POS Trends

POS Trends

Being in an industry with constant changes and improvements, POS trends are always evolving according to the new standards and demands set by consumers, as well as technological advancements. This article seeks to explore the current trends in the POS industry. 

Featuring iMin’s Swan 1 Desktop POS

Technology

Cloud Based POS-Systems

If you are well-versed in the POS world, cloud-based systems should not be something unfamiliar to you. Cloud-based POS systems are heavily utilized by businesses across all industries and in any size.

These systems offer a plethora of benefits that provide significant advantages for business owners globally. Cloud-based POS systems allow entrepreneurs to keep up with their business in real time, while being anywhere in the world – from their home, at a café, or even in another country. 

With a simple app and a few taps, business owners are able to remotely access, update and maintain important business metrics and insights such as sales numbers and inventory. For franchise owners, this is also a significant benefit as they are able to manage multiple outlets from a single location.

The adoption of cloud-based POS solutions brings convenience and timely access to important information which can help entrepreneurs to make better decisions and manage their business operations effectively. 

Artificial Intelligence

Artificial intelligence (AI) has become an integral part of the world. Be it in the form of a self-driving car, Google Assistant or virtual chatbots, AI serves as a powerhouse that empowers all forms of things, including POS solutions. 

By embedding AI into POS software, these AI-powered systems can help businesses to tailor and personalize unique customer experiences for each individual, based on customer preferences.

Taking supermarkets as an example in the retail landscape, AI-powered software can enable businesses to analyze sales trends, consumer demand and daily purchases to develop customer profiles. These customer profiles can then be used to up-sell relevant products and services that each individual might be inclined to purchase. 

Such information can also be used to develop marketing strategies and effective customer loyalty programs, which helps drive sales, enhance customer relationships and develop a seamless customer experience for all shoppers.

SoftPOS

SoftPOS, known as software point-of-sale technology, is a revolutionary technology that can enable any NFC-compatible smartphone or tablet into a payment acceptance terminal. In essence, businesses would be able to process payment transactions from customers simply using their own mobile phone. 

This technology eliminates the need for businesses to purchase expensive payment acceptance terminals in order to process contactless payment methods. Hence, new entrepreneurs and small businesses are able to enter the digital payment eco-system due to the affordability and convenience. It also eliminates the cost of maintaining multiple devices, as opposed to just using one mobile or tablet device to run your business. 

The technology is extremely secure, and uses similar encryption technologies as a traditional POS device would. Hence, business owners can be rest assured that customers’ payment information will be protected and safe.

Other benefits include easy installation and migration, low learning curves and providing an elegant payment solution to present to your customers. To learn more about SoftPOS or NFC technology, read their corresponding articles here!

Contactless payment with iMin’s NFC compatible Swan 1 Desktop POS

Contactless Payments

During the pandemic, contactless payments have increased significantly in popularity. It has been reported that China’s payment transaction volume increased by 7.2% between 2019 and 2020, and mobile transactions have made up 73.6% of all retail transactions during 2019.

In addition, a survey conducted by Mastercard revealed that 84% of customers in Singapore have increased their usage of contactless payment at the start of the COVID-19 pandemic, with 79% of Singaporeans indicating interest to continue using these contactless payment methods after the pandemic subsides. 

There are extremely noticeable and undeniable observations globally that indicate the popularity of contactless payment methods. What started out as a form of safety to stop viruses from spreading has proven itself to be an essential in one’s daily life.

COVID-19 has given consumers a glimpse of the convenience that contactless payment methods can be. Shoppers no longer need to bring their cash, debit cards or credit cards in their bulky wallets. Instead, they can simply use their mobile phone to conduct payment for their daily lives. From taking the bus to buying luxury goods in retail stores, customers are able to live their daily lives without hassle with just their mobile phone. 

Contactless payments also benefit businesses as they are not only secure, but fast and convenient. This reduces bottlenecking at the checkout counter, improving transaction times and customer satisfaction. 

Mobile Wallets

Mobile wallets have also been increasing in popularity among consumers. The mobile wallet market is forecasted to have a compounding annual growth rate of 20.5% between 2021 to 2028. This method of payment is extremely fast, secure and convenient. Similar to the previous example, consumers are able to go around their daily routine without the need to carry their cash, cards and wallets. This reduces the risk of theft and also human error (with consumers misplacing their wallets).

