when POS software was introduced it was considered a huge milestone for sales management systems, but AI integrated into POS software made it an even bigger milestone.
Today, POS software vendors have developed different AI-based POS software that can outperform any other sales management system. With the help of machine learning and automated sales businesses are exploring new opportunities to utilize AI in their business models.
Although the features of AI-based POS software can be in numbers here we will discuss only ten features of AI-based POS software.
10 Features Of AI POS Software
- Predictive data analysis
- AI-driven marketing
- AI-based in-store product placement
- IoT enables sensors
- Facial recognition
- Voice ordering
- Customer profiling
- A new experience for customers
- Scheduling
- Streamlining orders
In this article, we will discuss the above-mentioned features of AI-based POS software.
1. Predictive Data Analysis
Data analysis is a key responsibility POS software performs, then what exactly did AI-based POS software do with that data analysis?
AI-based data analysis is a set of tools that can analyze the data in a way that the results predict the need for inventory for a certain period of time. The predictive nature of the results helps managers seamlessly manage the inventory without any hassle.
Moreover, the tool analyzes the data to determine customers’ preferences and running items. It also analyses the date of the month or day of the week or time of the day business experience more sales. With that analysis, the system keeps inventory in check for any shortage at the point when sales increases.
2. AI-Driven Marketing
AI-based POS software helps businesses in all regards. As we discuss in the predictive data analysis part the system analyzes the sales pattern and preferences to study the needs of the businesses.
AI-based POS software helps marketing managers create popular marketing campaigns to cater to the right audience for the right products. The POS software monitors the data of customers and analyzes other factors like the time of the year and the age of the customer buying the product to help marketing managers create effective marketing campaigns.
3. AI-based In-store Product Placement
For retail businesses, it is a hectic decision as to where they should place their products. AI-based POS software makes it easy for retailers. The AI-based POS software helps store staff about what kind of products are sold together or a certain group of products is purchased every month by this type of customer. With the help of that information, employees store those products together or place them on the starting shelf for customers’ ease.
Other than that, POS software also stores data on the placement of different products, and the information helps staff to guide the customers through their shopping.
4. IoT Enables Sensors
IoT-enabled sensors are the key tools used by AI-based POS software. To develop smart POS software the IoT-enabled sensors are used to create an optimized and systematic network. The sensors work together to create a network between different departments.
For example, the sensors are installed to create alerts in the inventory departments when the stock is nearly finished. This system helps businesses to create a better and smart system.
5. Facial Recognition
Facial recognition is a smart tool used by AI-based POS software. With the help of facial recognition tools, the POS software recognizes customers of different ages and gender. The tools are used to analyze different segments of customers.
Other than that, the facial recognition tool can be used to secure the data. Employees with access to the POS software would need to verify their identity through the facial recognition software to have access.
This futuristic tool helps retail businesses to record customers’ data and manage the data to help businesses with better management.
6. Voice Ordering
Along with facial recognition AI based POS software offers voice recognition tools. These tools are used to take orders on voice commands. The AI-based POS software will recognize the voice command and perform the transactions.
This feature not only processes customers swiftly but also helps businesses to provide a better customer experience.
In the USA nearly half of the population is using voice commands on their smartphones. Customers’ exposure to the tool helps them to navigate through the voice ordering features. AI-based POS software has a smart voice ordering tool that can efficiently cancel all unnecessary background tools and recognize commands to take orders and update the system. In Japan, restaurants are using AI-based POS software that can take orders on voice command and update the kitchen and the waiters to serve the particular table.
7. Customer Profiling
Having the right customer profiling is a necessity for retail businesses. To develop an effective marketing campaign and to maintain the right level of inventory they had to know about their customers.
AI-based POS software helps retail businesses in creating a detailed customer profiling report. With the help of that report, businesses understand the demography of their customers so that they can allocate better resources for marketing and inventory management.
8. A New Experience For Customers
Besides all the features and tools AI-based POS software possesses in the end, it provides customers with a better experience. Businesses, especially retail businesses always use new approaches to offer a new and enhanced experience to their customers.
AI-based POS software is a new experience for customers. AI-based POS software with all its features helps businesses to offer a unique shopping experience. It attracts more customers to explore the new service AI-based POS software offers.
9. Scheduling
Scheduling refers to different methods. For example, scheduling can mean scheduling inventory orders and deliveries. On the other hand, servicing businesses use scheduling tools to schedule their appointments.
In the case of retail business scheduling is an automatic process where the system schedules inventory orders and deliveries when they reach the threshold. For example, if the inventory of a particular item decreased to the low-level AI based POS software
automatically schedules an order for more inventory. Moreover, if an order is placed on the online store of the business it schedules the delivery automatically and generates alerts to the relevant department.
10. Streamlining Orders
AI-based POS software learns to perform a new task through its machine learning program. The software can learn and prioritize different processes. For order placements and their processes, the system automatically prioritizes different orders on the basis of their placements and other factors.
AI-based POS software streamlines different orders to bring efficiency to the process of order management.
The Global Market Of AI-based POS Software
The POS software market is experiencing massive growth during this era. Newer and more advanced versions of POS software are introduced into the market. Among those versions, AI-based POS software is one of the most popular and advanced POS software.
As we all know AI has contributed to the automation of different business processes. Its contributions to the sales management process can be seen in the development of AI-based POS software.
Businesses prefer AI-based POS software to bring more advanced automation to their sales management process.
The global market for AI-based POS software is different in various regions of the world. Based on the use and exposure to the features of AI retail business uses AI-based POS software for their business.
Asia Pacific Region
The Asian Pacific region includes Australia, China, India, Pakistan, and other countries in this region. The AI-based software and systems that help retail businesses are getting immensely popular in the region of the world.
According to a study, the market for AI retail market for chatbot solutions is expected to witness a CAGR of 45% by 2027.
With such huge growth potential, many vendors are getting into the market which is increasing the competition and efficiency of the tools.
European Region
The European region has mostly developed countries where the exposure to AI and other technological advancements is relatively higher than in other parts of the world.
The technological advancement and customer acceptance of such software are relatively higher.
According to research the market share of visual search and listening solutions is expected to witness a 40% CAGR from 2021 to 2027.
Such technological developments are very healthy for the retail business.
American Region
This part of the world is very high in deploying such management solutions. The competition in the POS software market is very high.
More than half of the US population uses voice assistance on their phones. These stats show their exposure and daily life use of AI.
Studies show that by 2027 the US will solely hold around one billion dollars worth of a regional market share of AI-based retail solutions.
AI Is The Future Of Business Management Solutions
AI can enhance the processing capabilities of any management solution. The automation and efficiency AI brings are second to none. The features we discuss of AI-based POS software are a small portion of what AI can truly do.
In the coming years when AI will be a more advanced tool than it is today, businesses will experience a true sense of automation and management excellence.