The majority of users relied on bank cards to make in-store purchases, and the seller required only a payment terminal to carry out the transaction. The recent progress in the emergence of SoftPOS systems has influenced both buyers and sellers.
The transformations that came out due to the covid-19 pandemic are above the expectations. Social distancing and hygienic measures had a direct impact on the way businesses manage their operations.
A recent survey reveals that covid-19 is shifting Consumer Behavior at the Point-of-Sale.
Contactless payments have dominated as the best way for shopping in this pandemic era. POS is the face of the retail business, and it fetches the entire business data.
Another US Consumer survey unveiled that more than two in five users are utilizing cashless payments since the pandemic outbreak.
Let’s gaze at some of the impacts in POS due to the Covid-19 Pandemic.
E-Commerce-Based POS Systems
E-commerce has escalated during the COVID-19 pandemic owing to restrictions and panics surrounding in-store shopping. This has prompted businesses to enhance their e-commerce platforms to boost their online sales.
Vendors need solutions to sell products online with the same effectiveness and user satisfaction as physical stores. The integration of E-commerce and POS enables synchronizing online and offline transactions, inventory, and marketing across all in-store locations and online stores during the pandemic.
POS Market Overview
The POS market is awaiting a 20% annual growth rate during the analysis period of 2021 to 2026. The point fo sale market has significantly progressed over the recent years due to its potential to grant an enhanced return on investment. POS systems that avail transactions from the core component of businesses beyond industries such as retail, transportation, hospitality, and banking, have acquired prominence in small and large scale companies over the years.
How POS Suite for Scaling a Business?
It’s primary to review your business goals and aspirations, know your client’s requisites and behaviors, and use this data to determine what you require from a POS system. The POS system with your inputs of essential integrations and the facilities to collaborate with your stakeholders will help you scale your business.
The new normal has compelled many businesses to expedite their digital transformation and ensure the most delicate POS system for the ongoing needs.
An authentic omnichannel approach should provide a consistent branding experience everywhere you vend to fulfill your customers. It should also emphasize maximizing your business through channel diversity and complete consolidation of your data and systems.
Modern retail point-of-sale systems not only process orders but also innovate daily functions, optimize employee productivity, improve customer experiences, and augment sales. In this age of personalization and advanced portability, retailers need to assess retailing in an omnichannel approach.
With the progress of smartphones, payments can be made seamlessly by taping or waiving a smartphone over a terminal reader. This alternative payment is NFC(Near Field Communication), mobile payment (m-payment), comprises Android Pay, Google Pay, Apple Pay, Samsung Pay, etc.
The covid-19 has set the stage for NFC to be known as the most hygienic payment method since no physical contact is needed to complete a transaction.
POS Systems Market Pandemic Recovery Strategies
● Make use of the growing penetration in contactless payments.
● Emerging inventions in secure payments and the acceptance of Magnetic Secure Transmission (MST) technology in payments will promote market growth.
● The functionalities and NFC integration in PoS terminals enhanced the progress in point of sales systems.
● Absolute Engagement of Retailers in E-commerce.
Flourish Your Business with Zoondia
Zoondia is the IT & Software Consulting Company that avails you to grow your business even in this pandemic era. Augment your online transactions and contactless payments through our Custom POS Software that offers features like
● Single Screen Menu Management
● Personalized Dashboard with Analytics & Reports
● Multiple Integration of Systems
For the Integration of your E-commerce application with POS or concerning new project requirements, Connect with Us for the best possible solutions for your enterprise.