Businesses need to upgrade their tools so they can stay on top of their game. Retailers are always looking for new and improved solutions through which they can carry out business operations with ease. One aspect that’s witnessing rapid change and progress are the point of sale (POS) systems.
Modern POS systems are paving the way for smarter business practices. POS systems are no longer restricted to just their traditional roles. POS systems function as a payment gateway to tally the sales and process the bills. But now POS systems are able to do so much more. Recent advances, especially by companies like Shopify, have made POS systems more intuitive and capable of performing other useful tasks including managing inventory and identifying customers’ shopping behavior.
Businesses need to keep an eye out for the recent trends that have emerged with new and advanced Point of sale systems that have hit the market. These upgrades will let the store owners collect valuable data and introduce faster and more convenient methods of conducting business. An upgraded POS system will give them an edge over their competitors.
Here’s a list of the latest developments and trends that are evolving in the POS space:
Portable POS: A major drawback of traditional POS systems is that they aren’t portable. The sales information and inventory updates will have to be viewed from a stationary monitor.
Now, there are a range of POS software that are compatible with Android and iOS devices. All the sales data and inventory updates from the retail and online stores can be viewed on the go. Adding products to the inventory and other product information can be done conveniently with a tablet or mobile. POS software apps can be installed on your personal devices to sync relevant business data between the app and the store.
For example, the Shopify App offers convenient features to manage a store. It has a dashboard that displays important updates and trends in the business. It can be used to manage the inventory by adding products, uploading product photos or changing the price. Information on customers and their profile details can also be accessed directly from the phone.
Cloud Technology: With the advent of cloud services, it has become easier to transmit the sales data. It automatically syncs the information from a POS terminal that’s located on the site onto other devices. The cloud-based POS system automatically organizes all the relevant sales information.
The benefit of this method is that extra manpower doesn’t have to be assigned to prepare and send this information to other devices. Another substantial benefit of cloud technology is that the information can be transmitted offline.
Shopify offers cloud-based POS systems that can automatically sync the online and offline information.
Data and Analytics: Retailers require quick access to sales data so they can come up with better strategies for running their stores. With the advent of cloud-based POS, it has become more convenient to access this data to identify which products are selling the most and when. This will also reveal the products that aren’t selling well so you can avoid investing in them. The system can identify peak hours of sales for your store so that your staff can be prepared ahead of time.
Metric analytics provided by Shopify’s POS gives you product reports stating which items are selling fast and which aren’t.
Artificial intelligence: POS systems are able to collect information on their own. They don’t require manual input for collecting and organizing data. This kind of AI technology is being used to collect customer information and hold email marketing campaigns. The point of sale software will tailor these emails according to a customer’s shopping history or preferences. This is a more personalized and effective way of advertising.
Shopify will create a profile on customers based on their order history. This information can be used to discover a customer’s shopping habits and personalize marketing strategies for each customer. Shopify can sync customer information from both online and retail purchases. This allows a company to track the shopping behavior of a customer even if they only use a single platform. The software can also include contact information like phone numbers and emails in the respective customer profiles. These email addresses and phone numbers can be used to notify customers about new products or upcoming offers.
Frequent developments are being made on point of sale systems. It’s vital that companies monitor and utilize these new tools so they can stay ahead of the game.