Point of Sale (POS) Forecasting for 2020

Point of Sale (POS) Forecasting for 2020

With the arrival of each new year, a wealth of predictions and trend forecasting precedes industry shifts and innovations. There’s increased speculation around “what’s next.”

At iMin, we capitalize on industry-shifting predictions. This focus on challenging the status quo is the very reason we are the pioneering cloud-based point of sale (POS) solution. Let’s dive into some of the Point of Sale (POS) forecasting this year.

Digital-First Customer Experiences

Digital-first companies are 64% more likely to achieve their business goals than their peers, on digital transformation. This isn’t a trend; it’s a movement. To keep pace in today’s competitive restaurant and retail markets, businesses must consider how digital experience factors into their customer journey.

Customer-Centric Ordering

Calling it the “Experience of the Future,” self-serve kiosks emerged at the fast food giant’s flagship store in Asian market. Kiosks have since popped up across a lot of country such as Malaysia (McDonald) and Singapore (KFC), and analysts have noticed an increase in the revenue for the respective fast food giants.

Restaurants and retailers don’t need the size or budget of giants like McDonalds to offer customer-first experiences. POS providers — like iMin — now offer integrated self-service kiosk options, S1. Kiosk technology often leads to higher checks because it offers customers the ability to quickly, and accurately, place orders. Additionally, kiosks offer operators the ability to integrate their CRM and loyalty programs, allowing customers to earn rewards, quickly view their order history, and easily reorder their favorites.

Similarly, mobile order takers are becoming increasingly common amongst businesses looking for increased ordering flexibility, and a better, more technology-driven experience for their customers. Mobile order takers offer the following benefits:

• Increase order accuracy and speed with table-side service
• Help with upsell opportunities by giving employees information at their fingertips
• Expand selling opportunities during busy hours by meeting customers where they are in line

Voice and Facial Recognition

While options like self-service kiosks and mobile order takers exist today, the technology is still new and there’s constant speculation around what’s next. Both voice and facial recognition are frequent subjects when it comes to the next level of interactivity in self-service kiosks. Due in part to the popularity of voice activated devices like Google Home and Samsung Bixby, customers are more comfortable than ever using their voice to interact with technology, according to Kiosk Industry. Additionally, facial recognition technology can apply to self service kiosk engagement. The tech can speed up the process for unlocking previous orders, preferences, and customizations, and even use the customer’s voice to complete the order. However, the argument around the importance of human to human interaction will always remain. As this technology becomes more widely available, business owners will have to decide which option is the best fit for their business model and client. 

A Shift From Legacy Products

Legacy POS solutions still fuel businesses today, but are becoming increasingly difficult to maintain. Advancements in technology allow for more modern, space-saving solutions. When you’re considering a POS, make updating your system as simple as updating your phone. Employees and customers demand solutions that are easy to use. They are more inclined to accept a POS that resembles technology they use in their personal lives. 

In general, legacy solutions lack the flexibility operators need to keep up with demand, resulting in a shift to cloud-based solutions. As more antiquated solutions begin to require larger investments to maintain, it will be interesting to watch the shift to cloud-based solutions evolve even more rapidly. 

Delivery That Betters Your Business

As delivery, and delivery through third party delivery apps, continues to increase in popularity, operators must meet the growing demands in order to capitalize on the booming market. 

Aligned with this Point of Sale (POS) forecasting, mobile POS solutions can play a major role in easing the worries associated with consumer’s shifting behavior towards delivery, and can help businesses unlock the increased revenue potential associated with it. iMin recommends upgrading your POS so you can integrate all ordering channels within your POS solution. 

iMin’s mobile POS, M2 helps businesses maintain menu consistency by updating online and physical menus with one click. It creates a seamless omnichannel approach to delivery. By integrating your online ordering platform with your POS solution, businesses can easily sync CRMs, qr code payment, and loyalty program information across platforms, increasing engagement amongst customers. Lastly, integrating online ordering with your POS gives you immediate access to valuable data. Instantly gauge menu demand, peak ordering times, and more.­