POS (Point of Sale) is a place that allows customers to execute their payments for goods and services and check out, whether online or in a physical store.
It is divided into two types: On-premise and Cloud-based. Each type has distinctive features, yet both serve the same purpose: elevating the business, gathering a better insight into the customers' purchasing behavior, and understanding the business's internal operations.
So POS is an essential part of any business that requires many check-ups and innovation. From here, we can state that the global Retail POS Terminals industry is on the rise and constantly evolving. We are not being hyperbolic as ResearchAndMarkets.com states," the global virtual payment (POS) terminal market is expected to grow from $22.19 billion in 2021 to $28.31 billion in 2022 at a compound annual growth rate (CAGR) of 27.6%. The market is expected to grow to $70.68 billion in 2026 at a compound annual growth rate (CAGR) of 25.7%."
Numbers look good, but what does this have to do with business? What can we expect in the year 2023? We'll be listing a prediction regarding POS trends in 2023 here.
Grab a pen and paper. This might be lengthy.
1- Increase in mobile payments
Back in 2021, DataReportal stated that more than half (55.4 percent) of internet users use their mobile phones to purchase products online.
People are saying goodbye to cash payments and welcoming online ones because it's more straightforward, accessible, and less complicated.
Now online payment won't be limited to debit/credit cards. With the rise of e-wallets, customers now prefer contactless payments.
2- Self-checkout is the new norm.
Shoppers are increasingly taking control over their own checkout experience with self-checkouts. As opposed to trying to keep up with a cashier, it allows you to scan and pack your goods at your own pace.
3- Cloud-based Software is It
Retailers must have instant access to their store transactions or sales data from their desktop, tablet, or smartphone.
Enters cloud-based software, which makes it easier and more convenient for businesses to access their dashboards, track and process multiple purchases and upgrade their software whenever and wherever.
4- Continuous rise of Personalised Marketing/experience
Customers love a personalized shopping experience that caters to their wants and needs.
It would help if you had a customized marketing strategy to keep clients returning to your business or attract new ones. Thankfully, this is considerably simpler for merchants now that modern POS technology is available.
Retailers may now utilize this information to offer relevant deals or engage customers in a loyalty program to create a better shopping experience, thanks to the critical advantage of tracking client buying behavior.
5- Data Analytics will be critical players in shaping the future
Companies are actively searching for ways to fully understand what is going on in their store and how they can improve, and they found the solution in the form of AI-driven data analytics.
Data analytics assist in identifying sales trends, forecasting the demand for well-liked products, and locating potential buyers.
It is best to invest in a POS system that offers capabilities to track and evaluate the performance of the business.
Trends come and go, but one thing persists: POS is changing how we see things and deal with customers. A new year has come, along with many days that are brimmed with many opportunities to improve your business. Use your year for your benefit, and keep tracking down upcoming trends every once in a while to ensure you're not missing out.