The Future of POS: Shoppers and Retailers are Ready for Digital Innovation

In the last years, the modernization of POS systems got more and more important for retailers. We have seen a lot of merchants venture into omnichannel solutions and try in-store marketing solutions to enrich the shopping experience for their customers. In the future, we anticipate stores to continue to find ways to bridge the gap between offline and digital shopping channels.

To stay relevant, retailers need to adapt a mobile-first approach at POS
In fact, to stay relevant, retailers need to adapt a mobile-first approach at POS – and with this react to the changing consumer needs: Eight out of ten consumers globally use a computer, smartphone, tablet or digital in-store technology while shopping. Technological innovations and a hyper-connected world have significantly influenced consumer behaviors and expectations: A total of 82 % say they consult their phones on purchases they’re about to make in a store.

Another important point for retailers is to bring the checkout process to the store aisle. Yet, 46% of retailers do not utilize mobile POS currently and 23% of those who do, can’t accept payment through the device.

62% of retailers said customer identification is their top engagement priority

Nevertheless, asking retailers about their future, three out of four are willing to increase spendings on in-store mobile solutions over the next 12 month. And even one out of two will rise their expenses on broadening payment options accepted at POS. 62% of retailers indicate customer identification is their top customer engagement priority.

Customers are more demand driven by new technology
Latest research show that customers do not differentiate their shopping experience by channel, and if retailers want to thrive in the digital age, they have to align to the customer expectations – not the other way round. Retailers can provide an outstanding customer experience by just linking online and offline services through big data solutions that can easily be installed.

Besides, customers have become more demanding driven by new technology and the real-time capabilities it enables. No wonder that 62% of retailers agree that understanding the customer experience in-store is critical to a holistic customer journey.

Personalization for a better and efficient customer experience
Modern consumers still value rewards and promotions, but omnishoppers prioritize value, track record and convenience, over loyalty rewards: 59% of shoppers who have experienced personalization believe it has a noticeable influence on purchasing but 85% of them would be more likely to shop in stores that offer personalized coupons and exclusive offers.

Through point-of-service applications on mobile or tablet devices, sales associates will instantly and automatically access a shopper’s profile, customer preferences and buying history to provide a better and efficient experience. Predictive analytics will be leveraged to know what a customer wants before he or she even asks for it.

The future of retail is all about using technology to strengthen customer relationships and improve the customer experience, while making the day-to-day operations easier for merchants.