Thanks to advancements in technology, point-of-sale (POS) systems are advancing and becoming smarter. These new POS devices provide businesses worldwide with improved flexibility, intelligence, and control, more than ever. iPads, mobile-based, and cloud-based POS systems have replaced the traditional credit card readers. Thus, providing businesses with a seamless way to keep and manage all transactions and records in a single place. Below are some ways that POS devices are becoming smarter:
As mentioned earlier, older POS devices are becoming obsolete. The newer POS systems now feature cloud-based technology, which helps businesses to organize and track data, transactions, and records, in a single place. With this, businesses now enjoy improved accuracy and faster customer services.
Also, cloud-based technology has made it possible for these POS devices to integrate with other systems (or CRM solutions). You can now integrate the POS system into your business management software. This way, you don’t have to purchase different software and devices to manage other aspects of your business, including payments, rewards programs, labor, and so forth.
POS Devices and Big Data Analytics – Gather Valuable Customer Insights
In the 21st century, data has become a precious commodity. POS devices are advancing and can now be used to gather valuable customer insights. These newer POS systems feature the power of AI. Therefore, they are able to gather insights and help businesses gain vital knowledge about customer behavior, interests, order history, spending habits, and more. With such valuable insights and customer information, businesses can provide custom-tailored services to each customer.
Improved POS Security
Furthermore, POS devices are now more secure than ever. These POS systems now feature AI and smart algorithms, which has made the entire payment ecosystem more secure. This means customers can now enjoy increased levels of reliability and faster checkouts. Likewise, businesses are able to mitigate risks and improve security with the smart AI-based algorithms integrated into newer POS devices.
Improved Customer Experience
In addition, POS devices have helped to improve customer experience by providing businesses with the information required to offer a personalized shopping experience for each customer. The integrated AI systems of the POS device will gather and analyze customer data and past behaviors.
Also, the POS systems now have the ability to show relevant product displays. During checkout, POS devices can capture hints from customer’s reactions and emotions. With this, the device can improve the recommendation engine for improved customer experience and higher engagement.
Ease of Use
Also, POS devices are now intuitive, relatively easy to learn, and operate. The majority of these new POS systems have interfaces like smart devices. No more complex interfaces present in old traditional systems. Operators can easily find their way around the device. This has helped improve employee productivity and turnover.
Fraud and Theft Detection & Prevention Capabilities
Finally, thanks to AI-systems and advanced security features, new POS devices now come with fraud and theft detection and prevention capabilities. With these, businesses and retailers are able to monitor activities, products, transactions, and behaviors in real-time. These POS systems can easily identify any suspicious activity from numerous transactions and predict if a purchase is considered fraudulent.
There you have it! Above are some ways that POS devices are becoming smarter. POS systems have lots of promise for every business. They are able to gather insights, capture, and analyze valuable data. This has helped businesses improve operations, business management, and customer experience. If you are yet to migrate to the new POS system, now may be the best time for your business. Contact us today at PCBancard to get a smart POS solution today. An amazing experience awaits you.