The Evolution of Point of Sale

Ariel G

May 30, 2017

The Evolution of Point of Sale

Although it seems as if every new business that opens its doors does so in a virtual sense these days, e-commerce still makes up less than 8.5% of all the sales that take place across the country each year. However, thanks to the evolution of point of sale, this may all be about to change.

Things Can Change Quickly

In the last decade or so, the shift to the digital world has been quite tangible. Not so long ago, when you pulled up to a parking meter, you got out of your car and fed the meter coins to secure your parking space.  However, a few years ago, a few cities and municipalities decided to go digital with their parking meters which allowed consumers to pay for their parking via an app on their mobile devices. Just a few short years ago, nearly all parking meter transactions were physical. Today, a growing percentage of those transactions are digital.   Things are shifting, and they’re doing so very quickly.

Other Evolving Industries

While the parking industry is a fantastic example of just how quickly such a shift can take place, there are other industries that are making the most of the digital world, too.

  • Banking – Once upon a time, if you wanted to pay for a purchase, you used cash, a check, or a credit card. These days, you can simply open an app on your phone and pay for your purchases through a linked account. It’s fast, it’s safe, and it’s convenient.
  • Grocery – Grocers are making the leap into the digital world at record pace. Amazon Prime Now offers consumers in select locations to get their food items the same day they order them.   Blue Apron will deliver food to your door each week on a subscription basis, and even Walmart will allow you to shop online, then simply drive up to the front door to pick up your order.

When it comes to commerce, it’s all about convenience. If a company can make finding, buying, and receiving a product or service as convenient as possible, it’s likely that consumers will continue to favor that business.  That’s why POS is so very important in today’s world – it’s advanced technology provides unsurpassed convenience for consumers.

Is Retail Next?

Amazon is the only major player in the online retail world. Other companies like Shopify and Jet exist, but they can’t come close to enjoying the same success as Amazon. In fact, Amazon is singlehandedly redefining the meaning of POS. Recently, they announced Amazon Go, which allows customers to walk into a store, pick up an item, and use their mobile phone and associated ID for payment. Imagine going shopping in a retail store, but not having to wait in a long line to check out. That’s convenience, and that’s exactly what consumers want and will continue to gravitate toward going forward.

While Amazon Go is still limited, many industry experts agree that retailers across the country will start to shift toward this high-tech POS technology in the future. It’s all about providing outstanding customer service, and by empowering your customer to check out on his or her own terms, you’re ensuring they’ll come back and shop with you again.

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