2016 has been a ground breaking year in the POS industry. The fin-tech world has taken strides to improve how we conduct business and handle encrypted transactions. Many improvements were required such as becoming EMV ready and encrypting our most used method of transactions (credit card). And while 2016 was a memorable year, 2017 looks to get even better. Here are the list of ways you’ll be seeing retailers, restaurants and service businesses shape shift in to the future.
Automation is big. Real big. If you haven’t noticed already, business owners are stuck in a place where state and federal wages are increasing dramatically. And to keep the cost of goods at a competitive level, many restaurants such as McDonald’s have been turning to a self-automated work force with alternatives such as self-checkout kiosks. While there is an upfront cost, these business owners now have a kiosk system that can fulfill the duties of handling orders and transactions without the worry of wage increases. And McDonald’s won’t be the only company turning to this new POS improvement. We are starting to notice these trends at sit down restaurants and retailers.
If you visit Red Robins and Chili’s, you’ll notice that there’s self-checkout kiosks at every table and booth. This allows for people to order and pay for meals right at the table without the need of waiters and waitresses. While they do still employee traditional blue collar workers, Chili’s and Red Robins have implemented a method where they can start transitioning out unneeded help if required.
The eCommerce Boom
This Black Friday, sales hit $3 billion dollars online. That was a 300% increase through online shopping from the previous year. eCommerce has become the destination for virtual shoppers to purchase goods and products from the comfort of their homes. And while store fronts are still the mainstream way of shopping, the eCommerce platform isn’t too far behind. Companies like Amazon has pushed the virtual shopping frontier to the point that Wal-Mart now has to compete with the online giant through their eCommerce platform. They’ve shut down hundreds of store front locations around the U.S. and are gearing up to take their business online.
We’re also seeing many creative entrepreneurs start their business through an online shopping platform. eCommerce has a lot less upfront costs and can still create a way of attraction to their goods through the power of online advertising and social media.
The Cloud POS Frontier
The most impactful difference that 2017 business owners will see is the main stream transition to the cloud. The majority of business owners who use POS are still running on legacy systems. Their use of stand-alone systems makes them vulnerable to data wipes and system hacks. So, many corporations and business owners are turning to the convenient use of encrypted Cloud technology which will provide them with continuous back-up to their critical sales and product data.
This newer technology also allows them to pull reports on the go. Businesses can be analyzed on the fly and won’t require someone to be present at the physical store front location. Cloud POS technology provides convenience, efficiency and greater time savings. If you’re a business owner wanting to make change for 2017, reach out us. Let us help you make the right decisions to improve your business with any of these listed technologies.