The 2020s are underway and the new decade is going to be dominated by the customer experience, especially with 2020 proving to be one of the most difficult periods of time in recent memory for in-store retailers. now is a great time to look ahead and get ready for the turn of the calendar and more profitable days. From in-store multimedia displays and self-service portals to deeper online experiences, retail in 2021 will need to be more digital, connected, and immersive than ever.
It’s a new world you should be preparing for now. The on-demand, fully customizable expectations of outlets are going to create advantages for operators who can harness the latest point of sale technology in retail and make a unique impression on their shoppers. Here are 7 of the most important trends that you need to be aware of.
7 Trends that Will Shape Point of Sale Technology in Retail
There is a way to view the ongoing COVID-19 situation as a chance to experiment with the latest in digital and online retail. We’re not talking about abandoning the in-store experience, or the tactile excitement of finding an unexpected joy and trying it on right there and then. We’re talking about streamlining the flow of the shop floor and giving customers more to consider and experience as they search.
With restrictions in place across the country making it difficult to service brick-and-mortar traffic, there’s a chance to pause and consider how to improve the matters for the returning crowds.
The following are the 7 ways today’s POS technologies will shape the retail environment in 2021:
- Payment Preferences Aplenty
- Self-Service Multimedia Display
- Customized Loyalty, Gifts, and Subscriptions
- Syncing In-Store and Online Sales Platforms
- Empowered employees
- Automation Everywhere
- Embrace Data or Fall Behind
The trends begin with one many retailers are already encountering, which is that every customer has their own preferred way of paying.
1. Payment Preferences Aplenty
The COVID-19 crisis may mark the final days of cash transactions. With stores being advised to limit the exchange of notes, the trend toward a cashless society that was building prior to 2020 may become irreversible. While the majority of retailers have long ago included digital payment options, the pace of progress and fierce financial competition has given rise to an ever-expanding number of alternatives.
Retailers in 2021 can expect to be asked to accommodate a whole range of contactless, cardless, mobile, and smartphone payment options. That means the humble POS system is going to have to expand into a collection of apps and hardware to keep everyone happy. The leading solutions will fold these neatly into integrated iPad displays and cordless tap-and-go boxes; variety and flexibility are about to become as important as safety and security.
2. Self-Service Multimedia Display
Speaking of iPad-powered POS systems, the most impressive trend to shape retail in 2021 is going to be the rise of multimedia self-help sophistication. Point of Sale technology in retail will soon be centered around iPad interfaces, multipurpose, mobile, and touch-sensitive portals that will act as both floating POS systems for staff and dynamic catalogs for customers.
The idea is to expand the product you can place in front of a customer without having to empty a warehouse into your manicured ambiance. Either led by the staff or under their own steam, customers can indulge their passion for modification and variety and mix and match in-store discoveries with limitless online options.
These multimedia displays will also give you one last chance to impress your shoppers as they complete the iPad powered payment.
3. Customized Loyalty, Gifts, and Subscriptions
Point of sale technology in retail is going to let you customize every aspect of the shopping experience. While you can already arrange your store and spoil your customers as you see fit, the digital POS toolbox will allow you to get creative with pricing and customer incentives. By linking your inventory and your sales in a Cloud-based all-in-one platform, every discount, refund, or bundled set of products is accurately reflected in your accounts.
The leading POS solutions will include custom gift cards, barcodes, and loyalty program collateral, but will also go the extra mile of tying all these marketing efforts to your fiscal bottom line.
You can put your own design flair on everything and save money while doing it.
4. Syncing In-Store and Online Sales Platforms
The COVID-19 disturbance is no doubt already making you pursue alternate, online streams of revenue, and you can expect that form of shopping to continue even once restrictions lift. Seamless integration between in-store and online is now a must for every retailer, and the POS system is going to become the logical connection between the two.
The same digital platform that houses your accounting and inventory software will also host your web presence. That’s a real positive as it allows you greater accuracy on both sides of the screen. So, whether you’ve got your entire collection available for click and delivery, or you just want to give potential shoppers a taste of what to expect, your webpage will be in total harmony with your floor.
5. Empowered employees
All of the trends above are about pleasing customers and improving the sales end of the retail experience, but there are changes coming to the back end as well. Many POS solutions now include dedicated programs for staff management. This includes roster access, training materials, tip allocations, and more that can be accessed by every member of the team. With the right features you can even empower your staff to manage all this stuff on their own from their personal devices—with password-protected restrictions in place to make sure everything runs smoothly.
You will be able to create an entire online communication platform for your and your team, strengthening your bonds and improving your collective knowledge.
6. Automation Everywhere
Of course, once you digitize something, there’s an expectation that automation will follow soon after. Those links between incoming stock and outgoing sales mentioned earlier are ripe for computer automation. All your regular purchase orders and supplier contracts can be automated to whatever schedule and stock limit you prefer so that your team is never caught out in service looking for a promised product that just isn’t there.
The chief advantage of automation though, is the resulting free time it creates by eliminating the repetitive tasks on your weekly schedule.
7. Embrace Data or Fall Behind
The last trend on our list of 2021 expectations is perhaps the most important. The rise of digital platforms and affordable business software subscriptions has placed some powerful tools in the hands of retailers of every budget and ambition. No longer are data science insights concerning customer demographics, preferences, or shopping patterns the exclusive domain of major brands. Anyone with the right point of sale technology in retail can leverage the information contained in their accounts, sales figures, staff performance, and marketing spend to optimize their profits.
By this time next year, you’ll be generating one-touch reports on the week’s highest-selling products, the sales impact of a new in-store gimmick, and the preferences of customers across the seasons.
And if you’re not, then you might find yourself in competition with some highly organized neighbors.
A Unique POS Retail Solution for You
It’s clear that the retail world is in new territory, and store owners and managers are going to have to grow with the technology as it evolves to fit these changes. The good news is that there are POS solutions already that can be adapted for any business and which come with an entire support team to help you as you customize this system for your unique business style. Adaptability is key right now, and the right technology can help make it a painless process.
We at talech want to assist customers that have been financially impacted by COVID-19, in light of restricted movements in cities and towns across the country. We have launched a number of initiatives to help customers during this time. Click here to find out more or reach out to our Support Team at support@talech.com
