Monday, December 18, 2017

Three Key POS Trends Driving Innovation in Retail

..While a primary focus of retailers is to create an engaging, positive and unique shopping experience for consumers, it’s critical that they understand the importance of big data and in-store analytics, adopting cloud-based solutions and unifying commerce. With the retail industry in the process of a massive digital transformation, here are three key POS trends that retailers and consumers need to know to be successful in this rapidly changing retail environment.
1. Usage of big data analytics will increase
In an effort to compete with e-commerce, retailers are increasingly turning to big data and in-store analytics to get a better understanding of what is happening inside stores. This year, we will continue to see an increase in big data and in-store analytics being applied to every stage of the retail process by determining retail trends, predicting where the demand will be for products, optimizing pricing for a competitive edge and identifying the consumers that will most likely be interested in purchasing those products..
2. Increased focus on a personalized in-store customer experience
Customers can no longer be treated as a segment by retailers. Retailers now need to provide personalization that singles out the individual shopper. This year, we will also continue to see more retailers adopting personalized technology solutions such as mobile, which will allow for an interactive consumer experience. Through the emergence of new mobile POS technology, retailers can now offer customers more choices to accommodate their shopping habits by letting them begin, modify or complete transactions anywhere in the store..
3. Cloud adoption will increase and outdated legacy systems will be replaced, creating new opportunities for future proofing
Legacy technology is becoming a roadblock for larger retailers when updating their current systems. As a result, retailers and consumers are continuing to look for solutions that are easily upgradable, have a future-proof design and continually meet their needs as technology requirements advance. This year, we will likely see an increase in the number of small- and medium-sized retailers adopting cloud-based solutions. Since these businesses are often nimbler and aren’t typically tied down to large, complicated legacy systems they are in a great position to switch to unified commerce technologies, further validating that cloud adoption is increasing.. Read more here

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