Over the last twenty years the evolution of technologies like mobiles phones, laptops and the internet has completely changed the manner in which we interact and communicate with people socially, domestically and within the workplace.
Similarly, over the course of the next decade it is estimated that advancements in Point of Sale technologies will drastically alter the manner in which businesses and customers engage with each other. Here we take a look at five of the emerging trends within POS systems that are predicted to widely develop throughout 2020 and become standard practice over the course of the next decade.
1. Mobile Wallets
The big marketing sell behind mobile wallets and the ability to pay for items using a mobile phone has been that customers no longer have to carry cash or cards around. However, a less reported benefit of this method of payment is the security features that it offers to both the customer and the business.
Data that is stored within a mobile wallet is encrypted, so the actual card number is not displayed or transmitted when a customer makes a payment. This feature ultimately means that cybercriminals have no chance to capture the information displayed on a card.
Additionally, the use of biometric software within mobile payment systems is expected to become much more commonplace throughout 2020 and the decade that follows. Facets of biometrics such as facial recognition, voice-authentication and fingerprint scanning will enable both convenience and unparalleled security for customers and businesses alike.
2. Mobile POS
Queuing is the bane of many a customer’s life and the emergence of mobile POS allows businesses to make a customer’s shopping experience more efficient and enjoyable.
High street banks have been one of the earliest adopters of mobile POS, perhaps because they realise that being in a queue at a bank is one of the most tedious and frustrating queues that a customer can experience. A number of banks now employ customer services agents on the floor of the bank, who weave in and out of the queue for the counter to see if customers’ requests can be dealt with by a mobile POS device.
Similarly, leading fast food restaurants have realised that being in a queue for food (particularly when you are hungry) is another one of the most frustrating types of queues that a customer can experience. As such, an oversized, upright tablet computer now greets many customers when they walk into a fast food restaurant, allowing them to quickly order their food without the need to queue for the counter.
Mobile POS is expected to become more widespread throughout 2020 as numerous other types of businesses begin to adopt these technologies. This will offer the customer a much more fluid and transient shopping experience; they will be able to walk around a shop floor and engage with employees equipped with POS tablets.
This technology is expected to have considerable application in large clothing retailers – if a customer has tried an item and wishes to make a purchase then they will be able to make the payment with the changing room assistant rather than walking over to the counter.
Mobile POS also offers stock check facilities and stock arrival dates should any products not currently be available.
3. Mobile POS in the Cloud
Cloud based POS is expected to become more widespread throughout 2020 as businesses opt for the technological convenience of having all of their information stored in one place, allowing for a more streamlined integration of a business’ operations.
If a business has, for example, twenty retail outlets across the country then ordinarily, at the end of the business day, the manager of each premises is responsible for relaying the sales figures to the head office – a process that involves twenty individual emails or telephones calls to the person collating the data in head office.
Cloud based POS would instead enable each of the twenty retail outlets to upload their sales figures to the cloud, where the data could be viewed and collated with convenience. Moreover, the cloud also allows for figures to be viewed from anywhere in the world. This is particularly handy for international businesses whose employees aren’t necessary always in the same place.
4. Data Collection and Analytics
In addition to Mobile POS systems making payment methods more efficient, they can also greatly improve the ability of any business to collect and analyse data. Throughout 2020 and beyond, increasing numbers of businesses are expected to integrate Data Collection and Analytics into their POS systems and their cloud storage.
Data analysts would be able to view information such as what the best selling products are at a particular outlet, what the best selling product is over all outlets and what particular hour of the day sales hit a peak (useful for managing staffing levels and shift patterns).
All of this data can be viewed from the cloud, making it easier for a business to monitor trends across its whole business and trends across specific stores or regions. This will ultimately help data analysts on the cloud to design individual business strategies for specific outlets with much more focus and ease.
5. 5G Mobile Networks and Beyond
If you think about how the internet was in its infancy, when a dial-up connection could take minutes to load a webpage, it wasn’t really conducive to doing anything conveniently online. Without the evolution of a fast and reliable internet connection, online shopping would not exist. In this sense, the advancement of broadband speed has advanced the convenience of online shopping.
Similarly, the advancement of 5G networks over 2020 and beyond will enable mobile wallet payments and Mobile POS systems to operate instantaneous payments, making physical shopping much more convenient.
5G will broadly facilitate the advancements in POS systems, as all of the aforementioned emerging trends become the industry norm.
If you’re looking to level up the POS capabilities at your business, no matter what industry your business operates in, Dynavics can help. Through strategic partnerships with leading POS hardware manufacturers and software vendors, our team can guide you with regards to the development of your POS capabilities. Contact us today to learn more.
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