What are the emerging trends and innovations in POS technology and how do you prepare for them?

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Point of sale (POS) systems are evolving rapidly to meet the changing needs and expectations of customers, businesses, and employees. Whether you run a retail store, a restaurant, a salon, or any other type of business that requires transactions, you need to keep up with the latest trends and innovations in POS technology. In this article, we will explore some of the emerging features and benefits of modern POS systems and how you can prepare for them.

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Leo Satlof

Building @ Billfold | Elevating Events & Venues

1 Cloud-based POS

One of the most significant trends in POS technology is the shift from traditional, hardware-based systems to cloud-based, software-as-a-service (SaaS) solutions. Cloud-based POS systems offer many advantages, such as lower upfront costs, easier updates, scalability, mobility, security, and integration with other applications. With cloud-based POS, you can access your data and reports from anywhere, anytime, and on any device. You can also customize your POS system to suit your specific business needs and preferences. To prepare for this trend, you need to evaluate your current POS system and compare it with the available cloud-based options. You also need to ensure that you have a reliable internet connection and backup plan in case of outages or disruptions.

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Bob Gibson

Hospitality Technology Expert
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Cloud based POS is definitely the future. These systems allow for greater flexibility and should allow for the better use of real time data. As you look at Cloud solutions make sure that the systems you look for have very strong API or integration capabilities. To be able to take advantage of the cloud you need to make sure that you can access and share the data with other vendors you do business with!

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Asish Pradhan
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Composable Commerce - Traditionally, Store systems like the POS platforms have been built as monolithic systems, where all the features and functionalities are tightly coupled. These tightly integrated systems make it difficult to modify or add new features. This is apparent with older POS systems needing extensive coding or customization along with the expensive consultants configuring them. This exact problem is being solved by modern architectures where different modules are developed independently and then composed together as needed. Therefore, the name Composable commerce. The key decision comes down to defining and organizing the right services while enabling businesses to build solutions as they need without rewriting integrations.

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Sergio Lobelo

Revolucionando la Experiencia del Cliente | Tecnología | Visibilidad | Trade Marketing | Marketing Experiencial | Servicio | Ventas
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At Open Mind Colombia, we already have big plans to contribute to cloud-based POS! We are working on a solution that allows customers and retailers to have product information updated in the POS. I will keep you updated.? This is the future! According to a study, 29% of retailers plan to move to cloud-based systems by 2024. In fact, the cloud POS market size is expected to grow to $10 billion by 2028.

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2 Mobile POS

Another trend in POS technology is the adoption of mobile POS devices, such as tablets, smartphones, or handheld terminals. Mobile POS devices allow you to accept payments, process orders, manage inventory, and interact with customers from anywhere in your store or location. Mobile POS devices can also enhance the customer experience by reducing wait times, offering personalized recommendations, and enabling loyalty programs and digital receipts. To prepare for this trend, you need to invest in compatible mobile devices and accessories, such as card readers, scanners, printers, and stands. You also need to train your staff on how to use mobile POS devices effectively and securely.

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Bob Gibson

Hospitality Technology Expert
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We are now in a mobile world. From QR codes to RFID to ordering and delivery, mobile is NOW technology. Compatibility allows you to take advantage of the available technology as well as what may be coming in the future. If you hear the word proprietary in your Mobile POS pursuit run away. Proprietary is another word for we own you! Mobile is about freedom!

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3 Contactless POS

A third trend in POS technology is the rise of contactless POS systems, which enable customers to pay with their cards, phones, or wearables without touching the POS device or entering a PIN. Contactless POS systems are convenient, fast, and hygienic, especially in the context of the COVID-19 pandemic. Contactless POS systems can also increase customer satisfaction and loyalty, as well as reduce fraud and errors. To prepare for this trend, you need to upgrade your POS system to accept contactless payments, such as NFC, QR codes, or biometrics. You also need to educate your customers and staff on how to use contactless payments and the benefits they offer.

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Leo Satlof

Building @ Billfold | Elevating Events & Venues
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Contactless (especially NFC wristbands) is perfect for the live events space! We've found that lines at bars and concessions disappear, and customer satisfaction goes through the roof. Typically, attendees are more than happy to preregister payment so they have a frictionless experience on site. For operators, we have seen up to 50% revenue increases!

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Bob Gibson

Hospitality Technology Expert
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Contactless is another technology that is here and is growing! The key as with any payment technology is to make sure you read the fine print on your fees! A trend in the credit card processing space is to add cost of these technologies. You need to make sure that you preserve your margins and don't end up paying more in credit card fees! Ask the question of your vendor and make sure to understand your fee structure!

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4 AI-powered POS

A fourth trend in POS technology is the integration of artificial intelligence (AI) and machine learning (ML) into POS systems. AI-powered POS systems can leverage data and algorithms to provide insights, recommendations, and predictions that can help you optimize your business operations and performance. For example, AI-powered POS systems can help you analyze customer behavior, preferences, and feedback, and tailor your marketing, pricing, and inventory strategies accordingly. AI-powered POS systems can also help you automate tasks, such as scheduling, ordering, and accounting, and reduce human errors and costs. To prepare for this trend, you need to choose a POS system that offers AI and ML capabilities and features, such as chatbots, voice assistants, facial recognition, or sentiment analysis. You also need to monitor and evaluate the results and outcomes of using AI-powered POS systems and adjust your business goals and plans accordingly.

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5 Omnichannel POS

A fifth trend in POS technology is the emergence of omnichannel POS systems, which enable you to connect and synchronize your online and offline sales channels and platforms. Omnichannel POS systems can help you provide a seamless and consistent customer experience across different touchpoints, such as your website, social media, mobile app, or physical store. Omnichannel POS systems can also help you increase your sales, reach, and retention, as well as improve your inventory management and customer service. To prepare for this trend, you need to select a POS system that supports omnichannel integration and functionality, such as e-commerce, delivery, pickup, or loyalty programs. You also need to align your branding, messaging, and policies across your different channels and platforms.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the emerging trends and innovations in POS technology and how do you prepare for them?

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1 Cloud-based POS

2 Mobile POS

3 Contactless POS

4 AI-powered POS

5 Omnichannel POS

6 Here’s what else to consider

Point of Sale (POS) Systems

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