From Mobility to Artificial Intelligence: Major Trends In Cloud Pos To Watch Out For

The world is changing. It is becoming more and more contactless and paperless. The advent of cloud technology disrupted the way businesses are run and unlocked new opportunities where organizations can function with utmost productivity and efficiency. Today, cloud-based POS solutions are set to embark on a new era with its benefits, especially in the retail industry.

The Covid-19 pandemic encouraged the world to adopt contactless systems, which translated to the tremendous growth of cloud POS transactions. Online retailers are rapidly utilizing cashless tractions, expanding their offering and gaining customers during such unprecedented times. POS systems quickly become a robust platform within a few years, and pandemics became a vital incident from their growth.  

According to Allied Market Research, the global cloud POS market is expected to reach $13.24 billion by 2028, growing at a CAGR of 24.5% from 2020 to 2028. As cloud-based POS solutions help organizations save functional and operational costs, improve workplace productivity, decision-making ability, and efficiency, these solutions have gained traction in the market.

Today, almost every business relies on data to recognize what customer wants and make better decisions for their business. Customers look for a safe and unique retail experience and cloud POS is a perfect bridge between customers and business owners. Over the last few years, those who understood the importance of big data, cloud technology, and in-store analytics gained an advantage in the retail industry and others left behind in the race.

The Cloud POS industry has changed drastically in the last few years. Here are some of the major trends in the industry that you must keep watch on.

• Mobility is priority

The smartphone penetration has increased more than ever and thus, their computing abilities. In the future, mobile-based cloud POS would gain importance as people will continue to maintain distance from each other with the tragic experience of Covid-19 in the mind. While customer would use their credit cards and debit cards, the use of mobile wallet apps such as Google Pay and Apple Pay would continue to gain new customers. The need for mobility will only increase and cloud POS would help customers carry out contactless payments at any time, from anywhere.

• Customer loyalty programs

Cashback offers and loyalty programs are now a new concept. For years, these techniques have been used to gain more and more customers. However, some customers forget to bring their loyalty cards. With the advent of cloud POS, customers can access their rewards at all times.

Having a trusted customer base is vital for any business. As more people come back for the transaction, it is beneficial for the company to gain revenue. Thus, loyalty programs that are integrated with the company’s cloud POS would encourage customers to gain digitized rewards by frequently doing business with the company.

• AI integrated cloud POS

The integration of artificial intelligence with cloud POS would lead to lucrative opportunities. Already, some of the leading technology companies are using AI-enabled POS. What’s more, a survey found that around two-fifths of 18–27-year-old customers are ready to let AI shop for them, as it understands their preferences and choices. The AI-integrated cloud POS would make the industry ever more streamlined.

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