There is no doubt about it. Point of sale systems have revolutionized business operations in a way no one expected. They provide businesses with flexibility, control and efficiency. All these perks explain why the transition from traditional cash registers to POS systems happened within a short time. As things stand now, nearly all modern businesses made the switch. Part of the reason the migration from traditional systems to POS was seamless has a lot to do with how easy it is to use POS systems. It also has a lot to do with how POS systems give customers unrivaled autonomy over how they pay for goods and services. But like it is the case with nearly all other trends in the businesses world, POS systems are changing for the better. Here’s how the systems are changing and why you should be concerned.
Previously, businesses had to first run data from different e-commerce platforms. They would then shift to physical POS systems. This took time. For comprehensive reports, businesses would be forced to import data from accounting software like spreadsheets. This is now changing for the better with the advent of shared commerce. A good example is Shopify’s POS system. It is designed to sync with shopify application for both Android and iOS to track both offline and online transactions. So instead of managing two sets of different inventories as well as payment systems, the POS streamlines and synchronizes product and financial information.
The latest POS systems integrate real time transactions with CRM solutions. This makes it easy for businesses to boost revenue by increasing sales. Note that while POS systems only provided basic data on customer behavior, POS+CRM integration now makes it easy for business owners to see which customers make the biggest impact on sales. You can therefore have an easy time setting up loyalty programs. This kind of efficiency where managing client records is made easy saves you both time and money. It also puts you in complete control especially when it comes to analyzing consumer shopping trends.
POS Security and IoT
POS Systems need security just like business software solutions. But this alone is no longer a cause for concern because nearly all POS systems now guarantee security. Bring the Internet of Things into the picture and you’re suddenly faced with a new world of possibilities. Think about it this way. IoT features interconnectivity as well as communication of devices, physical objects and networks. It is the unseen force behind smart homes and talking refrigerators. It now makes it possible for business owners to connect POS systems to front and even back end processes like inventory management, accounting and CRM.
Customers now use mobile wallets and credit cards more than ever before. It actually appears that soon, cash payments will be replaced entirely by plastic money and such like options. Statistics indicate that by 2025, up to 75 percent of transactions will be cashless. This leaves business owners with no choice but to consider mobile POS systems. With mobile POS systems, all you need is stable internet connection. You do not need expensive equipment or intense staff training.