The retail sector is no longer a haven for old technologies, where customers refuse to abandon their favorite brands. Every business in a competitive retail ecosystem is struggling to keep customers engaged and delighted and convert every potential opportunity into sales.
Technology has been an important facilitator for the retail sector for years, and with the influx of technological breakthroughs such as Artificial Intelligence (AI), the retail environment is experiencing significant transformation.
Perhaps no other industry has been as affected by advanced technologies and digital transformation as retail. As a result, the retail sector has experienced a major transition in the past couple of years, with customer experience becoming one of the most crucial brand differentiators.
Next-Gen POS Solutions Transform Retail Operations
AI-enabled advanced point of sale solutions has brought monumental changes in the retail industry—from the numerous applications in data management and computer vision to the use of machine learning for efficient inventory management.
Despite a substantial rise in the inclination toward online shopping, customers still prefer to shop from physical stores. According to a recent study, nearly 59% of consumers prefer visiting the store before purchasing, while 81% of the people planning to purchase premium-priced products like to check them in person first. This demonstrates that the retail experience is still important to consumers.
With the growing significance of enhancing customer experience, more and more retailers are emphasizing on improving the overall in-store experience. By incorporating AI into POS systems, retailers can collect and analyze massive amounts of customer data to gain valuable insights. AI can be used to integrate automation, allowing POS to process data from various touch points in real-time. Here are some additional features that retailers can benefit from, as follows:
- Unlock the Hidden Value of Data
- Gather Valuable Customer Insights
- Foster Delightful Customer Experiences
- Create Secure Payment Ecosystems
- Stimulate Intelligent In-store Product Placement
- Promote In-store Fraud Detection & Prevention
How Does the Future Look?
There is no doubt that AI has a lot to promise and deliver to the retail sector. AI can take things to the next level, especially in the POS domain, on account of its ability to capture, assess, and deliver valuable facts and statistics that will improve in-store engagement, enhance operations, and positively impact the bottom line.
Hence, numerous POS solution developers and providers are aiming at investing in AI to upgrade their current POS solutions. However, it remains to be seen how AI technology will affect the retail ecosystem as we know it.
“Editor’s note: This article is in association with The POS Report