Customer expectations have changed in recent years due to technological development. So much so, that if a small or medium-sized retailer needs to keep an edge over their competition, they need to invest in POS Software. These tools not only address the demands of the customer but also resolve problems faced by the business.
While it is crucial to make a business retail chain management software ready to retain patrons, it is imperative to keep up with the trends of the market. Say, for instance, a retailer still uses a single checkout point. They will lose customers because waiting in lines is seen as a waste of time to them. The patrons will go to another store that offers zero-wait time during transactions through mobile POS.
In this short article, we take a look at three emerging technologies of Point of Sale software that businesses should embrace.
• Mobile POS
A mobile point of sale software is one that can be installed in any device such as a smartphone or tablet. It allows scanning of products and payment to occur anywhere on the floor, i.e., the checkout point is not limited to one counter and one corner of the store.
Experts believe that in the coming two years, Mobile POS will be available in all retail shops because:
o They make checkout faster.
o Aid in better interaction with customers.
o Help retailers who have less floor space and do not want a dedicated area for a cash register.
The most significant trend in the world of management solutions, mobile POS is ideally suited for items that have low-margin such as groceries. Products that necessitate de-tagging and bagging may not be appropriate.
• Digital Wallets
A digital wallet is an app on the phone of the customer that stores the following data securely:
o Bank account details
o Identification cards
o Personal credentials
o Payment cards
o Loyalty programs
The digital wallet is the second biggest burgeoning trend because it gives the customer the freedom to pay a store using their phone. It is predicted that in the coming five years, digital wallets will go mainstream as they can:
o Keep track of all loyalty programs
o Benefits accrued from a store
o Store several payment options simultaneously
o Ease the process of transactions
o Provide chances of customized offers
The only condition with this trend is the reluctance of the customer to adopt it for which businesses will need to provide incentives to drive the use of digital wallets.
• Loyalty Management Systems
Loyalty programs reward patrons who regularly shop at your store through points, discounts, and gift vouchers. A loyalty management solution allows the retailer to keep track of these for all their customers. In the next 2 to 5 years, such systems will be found at every store and retailer because:
- They encourage customers to remain loyal.
- They help businesses track customer interaction even on social media platforms.
- They aid in appropriate rewards like special promotion or cashback.