In recent years, retail technology has been rapidly changing – as has the way customers are interacting with retailers online and in-store. Online shoppers expect to find products from their favourite brands, try them on at home, and even return them if they don’t like them; but brick-and-mortar retailers must adapt their business models to keep up with the changing needs of today’s consumers and compete with e-commerce giants like Amazon and Alibaba.
With that in mind, here are nine POS trends and technologies shaping the future of retail today – and their potential impact on the industry’s future success or failure.
- According to a study by PPLive, the average person spends more than two hours a day shopping.
- That’s a lot of time spent browsing, making decisions, and waiting in line to make purchases.
- And it’s no surprise that retailers are always looking for ways to make the shopping experience more efficient and enjoyable.
- One way they’re doing this is by investing in new technologies for their point-of-sale (POS) systems. By 2020, nearly 90% of all retail transactions will be completed at self-checkout counters or kiosks according to research from ACI Worldwide.
- Shoppers today expect fast service with personalization and innovation—and retailers want to meet those expectations or risk losing business to competitors who do.
- Some other technology trends we’re seeing include mobile payments through smartphones; interactive displays; voice recognition software; biometric data collection; predictive analytics platforms; AI-powered chatbots; virtual reality headsets; augmented reality overlays on screens that allow customers to see different clothing combinations while they’re still trying them on in the store or remotely online when considering an online purchase.
You’ve probably heard of AI, AR, and VR by now – but what about using them for payments That’s right, these cutting-edge technologies are changing the retail landscape as we know it. Whether through a smartphone or wearable device, your customer can simply scan an item they want to purchase and make a digital payment with their virtual wallet in an instant. And if you’re worried about security, don’t be! Security is taken very seriously in this industry All transactions are monitored 247365 by live operators at one of our state-of-the-art data centers.
Digital signage is one of the most important technologies shaping the future of retail. By displaying relevant, targeted content, digital signage can increase customer engagement and drive sales. Plus, digital signage is easy to update and manage, making it a cost-effective solution for retailers. Here are seven ways digital signage is changing retail Digital signage provides a way to bring shoppers in your store through engaging messages.
Use your display as an educational tool, showing how-to tutorials or product information that educate customers on your products.
Give visitors recommendations based on their previous purchases or shopping habits.
Offer rewards and giveaways based on spending levels or time spent in store. Monitor traffic patterns with cameras or beacons and send alerts when certain areas get busy so you know where you need more staff members or products.
- In 2018, mobile payments are expected to reach $503 billion globally.
- By 2021, that number is expected to balloon to $1.08 trillion.
- That’s a compound annual growth rate of 42%.
- In the U.S., 43% of consumers say they would be willing to use their smartphones to make a payment in-store if given the option.
- Mobile payments are popular because they’re convenient—customers can pay without having to carry cash or a physical credit card.
- They’re also secure—mobile payment providers use data encryption and other security measures to protect customers’ information.
- Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof transactions.
- This could potentially revolutionize the retail industry by providing a secure and efficient way to track inventory, payments and contracts.
- In addition, blockchain could help to combat fraud by ensuring that all transactions are verified and recorded.
- Some retailers have already begun to experiment with blockchain, and it is expected that this trend will continue to grow in the coming years.
- As more retailers adopt blockchain technology, it will become easier for consumers to make informed choices about where to shop.
- Ultimately, blockchain has the potential to create a more efficient and trustworthy retail industry for everyone involved.
Customer Engagement Technology
- In-store technology is becoming more and more sophisticated, giving retailers new ways to engage with customers and promote their products.
- One trend that is particularly exciting is the use of customer engagement technology, which can help create a more personal shopping experience.
- This type of technology can be used in a number of ways, such as providing information about products, helping customers find items in the store, or even giving personalized recommendations.
- The goal of customer engagement technology is to make the shopping experience more enjoyable and efficient, and it’s something that we are seeing more and more of in the retail industry.
Cashless Payment Terminals
The days of customers fumbling for cash and waiting in line to pay are numbered. In its place, we’re seeing a growing trend of retailers adopting cashless payment terminals. With these terminals, customers can simply tap their card or phone to pay. This not only speeds up the checkout process, but it also reduces the risk of theft and fraud. It’s estimated that by 2020, 50% of all transactions will be made without any physical money changing hands.
Digital keys are an emerging technology that allows customers to unlock doors and make purchases without a physical key or credit card. This contactless way to pay is becoming increasingly popular, as it eliminates the need to carry around cash or cards. In addition, digital keys can be used to track customer behavior and preferences, allowing retailers to better customize their shopping experience.
Some of the biggest names in retail are already using digital keys, including Walmart, Target, and Best Buy. We expect this trend to continue to grow in popularity in the coming years. For example, IDEO has teamed up with Visa to create a wristband for its employees called NFC Ring. When employees wave their hands over RFID scanners throughout the office, they’re able to identify themselves with just one tap on their NFC Ring.
It’s estimated that employees who wear this ring save 40 seconds each time they enter work. Likewise, the technology has other potential applications outside of just offices For example, some hotels have begun implementing wristbands equipped with NFC chips so guests can check out by waving at a scanner rather than having to go through checkout lines.
Innovative apps like these provide yet another example of how wearable devices will reshape retail operations in the future.
The way we interact with the physical world is changing, and digital keys are one example of this trend. With digital keys, you can use your smartphone to unlock doors, start your car, or even make purchases. This technology is convenient and can help you keep track of your belongings.
Plus, it’s more secure than traditional keys since you can disable access if your phone is lost or stolen. We’re seeing some retailers experiment with this new feature by selling tickets to events that allow entry via a QR code on your smartphone.
Just as the way people buy things has changed, so too has how they pay for them. While cash may be an option at some retailers, there are plenty that accepts card payments thanks to credit card readers that work on smartphones.
Alongside these credit card readers comes mobile point-of-sale (POS) software for iOS and Android devices that lets businesses process transactions right from their smartphones – something I see as hugely beneficial for small business owners who want a simple solution without having to invest in expensive hardware equipment.