Mobile point-of-sale transactions have seen an exponential increase in popularity due to the push for less human contact as a result of the pandemic. Online retailers are making huge profits from increasing cashless transactions and expanding their offerings to increase their revenue. In just a few short years, POS software has evolved from a simple tool for recording sales transactions to a powerful platform that integrates your marketing, inventory, and data analytics. It has been a vital tool in the current era of pandemics. Its development is not slowing down. Therefore, it is important to keep up with POS trends. What are the future plans for POS software as we move into 2022?
The latest trends in 2021 include new payment methods for check out and new ways of storing data.
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What does POS stand for?
Point of Sale (POS) is where the product passes from seller to buyer. To complete these sales transactions, merchants usually use a point-of-sale system. The POS software can also be used as a stock control and sales control system.
Retailers must be able to react quickly to new developments in order to increase sales and remain competitive. You have come to the right place! This article will discuss the top POS software trends for 2021 and how you can adapt them.
Cloud Technology adoption
Cloud is a term that you may have heard used to describe the latest technology.
What is the “cloud” you ask?
Cloud technology is the use of the internet to instantly store and share data or resources. These files can be accessed via the internet by any user from any device.
iCloud, for example, syncs photos, music, and notes between all your Apple devices in real-time.
Retailers want to access their sales and store transactions quickly from any device. This is possible with cloud technology.
Cloud-based technology is being integrated into POS software. This technology is being adopted by many small and medium-sized businesses.
A cloud-based POS Software allows retailers to easily access their store data and update their software across all stores if required.
Cloud technology is a great way for retailers to do business and will revolutionize the retail POS industry.
Customer loyalty program integrated
Customers who feel valued by businesses are more likely to return for more transactions if they know that their loyalty is appreciated. Enterprises can benefit from this as it increases customer retention by as little as 5%, which can increase profits by up to 25% to 95%. 75% of consumers will choose businesses with rewards programs, and 52% will sign up for a program offered by a brand they frequent (Yotpo 2018, 2018).
It is a good idea for stores to have a loyalty program that they can integrate with their POS software. Although most businesses will offer stamps and stickers cards, it’s still a great idea to have a digital rewards program. This is because customers might forget to bring their rewards cards. Stores can link customer transactions to their rewards IDs by simply entering their registration numbers or names. This can encourage customers to return to a business more often.
It is also possible to include a referral program in your rewards program. Businesses can also use existing customers to attract new customers.
This direction also ties in well with cloud-based POS software and offers additional benefits.
Continuous loyalty. Customers will be more inclined to shop at their favorite stores if they know they can earn points even if they don’t have cards.
Customer retention. It is vital for a business to maintain good relationships with its customers. Shops can encourage customers to shop with them more often by offering a loyalty program.
Streamlined customer data. Businesses can learn more about their customers by using digital rewards programs. This allows them to see which products are the most popular with consumers. They can then make strategic promotions to increase sales.
To maximize sales, retailers have begun selling products online.
You will reap many benefits from setting up an online store, especially with the growing demand for online shopping.
A few main benefits are:
- Access to a larger customer base
- Analytics and real-time data on consumer shopping habits
- Conveniently open 24/7
- Lower operating and setup costs
Customers are able to find the products they desire faster
This trend is being followed by POS software systems that are updated to make it easy to set up an eCommerce shop with your existing product range.
Isn’t it convenient?
Ecommerce has become a major trend in 2021, as well as social media selling.
Social selling refers to when businesses post and sell their products via social media platforms like Facebook or Instagram
According to research, 74% of consumers use social media to find information that will help them make future purchases. 43% are more likely than consumers to purchase something after they learn about it via social media.
Mobility is now a priority
Mobile POS payments will reach $4,650 556 million by 2025 and have approximately 1,890.33 million users. These numbers have been adjusted to reflect COVID-19 changes (Statista, 202). This is not surprising as people will continue to be cautious about close physical contact with people they don’t know.
While many customers still prefer to use their credit or debit cards for transactions, there are increasingly shoppers who prefer wallet apps such as Apple Pay and Google Pay. As the number of smartphones around the globe continues to grow, this trend will not slow down. Smartphone ownership has reached 90% in advanced economies such as South Korea and Israel. In contrast, smartphone ownership in less developed countries is between 40%-60% (Market Watch, 2002). Although the difference may seem huge, it still means that many people have smartphones.
If this trend continues, half the world’s population could be using digital wallets by 2024. Mobility can only get a boost. Mobile POS is a solution to the pandemic. It helps reduce human contact and doesn’t inconvenience customers.
These systems offer the following advantages:
Superior functionality These devices can be used in restaurants to provide more than Point-of-sale software. These can be used as a digital menu where customers can enter their orders. Customers will get more options and be able to place orders directly at the kitchen.
It’s a convenient way to pay. Customers can pay at the table, rather than handing the card to the server who will then process the transaction.
It can also be used as a static till. Your mobile POS can be used as a static till in retail shops that have self-checkouts. Customers can then check out whenever they like.