What are the Top Point of Sales Trends?

By: Katie William, Retail CIO Outlook | Tuesday, May 25, 2021

It has become challenging for businesses to stay on top of this fast-changing world, especially when it comes to retail and Point of Sales (POS) trends.

FREMONT, CA: While digital signs, interactive kiosks, and unattended retail machines are more prevalent in the modern world, Point of Sale (POS) remains the heart of any physical retail store. According to research, the global POS terminals market is expected to reach USD 108.46 billion by 2025. The momentum of POS innovation is not showing any signs of slowing down. POS systems have gone from a tool to record sales transactions to be a robust platform in just a few years, integrating marketing, inventory, accounting, and data analytics. Here are the top three trends that is dominating 2020.

Multiple Payment Options- Cash has its prominent place in the economy that much is for sure. But every consumer has their preferences. It is possible that one of the customers uses the envelope method to budget and only carries cash. Whereas another customer just got his American Express Delta card and needs to spend $5,000 in three months to get his sign-on bonus miles. It is essential to ensure that all customers can pay how they want to pay.

Functionality Over Everything- The extra features available for POS are efficient and can help businesses and brands succeed, but more important than all is functionality. While not being able to use Apple Pay at a store might not be a deal-breaker, not accepting any form of digital payment is. Imagine trying a new restaurant to find out that their internet went down, and they are unable to process any transactions. When the next time is a customer is going to give it a try? Probably never. It is essential to guarantee that a retailer is always prepared by having a cellular internet connection for POS. It is more reliable, faster, and frequently cheaper than relying on a standard business internet connection.

Cloud-Based POS. It won’t be long before everything that a customer uses that stores any data is cloud-based. A legacy POS system is clunky, difficult to access, and can be physically damaged, taking all of that precious data down with it. Therefore retailers should protect their business and not get left behind by utilizing a cloud-based POS. Cloud-based POS systems are simple, get updates over the air, eliminate the need for costly IT maintenance, and improve functionality by integrating with other systems the business already uses.