Top POS trends & technologies that will shape the future

A POS systems, also known as a point-of-sale system, is a crucial business tool that has taken the role of the conventional cash drawer machine with innovative, technologically advanced POS systems. These platforms do more than just sales figures. Many can manage personnel schedules and clock-ins, track inventories across many sales channels, and gather data for corporate insight and individualized service.

1. Wireless POS Systems

Transactions take place at the checkout counter in a regular retail setting. You are no longer bound to the cash drawer machine, or even to your business, thanks to new  POS systems. With portable devices in hand, employees can move around the store, interact with customers, look things up, and make sales right away using a bluetooth receipt printer. You can take orders at trade exhibitions, kiosks, or off-site locations with POS Peripherals, which link with your main shop.

But it extends beyond that. Since social isolation and distance have become increasingly common, mPOS and internet sales enable customers to order for delivery or order online and pick up in-store for everything from restaurant meals to branded goods and even automobiles. 

As customers become used to the convenience, this trend is anticipated to continue.It is anticipated that the average smartphone transaction value would rise from little over $7,000 in 2020 to $11,755 in 2025, indicating the sustained and rising popularity of untethered shopping.

Rugtek manufactures some of the best portable POS systems for businesses that need reliable POS Peripherals.

2. Smooth Multi-channel technology

Omnichannel experiences combine offline, online, mobile, and social sales with a clear overview of the customer relationship across all channels which has taken over as new POS trends in small business. POS technology continues to give merchants the tools they need to improve consumer experiences at all touchpoints.

Particularly, various POS system types may aid merchants in creating:

Retailers can now build:

1. E-Commerce extension
2. Click and Collect

3. Alternative Payment Methods

Credit cards make up 38% point-of-sale payments and debit cards accounting for 29%. In reality, only 12% of POS systems transactions are now made with cash which is further reduced due to UPI payments options.

Although credit and debit cards are still widely used, usage is anticipated to steadily decline as customers access an ever-growing number of payment options such as :

• Buy Now Pay Later (BNPL): Commerce companies have introduced BNPL services where a product can be bought without or with a downpayment and can be paid for later without or with very less interest rates.
• Bill splitting: Bill splitting used to be done through a calculator but now many e-commerce companies have introduced shopping with friends or bill splitting options as an advancement to POS Trends 2022.
• Gift cards: It’s no doubt that the popularity of gift cards are now increasing in a world after COVID-19. Rise in e-commerce platforms as well as POS systems have driven the growth in the popularity and use of gift cards.
• Brand loyalty and rewards: Loyalty programs helps improve repeat purchases which also increases the value of the brand and offers customer retention. This gets very easy when an advanced POS machine manufacturer like Rugtek create some of the best POS systems in the market.
• Cryptocurrency: Starting from 2021, cryptocurrency has been accepted by major financial companies Mastercard and Visa, which can be a reliable method of payment if the business accepts it as a form of payment.

With a flexible, modern POS, you can accommodate more customers—and in turn, increase sales accepting various payment methods.

4. Personalized In-store Shopping Experiences

Due to COVID-19, mobility and fulfillment solutions took a backseat to personalisation for just 41% of retailers in 2020 and 2021. However, as more customers visit physical stores again, customization is once again becoming a greater priority.

It’s essential to have a POS system that offers personalized shopping experiences for the followings:

• Customers are willing to share data: To get the personalized recommendations they want, many customers are willing to share their data in exchange for a number of benefits. This also enables other newer technologies such as portable bluetooth printers to be integrated into the system. 
• Buyer satisfaction: A lot of companies now provide personalized ads and products that are relatable to them. This significantly improve customer satisfaction that in turn reflects POS trends 2022.
• You can increase your prices: Better experiences mean you can charge higher prices, which ultimately increases profit margins. Some consumers are also willing to pay more for personalized shopping experience.

5. Rise of POS Data Analytics

Many customers want to save their shopping habits, preferences, and personal information if it makes the checkout process simpler and they can receive offers that are relevant to them. However, POS system data is useful for more than simply learning about your customers and their preferred methods of contact. The analytics from your POS system may also provide details on your company’s personnel, merchandise, store, foot traffic, refund policy, and other variables.

POS systems keep track of what stock is selling and what products are less popular by your customers. Similar to this, POS data offers perception into seasonal tendencies and enables profit expansion based on price data. Businesses now have it simpler to maximize retail data analytics and increase sales.

There are several connections and add-ons for payment processors that offer data for better business decisions:

• Customer surveys: Many POS systems let you add a link to a receipt for customer feedback and sometimes rewards the user for the response.
• Time tracking and scheduling: This is especially useful for cafes, but good for any shift-driven business. When your time-tracking software integrates with your POS system, you can see labor vs profits or sales volume to generate the most efficient schedules.
• Payroll platform: Insights like salaries, key deliverables, milestones and other offerings are some of the major features that new POS platforms offer. This helps in handling your business better and also gives better control over costs.

There are a lot of POS Trends 2022 which makes the process of selling goods and services much easier and includes improving customer experience. Are you exploring some of the best POS systems? Rugtek offers some of the most modern and durable POS machines in the market.