How to Design Your POS System with Cutting Edge Technology

Point of sale (POS) systems are standard tools for retailers, restaurateurs, and other merchants. However, the POS system on your counter (or in your hand), is quite different than it was when you opened your business, even if your grand opening was just a few years ago. POS systems have evolved from merely managing transactions to becoming business command centers. While they continue to give you the tools necessary to enhance checkout and customer service, they also enhance back-end processes. POS systems provide inventory visibility, streamlined purchasing management, employee management, marketing automation, and other time-saving functionality that help you run your business efficiently and profitably.

You must realize that the evolution of POS systems isn’t only related to what they do. POS technology is advancing to incorporate new technologies and keep up with changing consumer expectations. McKinsey & Company reports that 71% of consumers expect brands to use technology to provide personalized experiences, and 76% admit to getting frustrated with merchants don’t come through.

POS System Technology Trends

Keep these developments on your radar to help you make informed decisions about whether your POS system supports efficient, competitive operations or it’s time for an upgrade.

• Android

  There was a time when POS system operating systems were primarily Windows or Linux. However, Android is gaining popularity. According to a 2023 study published in the International Journal of Information Technology and Business Management, Windows POS has 45% of market share with Android rising to 30%. Linux and iOS systems round out the market with 10% and 15%, respectively.

  The reasons more businesses are turning to Android are clear. As the most popular operating system in the world, many developers are familiar with the system, so finding the expertise to innovate with Android is easier. Android provides developer support, offering tools and resources that help them take solutions to market more quickly. Additionally, Android’s flexibility allows merchants to design seamless customer journeys. Android supports consistent user interfaces on self-service kiosks, interactive digital signage, customer-facing screens at checkout, and tablets and other mobile devices.

  As an open system, Android gives merchants the added benefit of keeping costs low. Android gives brands more hardware choices, and running a unified Android-based IT environment saves energy. Elo research shows an Android environment can save $40 per POS system per year compared to legacy Windows systems.

  When it’s time for a point of sale system refresh, take time to evaluate how Android POS solutions compare to other options so that you make the best decision for your business.

• Artificial Intelligence
  

  You collect extremely valuable customer and operational data. It can allow you to personalize customer engagements, forecast more accurately, and run your business more competitively. But the key is using that data to gain the insights you need for smart decision-making.

  AI-powered POS systems, which use machine learning to analyze data and generative AI to make insights readily available, will help you make the best use of your data. For instance, an advanced POS system can recognize restaurant customers based on their loyalty accounts or payment method, quickly access their order histories, and make relevant upsell offers or recommendations. AI can also automate restaurant drive-thru processes and directly share them with the POS system, which allows employees to focus on enhancing customer experiences.

  In addition, AI solutions can strengthen retail point of sales system security, by detecting and preventing suspicious transactions to minimize fraud and losses. AI can also use POS data for predictive analytics optimizing inventory, employee scheduling, and promotions for more effective management. BARC reports that insights from data analysis help 69% of businesses improve decision-making, 54% control operational costs, and 52% understand their customers better.

  Using data effectively has become a competitive differentiator. Consider using AI to access analytics insights so your business doesn’t fall behind.

• Connected IT

  Another technology trend is incorporating the POS system into a fully integrated IT environment. Data silos create barriers to the omnichannel customer experiences that consumers expect. Retailers need a connected system that allows shoppers to engage online or via mobile app, order for in-store pickup, take advantage of self-service options in the store or ask for assistance when they need it, and use their preferred payment method anytime or any way they make a purchase. Meeting consumer expectations requires on-demand access to real-time data from all systems.

How to Stay on Trend with POS System Advancements

The industry is moving toward more POS system flexibility and customization, using AI for hyper-personalization, and creating fully integrated IT environments with the POS system as the hub. To give your business the maximum benefits of aligning with these trends, you need the right POS system hardware, solutions, and services. Elo’s team constantly analyzes trends in the POS space and provides you with the products you need to stay on the leading edge. Elo’s new product development process includes quality tests for Android hardware, including the industry’s first large-format and fixed Google Mobile Servies devices.

Additionally, Elo Edge Connect allows you to connect any combination of peripherals and devices to our touchscreens to support seamless workflows and customer-centric experiences. Connect 3D cameras or webcams, barcode scanners, payment devices, and more to create interactive and self-service experiences that enhance the customer journey and appeal to today’s digital-first, omnichannel consumers.

Elo also offers powerful POS terminals and all-in-one POS systems with industry-leading touchscreen monitors, providing the optimal interface for today’s advanced POS system software leveraging intelligent software and analytics for deep insights into your business and the personalization your customers crave.

The rate of POS system innovations and advancements is accelerating. To partner with us and stay ahead of the curve, contact Elo.