A key principle of business success is to monitor the latest technology developments and incorporate them whenever possible.
The business world is changing rapidly and has been since the internet became popular. While the internet has been influencing our lives for over 20 years, it’s really since 2016 that things have really taken off.
That’s the year mobile internet access overtook desktop internet access. It marks when mobile phones were powerful enough to be used instead of computers, introducing a new level of convenience to shoppers.
The success of internet-based sales is reliant on the payment technology behind it. This is also evolving and it’s time to meet the latest POS solutions.
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Traditional POS involves a cash register, scanner, and a means of electronic payment. The cash register records all products, totals the amount sold, and connects to the electronic payment method.
In most cases, a scanner is used to speed up adding products to the register.
It’s a system which has been in use for years and has gradually improved in speed and efficiency.
However, this is now being replaced with the next generation of POS systems. They are designed to make life easier for everyone involved.
Here’s what the next-generation POS solutions can do.
Traditional payment by debit or credit card is no longer the only or even the best option. Today, the majority of people pay via contactless cards. That means all POS terminals need contactless readers.
An increasing number of people are using digital wallets. Their card details are stored in their phones and they use their phone to pay.
In some cases, people may wish to pay using a digital currency. This does depend on what is being bought and where. After all, your average supermarket doesn’t yet take cryptocurrency.
The next generation of POS machines needs to be able to handle all the different digital payment options. You don’t want to lose a sale just because you can’t accommodate a customer’s preferred payment type.
Perhaps one of the most beneficial elements of the new generation of POS is its ability to integrate with apps and other essential business tools.
You can integrate a POS system with your stock control system, your order management system, and even a marketing app.
This can help ensure you have the stock your customers need. Integrating with a marketing app is a particularly interesting opportunity. It allows you to update everyone when an item is sold or on how fast products are selling.
Any information that can help potential consumers become customers should be considered useful. With a little programming, your next-generation POS solution can handle notifications for you. After setting it up, there’s no need for you to do anything, you’ll simply attract new customers.
Don’t forget, the latest POS solutions can update stock and other information across multiple channels. That ensures everyone who needs to know, does.
The internet has made distant selling much easier. However, the problem with selling something to someone on the other side of the country or the world, is it’s difficult to confirm the order is genuine. The increase in scams means you must proceed with caution.
However, the new POS systems can handle digital payments and data collection. This can help to ensure the customer is genuine and you’re not wasting your time.
Of course, the latest POS allows you to include distant selling and keep all your records up to date. This approach is effectively helping you to future-proof your business.
A modern POS system is more than just a payment collection center. It will store the relevant information pertaining to the transaction and the client. This can be useful in marketing as you’ll be better able to target your customers.
Integrated with the right system, this type of data collection also allows you to request feedback from customers. This can be centralized by your POS system and the relevant data extracted.
It’s a particularly effective way to collect customer satisfaction data, allowing the business to adapt its strategies accordingly.
POS systems don’t just integrate with marketing systems. They can also be used to manage customer loyalty programs and discount vouchers.
In the first instance, this means no more relying on people to check discount vouchers and apply them correctly, the machine will scan any codes and apply them accordingly.
In addition, you can link POS to a loyalty program, allowing the customer to instantly update, check, and even use any points they’ve collected.
The system can even connect to the business accounting software. That means all sales and receipts, including discounts, are automatically allocated correctly.
Don’t forget, that looking after your customers by managing their loyalty program and discount vouchers means you’re giving them the best possible customer experience. Consumers appreciate that.
Consumers are increasingly aware of data breaches and how dangerous they can be to their personal life and finances. As such, they trust companies which take data security seriously.
In fact, businesses which suffer a data breach will see a noticeable drop in customer levels. Many are never won back.
The latest POS systems incorporate the latest security measures against cybercrime. They are also connected to the internet and live at all times. This allows the software to be updated in real-time. This often makes the difference between becoming the victim of a cybercrime or not.
The next-generation POS solutions are needed for businesses to keep up with customer needs.
But, they won’t just make life easier for the customer. A good next-generation POS system will help the business keep its records up to date. Time spent doing paperwork will be minimized, allowing businesses to focus on what matters.
That’s providing the best possible customer service and products. Any business can install next-generation POS and prepare themselves for the future.
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