The latest trends in POS technology that you need to know
Point-of-sale software is critical for brick-and-mortar and eCommerce stores to help with their sales process. And in recent times, the industry has seen numerous changes in how sales operation takes place – the emergence in popularity of cashless payment, mobile payments, online stores, and more. These existing and up-and-coming tendencies pose a challenge for developers that will continuously shape how they make their POS software.
eCommerce stores have been around for years and show no signs of slowing down. With the growing Internet users, businesses are more likely to build virtual stores to serve this ever-increasing market. Online stores supply a fast and appropriate shopping experience for customers. POS software can assist you to streamline online sales with multiple simultaneous transactions.
POS Transaction Value Worldwide From 2017 to 2024 (in USD)
The Future is Cashless
Cards are becoming more and more favoured as a payment method for shopping. In addition, the disclosure of payment gateways like Apple Pay and Google Pay encourages more shoppers to go cashless. It is also forecasted that the value of POS transactions will reach $4 million by 2024. A handful of POS software already provides features that can assist you to set up cashless transactions, and more will follow suit.
Mobile POS Payments
Transaction value in the Mobile POS Payments segment is projected to reach US$2.88tn in 2022.
Transaction value is anticipated to show an annual growth rate (CAGR 2022-2026) of 15.60% resulting in a projected total amount of US$5.14tn by 2026.
In the Mobile POS Payments segment, the number of users is anticipated to amount to 1,857.4m users by 2026.
The average transaction value per user in the Mobile POS Payments segment is anticipated to amount to US$1.92k in 2022.
From a global comparison perspective, it is shown that the highest transaction value is reached in China (US$1,554.00bn in 2022)
Mobile POS users worldwide from 2017 to 2014 (in Millions)
POS trends 2022
The Age of Self-service. Dining establishments have started placing self-service kiosks instead of servers and waiters. These machines are all-in-one kiosks that can take orders, relay the same to kitchen workers, and receive payment. Mostly in busy hours, this can assist in streamlining the lines. Likewise, it can reduce order errors, as it puts the accuracy of the order with the customer.
Virtual cafes. Ghost (or virtual) restaurants are germinating in food delivery service areas, where food is made ready only upon ordering. Depending on an outlet’s success, installing their own POS systems for direct orders (independent of food delivery companies) may be in the works.
Mobile ordering. Pickup orders generally mean calling the cafe in advance to order, but payment and invoicing still happen onsite, consuming time. A mobile POS can assist reduce turnover by processing payments while the customer is in transit.
Benefits of POS Software
Nevertheless, is it the time for you to shift towards a POS system? The rule of thumb says it’s never wrong to make life a bit easier, and no businessman would disagree with it. So, let’s see exactly what a good POS system can do for you:
Avoid errors. Dealing with numbers, multiple customers and products at the same time can hardly pass without human error, if that’s even possible. Instead of cross-checking each client’s order, you can use the POS system to manage inventory and better analyse sales patterns. You get to save a lot of money.
Analysis. Having data displayed comprehensively wouldn’t be reasonable without a robust analytics and reporting system, where that data can be closely examined to reveal tendencies and solutions. Accompanied with full real-time reporting, the analytic features of POS systems can trigger your most potent and most thoughtful business decisions.
Networking to other terminals. How about managing sales and reserves from one web application platform? With POS systems, this idea is achievable, as the system can be matched to different terminals and expanded with handheld devices for tracking data from any location.
Shrinkage Security. In all likelihood, the most well-defined advantage of POS compared to other sales software as these systems provide powerful SKU reporting and follow periods, promotions and orders, and pay particular attention to the performance of each employee.
Affordability. Despite all those excellent characteristics, POS software doesn’t belong to sky-high sales software categories. Depending on your requirements, you can probably opt for a free plan and be entirely satisfied with its offers.
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