POS Technologies That Are Shaping Retail in 2023
The start of a new year is an excellent time to assess your retail business goals and consider what you will need to achieve them. POS technologies are emerging, and it might be time to upgrade your retail store if you want to increase your operational efficiencies.
A point of sale (POS) system is an invaluable tool that has replaced the traditional cash register with evolving, tech-driven solutions. These systems can do much more than ring up sales: they help track inventory across multiple channels, collect data for business intelligence and personalized experiences, track employee payroll, and offer various payment methods to process transactions.
The retail industry is constantly changing in response to various factors, including labor shortages, rising costs, and shifting consumer demands and expectations. As a result, retailers must adapt their processes and deploy new technology to stay current and keep ahead of the competition. Below, we’re going to dive into POS technologies that are shaping the retail industry.
Untethered POS Systems Give Retail Businesses Mobility
Traditionally, retail transactions happen at one location: the checkout counter. Now, more than ever, retail stores need the flexibility to engage consumers at every touch point. Associates armed with mobile devices, such as iPad POS systems, can interact with customers and complete sales on the spot. Nobody likes long wait times, and mobile POS solutions are great for line-busting, which improves customer satisfaction.
Modern retail POS technology also allows stores to process transactions curbside or at off-site locations while syncing with your main store. These mobile systems thus enable pickup options for customers and can incorporate delivery options. “Buy online, pick up in store” (BOPIS) and “buy online, pick up at curb” (BOPAC) have become increasingly popular shopping methods in recent years, and these trends are likely to continue. According to a report by HubSpot, 52% of retailers said delivery and pickup options were a top priority as customers demand more convenience.
Personalized Shopping Experiences Keep Customers Coming Back
While every retailer wants to attract new customers and continue growing their base, retaining existing customers should never be overlooked — it’s significantly more cost-effective than wooing new buyers. However, you need to know what they want most to keep those loyal customers returning.
According to a report from Experian, 60% of US consumers remain loyal to companies that offer personalized experiences. Therefore, having a retail POS system that can provide these experiences is crucial because:
- Consumers are aware that retail POS technology can accommodate personalization.
- Customers are willing to share data in exchange for benefits such as promotional incentives based on their interests.
- Consumers are willing to pay more for improved shopping experiences.
- Some 71% of consumers now expect personalized interactions (and 76% of shoppers become frustrated without such experiences).
Customers want to feel connected with their favorite stores and brands. They want to be recognized as individuals and made to feel valued. Personalized experiences are created through actions such as addressing communications to customers by name, offering relevant product or service recommendations, and sending post-purchase follow-ups that indicate you care about their satisfaction beyond the sale.
Retail POS technology that enables such activities would be well worth the investment. Research from McKinsey & Company showed that businesses that excel at personalization could generate 40% more revenue than businesses that don’t make it a priority.
Cloud-Based Software Improves Operations
Mobility and personalization are made possible with cloud-based POS technology. Cloud-based software allows retailers to streamline operations, improving efficiency, and enhancing security, scalability, and customization. With a cloud-based system:
- Employees can use an iPad POS to conduct transactions anywhere in the store, reducing wait times.
- The system can store customer profiles, including purchase histories, rewards program participation, and preferred payment methods, enhancing personalization.
- You gain supply-chain visibility and can access inventory info (including out-of-stock or missing items), records from suppliers, and shipment tracking information.
- You can gather data about your business from a centralized location at any time, from anywhere with an Internet connection, enabling you to analyze trends, conduct customer interactions, and more.
Cloud-based retail POS technology can also reduce IT infrastructure costs. For example, you won’t have to depend on maintaining local servers, worry about downtime, or push updates.
Upgrade Your Tech With a Provider That Understands Your Needs
POS solutions have come a long way since their inception, and modern systems have added features and capabilities that streamline operations, increase revenue, and enhance the customer experience. Retail POS technology is headed toward more digital and advanced innovations. With increased mobility, security, and data analysis, POS technologies offer more functionality than ever. Is 2023 your year to upgrade? Paradise POS provides retailers with a complete iPad POS system that strengthens the customer experience while improving productivity and driving profitability.