5 POS Industry Trends To Watch For

Friday, January 26th, 2018

The point-of-sale (POS) market is quite large. The industry is expected to further grow, thanks to the advances in the modern world of technology.

The POS Market

A POS system is called to operate as a cash register allowing retailers to record sales and keep transaction records in their stores. The advancements in the world of technology enable POS systems to account for more than the point of sale.

Today, you can find many POS solutions serving as retail management systems. They can be used both for sales and inventory, customer management and eCommerce.When it comes to mobile point-of-sale (mPOS) solutions, they’ve had a significant impact on the overall industry.

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POS Industry Trends to Watch in 2018

If you’re interested in the point-of-sale industry trends for 2018, just read below:

1. Convergence Between Online and Brick and Mortar

The Internet of Things (IoT) is growing incredibly fast. The implementation of the IoT has the power to bring lots of changes into our work and life. The Internet of Things is increasingly making inventory management automated.

Moreover, the development of the augmented reality (AR) accounts for major changes as well. Finally, the growing importance of mobile apps offers more personalized experiences to consumers.

2. Mobile Payments

The innovations offered by Apple, Google, and Samsung play a great role in making mobile payments platform more advanced. Though mobile payments don’t represent a huge amount of the total payments volume, they tend to grow significantly in 2018.

Thanks to newer and more advanced devices, consumers will be able to pay via their mobile devices or watches more easily. The number of merchants accepting this type of payments will increase as they upgrade their POS terminals.

3. Data Privacy

Data security and properly maintained remote access are critical to both resellers and merchants. By the way, privacy and breach disclosure law called GDRP is expected to impose stringent controls and fine companies for non-compliance across the European Union.

4. eCommerce

Amazon is increasingly making it easier for consumers to accept packages and other services ordered online. Shopify and other eCommerce platforms will become more beneficial for smaller retailers. It’ll become even easier for consumers to order goods online and receive them quickly.

5. Lower Fees

POS companies are becoming larger. Ways to generate revenue are becoming diverse for these companies. It’s anticipated that fees they charge for the point-of-sale app are going to get lower. Revenue will get decreased and be offset by selling add-ons (eCommerce, loyalty, payments, and more) and additional services to a larger customer base.

To stay competitive and find the right way to grow your business, you can’t stay ignorant toward the trends in the POS industry. Go through the points mentioned above and get the best for your business.