Brick and mortar shops are no longer the only source of commerce ever since online shopping has become the norm. However, in spite of ecommerce doubling in the last five years majority of the shopping takes place in stores. It is not likely that the online experience will replace the physical stores because there is a lot to be done to make them comparable.
This means that point of sale terminals are here to stay (for the next few years at least). Merchants continue to use POS systems to accept payments, complete transactions and manage inventory. The POS terminal continues to evolve as merchants look for cost-cutting measures and consumers change their shopping habits. The POS now covers comprehensive solutions for the store as well as the consumer. The new versions of point of sale terminals complement the payment services and offer business management solutions as well.
The new terminals are smarter and usually in the form of a table t device such as an iPad. They have a register attached as well which allow affordability, mobility, connectivity and interoperability for the business. New versions such as the mobile point of sales system are also available now.
Since merchants are now demanding better services the terminal providers and software manufacturers have to improve their game to meet the growing needs of an existing small business. This has led to rapid innovation in the field and an increased competition which results in much more useful products.
What is Changing?
As the merchant continues to evolve and grow their needs also change and this is the basis of the innovations made by POS terminal manufacturers. Business owners will select a provider that focuses on the four areas of interest i.e. payment functionality, ease-of-use, additional features and customer service tools. The new terminals include improved technology that deals with these key areas.
The larger manufacturers should double down on their current success and become flexible, so they can use every opportunity available to innovate their processes and build a solution that is in higher demand. They can use their vast distribution networks as leverage when upgrading the services. Smaller software developers on the other hand can focus on niche markets instead.
In the end it comes down to the platform and this is the single feature which makes or breaks the final decision of a merchant when they are buying a POS system.
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