Times remain tough for bricks and mortar outlets. The fallout from Brexit and Covid continues to result in mass closures of chain stores, while the move to ecommerce, recession and inflation have all had a huge impact on consumer behaviour and spending in retail.
Combatting these issues is Point-of-Sales (PoS) technology, which serves as a literal gateway for retailers to ensure steady cash flow, while providing efficient, robust, and innovative ways for store checkouts.
The design of PoS solutions can play a major role in leveraging the in-store experience; hence retailers are aiming to improve their speed and security. Digital, automated and mobile PoS systems are also emerging with linkages to analytics tools.
The leading players in smart PoS systems in terms of patents filed for the retail industry are Toshiba, Seiko Epson, Catalina Marketing, and Visa.
However, PoS technology also presents challenges, namely the large risk of downtime. Causes for this include power failures, infrastructure accidents, and network connectivity issues. Statistics show that 98% of businesses report that one single hour of POS downtime costs their businesses over $100,000.