The digital evolution is one of the top significant retail disruptions since some major credit cards made their debut in the early 1950s. As a zip-zap machine or knuckle-buster became a crucial part of the letter phenomenon, a point of sale system is an indispensable tool for today’s business. A POS system is an effective computerized system that facilitates easier inventory management, cash flow, and keeps track of all your business revenue streams. It’s also designed to optimize bookkeeping and helps a business owner stay abreast of all debits and credits.
As the digital push leads the business owners and managers to refine retail, it also pulls them away from the retail industry two staples; cash and cash registers. Over the last half a decade, cash has been losing its reign as a preferred payment method. 73% of respondents of a recent MasterCard survey said that they are using less cash today than they did a decade ago.
Giant tech companies like Google, Apple, and Samsung are facilitating mobile payments from smartphones and offering consumers a more convenient payment option. Given the recent development and the expected updates from these tech giants, it appears cash registers will continue to disappear in the retail space.
A survey done by ShopKeep reveals that 30% of small business owners desire a more functional POS system than the traditional register. This is the reason top POS solutions such as Americard, NetSuite, Lightspeed Retail, and more are becoming increasingly popular.
Technology drives change and demand too. Small business managers and entrepreneurs need quick data access and analytics that can help them make smart data-driven decisions for their companies. In the same ShopKeep survey, 50% of the respondents confirmed that access to data reporting is a key reason they have been using a point of sale system.
Americard and other leading POS solutions offer data analytics. These systems avail data in a way that’s easy to access, analyze, and interpret. Business owners and managers can easily create comparisons and correlate different trends into actionable tasks.
What was considered scenes out the Jetsons cartoon and science fiction is becoming a reality. Artificial Intelligence (AI) is creating super-intelligence of outstanding machine learning that can efficiently perform tasks that require human intervention such as language translation, speech recognition, predictive text, and sending emails.
Have you ever received an email from an online retailer saying something like, ‘it appears you left items in your cart.’? That’s artificial intelligence at work. Most POS solutions, whether for online based retails or brick-and-motor businesses, use AI to automate some tasks and help the business owner learn a client’s journey through digital touch-points and data.
The creation of a smart retail space that provides a seamless client experience is becoming a necessity for many businesses. A point of sale system is an integral component of this process. As POS technology evolves, become more intelligent, affordable, and ingrained in core company operations, it’s important for business owners and managers to choose innovative and more efficient POS solutions.
