Constantly evolving technologies and fundamental shifts in consumer behavior, together with the rapidly changing regulatory landscape, propel the payment ecosystem toward transformation. Businesses are increasingly adopting point of sale (POS) system for the range of benefits it provides, such as linking of product codes and selling prices of articles, implementing discounts, customer loyalty schemes and efficient stock control. POS software not only simplifies the checkout process but also tracks the inventory effectively and enables businesses with a streamlined channel for connecting with suppliers. As POS companies grow, they find additional ways of generating revenue, augmented by the selling of add-ons like loyalty points.
The wider implementation of the internet of things (IoT) facilitates changes like automated inventory management and omnichannel marketing campaigns for increasingly personalized experiences to consumers. With the progression in shopping habits, the popularity of in-app and one-click ordering shows a significant increase. Besides, mobile POS solutions are promoting cashless transactions and encouraging the usage of plastic money, which is becoming not only simpler but also more secure. The increasing integration of POS solutions with eCommerce platforms has only encouraged this trend. As customers prefer the use of cashless technology, data security is expected to become a growing concern. Credit card security has posed an apprehension, with insecure remote access being the greatest cause of card breaches. While presenting opportune moments such as the demand for safer data, faster payments, intuitive and interactive user experience, POS software comes along with a fair set of challenges that involves choosing the right solutions and implementing it accurately to derive maximum benefits. A larger-than-life industry advantage can be attained once these issues are successfully addressed.
To aid CTOs, CIOs, and CEOs in this regard, a distinguished selection panel comprising of CEOs, CIOs, VCs, industry analysts, and the Retail CIO Outlook’s editorial board has selected a list of POS Solution Providers that exhibit innovative technologies combined with latest financial strategies. We present to you Retail.