POS software has helped millions of businesses across the globe with their sales management. Retail and restaurant businesses are the highlighted beneficiaries of POS software. Today every product and service follows global trends to be in the market space. The customers did not like stagnant products, they preferred evolving and developing products. Like every other product, the POS software market is a very competitive market. New POS software providers are entering the market with new and advanced features.
Trends in the POS software markets are led by the demand for new solutions for modern-day business problems, and new technological advancements. In order to study the trends of the POS software market, we have to study the two different aspects leading to the trends in the POS market.
The first aspect is the demand for a new solution to modern-day business problems and the second aspect is technological advancements. Both aspects are generating new future trends for the POS software market. Here we will discuss five future trends in the POS software market based on the two aspects we discussed earlier in the article.
5 Trends In The POS Software Market
- AI integration
- Fast payment processing
- Innovative ways to collect data from customers
- Enhance customer experience
Artificial intelligence is the future of automation. Businesses are integrating AI in different models to utilize its potential and effectively automate those business processes.
AI with the help of its advanced machine learning features has successfully transformed different business processes over time.
POS software is already helping businesses with their sales management but the businesses demand a more advanced version of POS software that is integrated with AI.
POS software vendors are using AI integration to make POS software more effective and less dependent upon any human input. Future POS software will be learning the sales habits of the business on its own and deploying new techniques for better reporting and recording of sales.
There are three highlighted functions AI integration performs in POS software.
- Enhance customer experience
- Better recording and reporting of sales
- Avoid errors
Enhance Customer Experience
AI is an amazing scientific invention, its use in business activities offers customers a new experience they have never experienced in their life. It attracts more customers and increases the brand image of the business. For example, Amazon introduces Amazon GO, an AI-based store with no human staff.
Better Recording And Reporting Of Sales
The basic function of POS software is recording and reporting sales. With AI integrated into the POS software, this function becomes fast and efficient. AI automated the process for classification and reporting purposes.
Although the POS software performs low or no errors but due to dependency on inventory input and manual processing of sales transactions any error can happen. But the integration of AI into the POS software decreases the chances of error.
Fast Payment Processing
Today, people have multiple payment modes. Retail stores and shopping places are offering multiple payment options. Customers prefer fast and easy-to-carry payment modes. Cash is least preferred today, mobile wallets, and credit & debit cards are preferred by people.
It is observed that businesses that use slaggy and old-fashioned payment processes are often avoided by customers.
POS software trends are leading the system to carry fast payment processing methods to offer more convenience to customers.
According to a study around 39% of businesses want to get a mobile payment POS system for their business. The future trend of using mobile payment methods is leading the POS software market to a new dimension. Research shows that mobile POS payments will reach around 4.65 trillion dollars by 2025 with around 1.8 billion users worldwide.
With such huge potential POS software vendors are integrating new and advanced mobile payment options for the POS software.
Innovative Ways To Collect Data From Customers
Every POS software collects some data from the customer. The data includes payment details and items purchased. Some retail businesses offer different loyalty programs that take customers’ personal information like contact details, addresses, and more.
That data is used to identify customers’ preferences and purchase habits. According to a study around 83% of shoppers are willing to give their personal information for a better experience.
The information collected by the POS software is used to provide a better experience. Some of the noticeable features of having an innovative way to collect customers information include:
- Observe buying behavior
- Improve marketing strategies
- Data-driven actions
Observe Buying Behavior
The data collected through POS software will be used to analyze the buying behavior of the different customers. The results generated from that analysis help businesses to better use their marketing resources and manage different inventory levels.
Improve Marketing Strategies
Data is the key to implementing any strategy. For a successful implementation of marketing strategy, relevant data should support the decisions. With the help of collected data, a business can improve its marketing quality by trying new means and techniques.
Not only do marketing strategy makers can use the data produced by the POS software. The data can be used to make other management decisions for the business.
Mobility is the priority of customers today. The POS vendors are offering new and more mobile POS software.
The software can be installed on smartphones or tablets that are connected to the main server through the internet. Moreover, payment processing can also be performed through that mobile POS system.
The mobility also enhances the customer’s experience and brings them ease.
Enhance Customer Experience
Last but not the least, enhancing customer experience is an important factor that led to the trend in the POS software market. To enhance customer experience businesses demand new and innovative POS software. Like self-service POS systems, to give customers a better experience of the business place POS software vendors develop new systems