As the power of digital technology continues to transform the hospitality sector, customers now expect a more advanced shopping experience.
ePOS has become essential for businesses wishing to remain competitive – providing vital control over stock management and improved efficiency when dealing with in-store transactions.
But what does the future of ePOS look like? What innovations will emerge in 2023 that can provide an even greater level of convenience and value for businesses, both old and new?
In this overview, we’ll explore the predictions and trends expected to rise this year, offering insights on how you can serve your customers better long into the future.
Read on to get a better grip on ePOS moving forward!
What is ePOS?
An ePOS is a modern way for hospitality businesses to process financial transactions. It means Electric Point of Sale. It consists of hardware and software that tracks sales, taxes, discounts, etc. Likewise, its hardware includes a computer terminal, printer and credit card reader. The software provides the user interface for accepting payments and tracking items sold.
ePOS can offer multiple benefits to businesses, including improved efficiency in order fulfilment, increased accuracy in accounting processes, streamlined data entry, simplified inventory management and improved customer experience with features such as loyalty programs.
What is the Future of ePOS?
As technology continues to evolve and advance, so does the way we use it for everyday activities. This is especially true in the retail industry, where ePOS (electronic point of sale) systems are becoming increasingly popular. But what does 2023 hold for ePOS, and how will it change? If you’re curious about it, here are the top predictions for this system’s advancement that we’ll likely see soon:
- Expansion of ePOS Systems To Store-Level Functions Like Cancellation And Returns
In 2023, it’s anticipated that ePOS systems will be able to provide store-level functions such as cancelling orders and processing returns. For example, imagine a customer comes into the store with an item they would like to return or exchange. With this advanced technology, the store associate can simply scan their product using a barcode scanner and enter customer information into the system. The system will then automatically check if the item is eligible for return or exchange based on store policies and process it accordingly.
- The Emergence Of AI-Based Voice Assistants In ePOS Systems
Another trend expected to gain traction in 2023 is the emergence of AI-based voice assistants in ePOS. These voice assistants would be integrated directly into the ePOS system itself and could help customers with inquiries about products or services offered by the business.
For example, a customer could ask, “What type of shoes do you have?” and receive a response such as “, We have a wide variety of men’s, women’s, and children’s shoes available in our store today!” This automated customer service would make life easier for customers and enable businesses to work better without having to dedicate additional resources to customer service reps.
Also, channel differences may soon become obsolete as “omnichannel” technologies emerge, taking customers out of the store and into cyberspace while creating seamless transitions between physical and virtual spaces.
- Automation Of Order Management Processes Like Inventory Tracking And Replenishing Orders
Another major area that has seen significant growth in recent years is the automation of order management processes such as inventory tracking and replenishing orders. This allows businesses to streamline their ordering process, ensuring they always have enough stock and take advantage of an opportunity to restock items before they run out.
Imagine a retail store that uses an automated system to track customer orders and ensure they are always restocked with the right amount at the right time. This system could be set up to send notifications when certain items reach a certain level so that staff can be alerted before it’s too late.
- Increased Adoption Of Mobile Payment Solutions At Checkouts
Mobile payments are becoming increasingly popular as customers become used to using their phones for payments instead of traditional methods such as cash or card. For instance, imagine a restaurant where customers can pay via their phones using a mobile app, allowing them to complete their purchases without ever having to wait in line or handle physical money or cards.
- Integration Of Loyalty Programs And Customer Relationship Management Into ePOS Platforms
Integrating loyalty programs and customer relationship management (CRM) into an ePOS system is becoming more and more common as businesses start to recognise the value that these features can bring.
This trend will also help businesses easily track customer purchases, reward loyal customers with discounts or points, gift cards and even send personalised offers based on past purchases. This makes it easier for businesses to build relationships with their customers while also driving sales.
For example, a clothing store could integrate its loyalty program into its ePOS platform so that each time customers shop, they receive points they can redeem for discounts or free items. The store could also use data from previous purchases to send out emails offering special discounts.
The future of ePOS is bright and filled with potential; from AI-based assistants to better automation of order replenishing, ePOS will see major changes in 2023 and beyond.
With these developments promising greater personalisation capabilities and more informed merchants, there is no doubt that ePOS technology has a structurally beneficial future where all stakeholders benefit.
ePOS will continue to be an integral part of the customer experience for years to come, and it’s up to all market participants to capitalise on the propelling trends in this field or risk being left behind.
Get in touch today and see how we can help your business operations.