Digital wallets allow users to store payment information such as card information and bank details on their mobile devices. With a few clicks on an application, users are able to make payment using their smartphone by tapping it on a payment terminal or through scanning a QR code. Some popular examples include Apple Pay, Google Pay and WeChat Pay. More often than not, businesses and even banks offer incentives such as discounts or promotions for using these payment methods. 

Hardware 

Apart from software evolution, POS hardwareis due for upgrades too. This section of the article seeks to understand more about the popular hardware trends that are popular amongst merchants. 

Sleek Design

In today’s digital landscape, the importance of the user experience cannot be neglected. Apart from being functional, the physical aspect of the device must be taken into account as well. 

The modern POS solution is no longer just a payment acceptance device. It is so much more – it can even double down as a piece of artwork on your countertop. Modern POS devices not only focus on performance, but aesthetics as well. They are designed to look pleasing and less obstructive to consumers, inviting them to use the device. 

Sleek looking POS devices can help businesses stand out in a crowded marketplace, and aid in building a cohesive and consistent brand image. Using a well-designed POS device helps customers associate the sleek and modern design along with luxury, sophistication and professionalism. 

All-in-One Systems

All-in-one POS solutions refer to devices that combine multiple components and functions into a single device. For example, a traditional POS set-up might include a screen, payment acceptance terminal, mouse and external printer. However, a modern POS solution, such as the Falcon 1 Tablet POS, encompasses all these functions into a single device. It also comes with additional peripheral ports, enabling the device to connect with other devices in an elegant and efficient manner.

Featuring iMin’s All-in-One Falcon 1 Tablet POS

Such solutions are not only cost-effective, but also easy to set-up, learn and use. Devices with an all-in-one design philosophy can also help to create compact and sleek devices, which looks good on a business’s countertop as mentioned earlier. It also saves space and allows merchants to design a unique and aesthetic checkout experience. 

Tablets

Tablets POS devices are a highly sought after solution for any type of business. These devices are lightweight, portable and less expensive than traditional POS systems. They are able to run software that enables payment processing, inventory management and staff scheduling.

These POS solutions are extremely versatile and can be used for businesses that require movement – such as food stands and pop-up stalls. Entrepreneurs are able to easily set up shop as and when they like, bringing along the portable powerhouse along to support and manage their business. 

Tablets are a great option for businesses that want to provide their consumers with an interactive and engaging experience. For example, a tablet can be used to display product information, menus and other promotional materials or payment codes (QR code). 

Mobile Devices

Many merchants have also been picking up mobile devices in recent years. These handheld devices are lightweight and powerful, allowing for employees to carry them around the whole day without feeling fatigued by it. 

In the retail industry, such as in physical stores of a clothing store, employees are able to bring around the mobile POS device to help customers check for inventory or process payment on the go, bringing business efficiency up a notch and exceeding customer expectations. By improving their shopping experience, customers are likely to be satisfied and have a positive impression of the brand. 

iMin’s Swift 1 Mobile POS with scanner attachment performing stocktaking

In the food and beverage industry, similar applications can also be used where the waiter is able to not only take orders, but accept payment from customers at their table. This can be a great help during peak hours where many customers arrive and leave simultaneously. It would eliminate the need for customers to wait in long queues to pay for their meal, but instead create a seamless experience in and out of the restaurant. 

Self-Service Kiosk

Another type of popular hardware would be the self-service kiosks. They have been surfacing not only in the retail industry, but food and beverage as well. To be more specific, the quick-service and fast food establishments are taking advantage of these devices to streamline ordering processes and reduce waiting times.

By having self-service kiosks, customers are able to input their order and make payments all on their own, without the need to interact with a service staff. This allows for employees to perform other value-adding activities, and not be tied down to processing customer orders.

Featuring iMin’s S1 Self-Order Kiosk

With the ever changing preferences of consumers and the constant evolution of technology, merchants must strive to keep up to date with POS trends to stay relevant. If your business has yet to adopt a digital payment solution, get started today!