7 POS Trends for 2020/2021: Latest Predictions You Should Be Thinking About - Financeso... - 2 views
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global point of the sale terminals market is expected to reach USD 108.46[1] billion by 202
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One of the biggest POS industry trends right now is mobile payment transactions which saw a 40.2% year on year growth[2]
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it’s also important to have a reliable billing and invoicing program together with your POS sale
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45% have security as their top priority. Offering a secure payment method improves the trust your customers have with your business.
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Asia Pacific countries have fully embraced the use of mobile payment methods. eMarketer found that more than 45.2% of China’s population use mobile payment[8] for their everyday use.
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61% of quick-service restaurants in the US have embraced cloud-based POS[5]. In fact, 60% of new merchants are asking for cloud POS[6] rather than legacy POS.
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Cloud-based POS replaces all of that with a single app. Any update will come from the cloud to whatever device you are using.
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Accepting mobile payments for your business is easy. It mostly consists of scanning codes or tapping the smartphone on the terminal and authenticating the transaction
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Mobile POS offers convenience as it takes the point of sale system to the customer, rather than the other way around
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Accepting mobile payment methods allows lines to move faster and gives your customers a sense of satisfaction
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Mobile payments are safe to use. A lot of these systems are EMV compatible and use the latest secure credit card processing technology to protect you and your customers
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AI can personalize a customer’s behavior and offer relevant product displays based on their past purchases
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AI lets you know your customer’s buying habits. That way, you can order more of what’s being bought, increasing profits
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83% of shoppers are willing to provide their information[11] in exchange for a personalized experience
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Get insights on what your customers are purchasing more of. This gives you an idea of what they are going to buy next based on their most recent purchase from your store
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payment options include smartphone payment options that support RFID like Apple Pay, Samsung Pay, and Google Pay
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instead of waving the device over the POS terminal, customers will need cellular data to complete the transaction
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A mobile POS system often consists of a tablet that accepts card, cash, and mobile payment options. Additionally, these systems can also be used as a standalone register for a self-checkout kiosk
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It can also serve as a digital menu, where customers can input their orders. The orders will be sent directly to the kitchen, encouraging customers to order more
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Rather than giving the card to a server and letting them run the transaction at the counter, customers can pay from the table
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The article focuses on trends that companies utilizing a POS system should look at deploying. Bolstered by figures supporting the success of the emergent trends, the article seeks to encourage operators to make the move sooner rather than later. The most prominent trends revolve around more efficient payment access. Customers appreciate the speed and available payment options. Companies are also able to manage customer data effectively and securely while also managing inventory and marketing. AI integration is also a forward trend that is allowing businesses to tailor their tactics to each customer individually. Perhaps the most important trend that is affecting other transaction systems as well is cloud based POS.