The Point of Sale (POS) system has been the heart and soul of retail businesses. It is where a product or service is passed from seller to buyer. Nowadays, it has doubled as a stock and sales control system. POS systems of today integrate marketing, inventory, accounting, and data analytics to make it even easier for retail businesses. But what’s in store for POS solutions in the coming months?
The COVID-19 crisis might have already marked the final days of cash transactions. With retails stores being advised to limit the exchange of notes, the trend toward a cashless society may soon become irreversible. While the majority of retailers have long ago included digital payment options, the pace of progress and fierce financial competition has given rise to an ever-expanding number of alternatives. Retailers in 2021 can, therefore, be expected to accommodate a whole range of contactless, cardless, mobile, and smartphone payment options. That means the once humble POS system is going to expand into a collection of apps and hardware to keep everyone happy.
Besides, many POS systems are now starting to integrate cloud-based technology into their system. By using a cloud-based POS system, retailers can easily access their store data in real-time and upgrade their software across all stores (if necessary) at the same time. And once matured, cloud POS technology will make the art of doing business a lot easier for retailers and will change the entire landscape of the retail POS industry.
Big data is another key trend in the retail POS segment. The latest innovation in data science is now making this type of data available so that retailers can make better informed and data-driven decisions. These cutting-edge data and analytics will help determine sales trends, predict demand for popular products, and identify target customers that are likely to buy them.
At this juncture, many cutting-edge POS solutions and service providers are entering the domain with advanced and integrated offerings. To help the retail sector strengthen its operational capabilities and simultaneously enable growth in the industry, Retail CIO Outlook has compiled a list of the top POS solution providing companies. The list comprises prominent organizations in the industry that address issues by implementing current trends. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you Retail CIO Outlook’s, “Top 10 POS Solution Providers – 2021.”