What is the Best POS System for Your Business, Plus 5 Amazing Stats That Show Why
Is your POS helping or hurting your business?
09 Aug 2019
There are a lot of different types of POS solutions out there in the market (ranging from legacy systems, PC, iPads and cloud solutions), but how can you figure out which is the best POS for you? The below statistics will certainly shed some light into whether your POS is optimized for your business or not.
Statistic 1: 91% of customers shop with businesses who are able to provide relevant offers to them.
The reason this statistic is so relevant in determining the best POS for you is because it highlights a growing trend whereby customers expect personalized service. More and more, customers want an individualized experience from businesses, where they feel like they are appreciated and valued.
A typical POS would not be able to offer the tools to provide business with the means to provide customers with this type of service. However, a cloud-based iPad POS would be able to do the trick. Loyalty programs are offered by many iPad POS providers, and will allow your business to create membership plans based on points so customers can receive discounts. Detailed reporting across all your business locations would also allow you to view customer trends and offer customised offers to patrons based on their spending habits.
Statistic 2: 73% of customers use less cash today compared to a decade ago
Is your POS flexible enough to keep up with the times? With all sorts of new payment types coming out, cash is becoming less and less relevant. If your POS cannot integrate with third-party solution providers, especially payment providers, then it cannot truly be the best POS for you. Just think of all the customers you might be losing out on simply because your business cannot offer them convenient channels to pay through. Again, all these features can be easily supported through a cloud-based iPad POS.
Statistic 3: 62% of businesses claim that customer identification is their number 1 customer engagement priority.
CRM and data collection is a staple of modern businesses, especially in the F&B industry. The best POS systems will all offer businesses the ability to not only track their own data and statistics, but track that of customers, also. Knowing more about your loyal customers allows you to not only identify them, but to serve them better, converting one-time visitors into loyal patrons. This is why brands like Starbucks are so successful in retaining their customers and creating brand loyalty.
Statistic 4: 80% of customers use a personal smart device to within any store they shop in
Is your POS equipped to deal with the new trend of BYOD? BYOD is where customers can use their own personal devices to interact with your business. Be it QR codes that they can scan directly from their mobiles to access your menu, or a User App that lets them connect to your business, BYOD is something that your POS should support. Not only will this boost customer engagement, but it will also increase convenience for your loyal patrons.
Statistic 5: Total POS sales indicate that over 60% of new systems sold in 2018 were cloud systems
There's little doubt that cloud systems are the way of the future. Not only are they easy to set up and maintain, but they are also versatile and scalable. The could POS is generally the best POS choice for those businesses who seek to have full control of their operations and provide their customers with an amazing experience. Best of all, all aspects of a cloud POS are run under the same system while data is shared across all your business locations. In terms of versatility and future-proofing, there's no better type of POS available on the market, currently.
[1]https://www.accenture.com/t20161011t222718__w__/us-en/_acnmedia/pdf-34/accenture-pulse-check-dive-key-findings-personalized-experiences.pdf
[2]https://newsroom.mastercard.com/press-releases/survey-examines-shift-towards-cashless-society-americans-use-less-cash-today-than-10-years-ago/
[3] https://www.pcmsgroup.com/2018/03/2018-poscustomer-engagement-survey/
[4] https://blog.wirecard.com/future-pos-shoppers-retailers-ready-digital-innovation/
[5] https://www.lingapos.com/market-trends-point-to-cloud-pos-as-the-future/
