POS Trends to Watch: Technologies that Help Meet Customer Expectations
The growth of online retail, contactless payment options, and self-service checkout are just some of the point-of-sale technologies that have gained widespread acceptance. The COVID-19 pandemic accelerated demand for these and other purchasing options.
In this article, we cover some significant trends affecting modern retail POS solutions that your customers have come to expect.
Use of handheld and mobile POS devices
More retailers are using mobile POS solutions to allow their sales associates to be available at any place in the store and provide more one-on-one interactions with their customers. The sales team can use mobile POS devices to look up prices, check product availability, answer customer questions, and complete sales transactions.
Retailers also use mobile POS devices to take orders and complete sales at trade shows and conventions, off-site locations, and at the curb.
Contactless payment methods
Many retailers have moved to accept contactless payment methods such as tap-to-pay credit cards and digital payment apps like PayPal, Google Pay, Apple Pay, and Venmo. Contactless payment methods reduce the time to process payments at the point of sale and are convenient for your customers.
Credit/debit card processing
In 2022, credit and debit cards accounted for over 70% of retail POS sales. That same year, cash fell to 12% from 17% in 2017, while digital payment apps grew from 3% in 2017 to 12% in 2022.
Retailers utilizing mobile technology using phones or tablets need to make sure they will be able to process credit and debit cards, including:
- Recording a digital copy of the customer’s signature
- Printing, emailing, or texting a receipt
- Adding a tip, if used in hospitality
- Supporting contactless payments
Online and offline POS systems
Most retail POS systems process sales online, communicating with a central system in real-time that includes price, sales tax, product information, inventory, etc.
When operating offline, the POS device can complete a sales transaction independently of any connection. Sales and related information are uploaded to the central system later.
Offline POS systems are usually mobile POS devices used in off-site settings; however, they can also be used when the central system is unavailable due to network issues, loss of power, or similar outages. A significant drawback to offline POS systems is that they cannot access or update the inventory available in real time.
Omnichannel
Omnichannel retail unifies all the company’s sales channels, including online, mobile, and brick-and-mortar stores. For example, omnichannel lets customers purchase an item online and pick it up in the store. To support omnichannel sales, the company needs to integrate its inventory management with all its sales channels and back-office processes to ensure customers can see how many items are available for purchase and avoid stockouts. Items can also be shipped from store to store or to homes, increasing customer satisfaction.
Omnichannel can also help the company gain insight into their marketing campaigns, identifying which strategies are more successful. In addition, omnichannel can be used to personalize the customer experience through their favorite sales channel.
Even though the technology has been around for years, the impact of COVID has made omnichannel a service customers have come to expect from their retailer.
Self-service solutions
Retailers facing labor shortages have filled the gap by offering self-service checkout solutions in their stores. Customers can avoid long lines at limited registers and check themselves out. During the COVID pandemic, customers used self-service POS solutions to minimize contact with others. Like omnichannel, more and more customers expect self-service options.
Today’s retail buyers have become accustomed to many technical advancements made in retail point-of-sale (POS) devices and payment methods. Modern retailers adopting these technologies stand a good chance of staying relevant to their customers.
Let ArcherPoint help you with all of your retail technology needs. Contact us today!