Future Innovations in Mobile Payments
All major mobile industry players have already integrated a personalized version of a mobile wallet (such as Android Pay and Apple Pay). With Apple Pay alone growing by one million new users per week, the future is sure to change for existing POS systems for both consumers and retailers.
Today's consumers are no longer dependent on their local store to shop. With a world of retailers and brands on their palm, customers have literally become a ‘point of sale’ with their preferred devices. Consumers today, no matter wherever they are, shop from their computers, tablets, and smartphones. They are free to make choices and choose their desired methods of payment. Whether a customer would like his order to be shipped to his home or picked up from a store, all depends on his will and convenience.
Revolutionized Point-of-Sale Systems (POS):
Thanks to mobile devices and apps, many purchases are now digital. When you get the right automated POS, you can boost your business revenue. In fact, Apple stores have been practicing this for quite some time now. Associates equipped with iPhones and card readers allow customers to make POS purchases regardless of their location in the store. There are no queues in Apple stores. They don’t have to line up for POS but can access the POS right where they are in the store.
Apple is not the only retailer or brand that is embracing revolutionized POS systems to benefit both customers and their business. Hundreds of companies have already incorporated mobile shopping experiences and instant purchases in their stores. Owing to the popularity of POS mechanisms, many major retail stores in the US are heavily focusing on offering mobile POS, even though they do retain physical checkout stations.
In future, millennials are likely to abandon credit cards completely to switch to the flawless experience that mobile wallets offer. With the help of NFC technology, mobile wallets are likely to enhance the convenience offered to consumers. All major mobile industry players have already integrated a personalized version of a mobile wallet (such as Android Pay and Apple Pay). With Apple Pay alone growing by one million new users per week, the future is sure to change for existing POS systems for both consumers and retailers.
The facial recognition tools available today work with artificial intelligence and machine learning. It is not surprising to know that retailers may be benefitting from facial recognition technology to track a consumer’s face. Moreover, placing orders through facial recognition will soon become the norm.
In the US, Nextep Systems designed a system that is being used at UFood Grill in Maryland and at multiple locations of Wow Bao in Chicago. An outlet of KFC in Beijing is also using similar technology to work in accordance with the country’s search engine giant, Baidu.
UFood’s CEO Sal Rincione reveals that "facial ordering" has changed the way customers previously placed their orders. When customers are about to place an order, they are inquired if they would like to save their order by the phone number of facial recognition. If a customer chooses facial recognition, the POS takes and saves his picture into the system. The next time when he walks into the retail store, the system automatically recognizes the customers and asks if he would like to place the same order again. Once the customer says YES and swipes his card, the transaction is accomplished within seconds. Rincione is happy to note that customers are absolutely thrilled to use the kiosks. The company has been pleasantly surprised by the great response they've recieved from a multigenerational consumer-base. Initially, they believed that only millennials would want to use the kiosks, however, everyone from Baby Boomers to Generation's Z and X, seem to like using this new service.
Future Innovations on POS
Apart from tracking inventory, innovative and advanced POS systems will help retailers and brand to hand pick their best customers and their preferences. For instance, with thousands of customers’ purchase histories visible at the cash register, a retailer may alert those customers about discounted offers or new additions to the store.
In a well-run business, the POS will work more than being the place where the money comes from. As more customers make purchases with their phones and not their wallets, there are many point-of-sale terminal solutions specifically designed to safely accept all types of payments. This means retailers can offer their customers what they want, all the while reducing their liability. In future, it won't be a suprise to see your favourite retailers replacing their cash registers and checkout lanes with their own POS systems. This will help them to maximize the benefits their infrastructure provides whereas consumers will no longer have to wait in long queues to check out!
This article was originally published here. Re-published with permission from Hughes Systique Corporation