The Point of Sale is a recent trend. Since its introduction, it has continued to follow an upward trend. And according to the report of a study carried out by Grand View Research, it is predicted that the global point of sale market is expected to reach USD 108.46 billion by 2025 and USD125.9 billion By 2027 from $15.64 billion in 2019.
All the transactions carried out using the mobile POS system in 2020 were valued at $1,017,982 million. 2020 recorded a hike in the adoption of POS systems and now, 54% of businesses have utilized mobile POS to process transactions meanwhile the majority of these businesses; about 79% of them are small and medium-sized brands whose sales averages less than $10 million, while larger enterprises constitute 21% of this population.
Presently, one of the grandest POS trends is the use of mobile payment transactions.
Especially with the break-out of the pandemic in 2020, there was a surge in the adoption of cashless and contactless methods of payment. There was a 40.2% increase in its usage in 2020. All of this is towards the fulfillment of the idea of a cashless economy.
The system is useful in the execution of the sales transaction. It is an alternative to the acceptance of physical cash as a medium of payment. It also doubles as a device for self-start cash withdrawal. Asides from its core function as a sales exchange device, it is also used as a stock and sales control, and tracking system. So with this, most businesses have less manual cash tracking to do.
Businesses that have not adopted the use of POS system and are still stuck on the use of traditional cash registers are making inverted losses. This is true as their customer base continues to shrink with every passing second.
May I remind you that 35% of mobile payment users are between the ages of 25 to 34 years of age? They are the population of the most active spenders. Losing them to the lack of mobile payment systems is not good news for any business. And it is sad because as of November 2020, only 77% of businesses had the facility and know-how for accepting mobile payments. Mobile POS offers convenience, safety, and orderly payment arrangements for both customers and brands.
Trends
With present trends, POS has become more than just a means for accepting payment. It has grown to accommodate more features and as such, more can be accomplished with the POS.
Cloud-based POS
This trend is one of the leading trends in POS. The cloud-based POS relies on Cloud technology in the storage, retrieval, and sharing of the resources of data. A business that has adopted the use of Cloud POS can access needed data from the internet and can do so using any device. An example is iCloud. It automatically stores synced files in real-time. Cloud technology ensures that files and data are accessible at all times and from any device or location.
According to Forbes, 61% of retailers intend to integrate cloud-based POS into their businesses, while 60% of new retailers request for cloud-based POS instead of traditional POS. And by 2021, there would be a 50% increase in the use of cloud-based POS.
E-wallet and mobile payments
This is another big trend in the world of Point of sale systems. With the rise in the number of Android users, more people are getting more interested in using e-wallets and mobile payments. Its major upsides are safety and security. With the e-wallets trend, it becomes unnecessary to carry bulky physical wallets that can be stolen. It also helps businesses reduce the vices of robbers. Asides from safety, it allows for quick payments that can be used to track money inflow and outflow. The average transaction value of the mobile payment is $658.
Improve Customer Experience
Now, you can gather and analyze customer data more efficiently and more accurately. As of 2019, a survey showed that 83% of consumers will readily give their information to brands since it’ll offer them a more personalized shopping experience. Using the POS at a time as this for improving customer experience with data provided is a huge deal.
Currently, roughly 50% of retailers manually analyze their customer data using spreadsheets. Break the equilibrium, join the trend, and join the other 50% of people who trade smartly with POS. Or if you already trade with POS, join the 46% of businesses that are adding more POS modules to give room for more patronage and sales and accommodating newer POS technology offerings.
Integrating AI in retail
The integration of Artificial Intelligence in POS is a burgeoning trend. It is useful in detecting and preventing in-store fraud and keeping track of inventory. It also aids personalized services to clients. Survey shows that 15% of US businesses already use AI-enabled POS. From another study, we gathered that 40% of customers between 18 and 24-year-old embrace AI shops. With the present trends, it is safe to conclude that it can only get better with the adoption of the POS system. So, to enjoy the best of the trends, below are POS Software to incorporate.
Best POS software
Toast POS
The Toast POS is built as an all-in-one solution, a one-stop software that fits into the POS and management needs of restaurants. Menus are easily customized with time-specific menus on the Toast POS software.
It is peculiar to culinary businesses.
Vend POS
Vend POS stands out on the account of its customizability and wide range of usability.
Unlike Toast, it can work with other business systems and hardware. It can maintain connections between the front-end and the backend.
Square
Square POS is a mobile variant of the POS system. It can be used on devices with either Android or iOS operating systems. The Square magstripe reader feature of the software allows for scalability. Another upside is its advanced management tools.
TouchBistro is common among iPad users. It is useful for retail and restaurant businesses. It aids the organization of menus and orders, tracks inventories, and even processes payments.