How Will Evolution of POS Change How Restaurants, Stores Operate?

The point of sale (POS) industry is undergoing an evolution, with new technologies and trends emerging all the time. The advances that many technologies have achieved over the past few years is clearly evident today. Technology advancements in Artificial intelligence (AI), the rise of cloud services, the continuous shift from desk to mobile, the digitalization of money and payment methods, and the Internet of Things (IoT) are giving whole industries amazing potential that allows existing solutions to solve problems on a deeper scale than we have ever seen before. With this in mind, when we talk about POS systems in particular, it promises to bring even more exciting advancements and changes to the way businesses conduct transactions and manage their operations.

One of the biggest trends and in my opinion the most important feature in the future of POS is the integration of AI and machine learning (ML). These technologies can help to improve the customer experience by providing personalized recommendations, targeted promotions, and even real-time language translation. Imagine how much money a restaurant, for instance, can potentially save on training their waiters just by having a system that can tell them exactly what to recommend to the customer based on behavior.  Additionally, AI and ML can be used to analyze sales data and identify patterns, which can help businesses to make more informed decisions about their operations or even make its own decisions on things like  ordering supplies from providers by automated monitoring of inventories.

Another interesting shift of the POS industry is the growing popularity of mobile and cloud-based systems. Mobile POS systems, such as tablets and smartphones, are becoming increasingly common in the retail and restaurant industries, as they offer greater flexibility and accessibility. This allows businesses to save significant amounts by reducing the cost of hardware needed to operate the system. Cloud-based systems, on the other hand, allow businesses to access sales data and manage their operations from any device with an internet connection.

The trend of digitalization is also influencing the future of POS, with more and more businesses adopting digital wallets and contactless payment methods. This shift is driven by customer demand for faster and more convenient payment options, as well as the increasing adoption of mobile devices. Digital wallets can be integrated with POS systems, allowing customers to pay with their smartphones or smartwatches, making the process of transactions even more seamless.

Additionally, the rise of IoT is also expected to change the future of POS. IoT-enabled devices, such as smart speakers and smart displays, can be integrated with POS systems to create a more seamless and personalized customer experience. For example, customers could use a voice-activated device to place an order, pay, and even receive real-time updates on the status of their order. Additionally, it gives space to other developers to create add-on solutions that these systems can easily integrate to boost customer experience. 

Another trend in the future of POS is the increasing focus on security. With the growing number of cyberattacks and data breaches, businesses must prioritize the protection of sensitive customer and financial information. The future of POS systems will likely include features like biometric authentication, encryption, and tokenization, to help keep sensitive data safe and secure.

In conclusion, POS systems promise to bring a wide range of new technologies and trends, from AI and ML to mobile and cloud-based systems, digital wallets, IoT, and security. Businesses that stay ahead of these trends will be well-positioned to benefit from the many advantages that these new technologies have to offer that will definitely include better business decisions, a leaner business operation, and many ways to increase sales. It will also give their customers an overall better experience with features that will allow them to make their purchases online, track delivery in real time, accumulate points and participate in other loyalty strategies in an easier, more comfortable way than ever before. They will, just like in social media, give the seller more accurate recommendations to their customers for upselling and cross-selling purposes, whether a certain type of dish goes with a certain type of wine or even automatically customize dishes based on consumer taste with no need for staff to be trained to do so. Furthermore many businesses will no longer need to manually make purchases from their suppliers since their POS will know exactly when to order supplies and can potentially do it automatically, while, at the same time, providing the store with insights and tracking of changes in supply costs and deciding when is the best time to purchase. 

With all these examples in mind, it's starting to look like POS systems will end up making stores and restaurants feel like technology companies to their customers and staff, completely changing how  these businesses think about   their operations , meaning a new revolution of a whole industry is just around the corner.