Within the past few years alone, the retail industry has changed tremendously.
This is mostly credited to the ever-evolving digital revolution.
More than 60 years ago, the credit card was first introduced, and the new payment option had a huge impact on retailers around the globe.
Today’s emerging technologies are even more advanced, offering features that allow the retail industry to provide improved customer experienced in-store and online while also giving businesses more insight into crucial analytics.
One technology that has changed how retailers operate is the electronic point of sale (ePOS) system.
Are you wondering “what is an ePOS?” In basic terms, an ePOS is a system that provides a more automated and quicker transaction process.
Here’s How ePOS Systems will Shape the Future of Retail industry for years to come.
Mobile Payment Support
Today consumers are most likely to pay for items using either a debit or credit card.
But, a payment option that is gaining popularity is the mobile payment. According to eMarketer, in 2019 alone, around 55 million people in the U.S. will make a purchase using some form of mobile payment.
This accounts for a little over 20% of the population.
As the number of mobile users continues to increase, it’s expected that mobile payments will also experience an uptick.
Many modern-day POS systems support mobile payment options, including Apple Pay, Samsung Pay, and Google Pay. In India and China, mobile payment is the go-to method, but U.S. retailers have been slow to pick up on the technology.
As more ePOS systems offer mobile payment features, retailers should expect consumers to want to be able to use these payment options.
Continued Use of Big Data & Data Analytics
Big data rules the world, especially the retail industry.
Businesses want all sorts of data so that they can have a clear understanding of in-store analytics, sales numbers, and inventory volume.
This data is critical in allowing business owners to make data-driven decisions.
Big data is extremely beneficial for small businesses, as they now have access to the information that was once reserved for just large enterprises.
With the continued use of big data, more retailers will apply this information towards every step of the process.
Big data and data analytics will be used for all sorts of purposes including personalized marketing campaigns, to predicting supply and demand, to developing more in-depth buyer personas.
Personalized Customer Experience
Customer Experience has become a top priority for most retailers.
Today’s consumers no longer base brand loyalty on product or price.
While these factors still matter, what customers care the most about is a company that can provide them with a memorable and personalized experience.
According to a study conducted by Walker, by 2020, customer experience will overtake product and price as the key brand differentiator.
The good news is that an ePOS offers all sorts of features that can help any retailer to provide a top-notch customer experience both in-store and online.
Using an ePOS allows retailers to develop more in-depth and thorough buyer personas.
When businesses better understand what their customers want, need, and expect, it’s much easier to provide a top-notch experience.
By using an ePOS system, retailers can:
- Track customer shopping behaviors
- Easily collect customer data
- Create a loyalty program
- Use data to create a personalized marketing program
Offering a personalized customer experience helps to create brand loyalty, which means improved customer retention.
The more customers you can impress, the better your sales and bottom line will be.
More Use of Cloud-Based Services
The cloud has been around for years now, but with the growing use of ePOS systems, it’s expected that there will be an increase in the number of retailers that want to use the cloud to host data.
In today’s highly connected and on-the-go world, it’s no surprise that retailers want the ability to view their business data from anywhere at any time, using any device.
Many of today’s ePOS systems are cloud-based, which allows retailers to quickly access data using their desktop, smartphone, or tablet. Integrated cloud systems will make business management easier than ever.
Retailers will have the ability to manage inventory across multiple stores using the same system.
With the use of cloud-based services, retailers can more easily and effectively conduct business.
The ability to make data-driven decisions outside of the office is a huge benefit for any retailer.
In turn, saved time can be put towards other business operations such as marketing or recruiting.
Having a modern ePOS system is a must for any business that wants to be successful now and in the future.
As the retail industry continues to change, ePOS systems are evolving alongside it, offering more secure, efficient, and smart features that further improve business operations.
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