Walking into one of the huge shopping outlets of today, like Wal-Mart, Auchan, or even COOP, you can see just how the retail industry has changed over the years in Canada. The days of making payments in cash only and waiting for your turn at the cash register are dying. And small businesses are growing rapidly thanks to current technology.
Customers are no longer carrying cash very often on their regular shopping trips, and they can be even more impatient if they have to wait in line to pay. Today, shopping in a supermarket can be a lot more entertaining compared to the past. The way today’s transactions are completed is a wonder. With plastic credit and debit cards and options like Touch-n-Go, quick, simple electronic payments are taking over.
Using technologies like NFC and RFID, even a credit card is not a necessity nowadays. Cell phones can provide easy swipe activated payment methods. According to Statista, mobile payment usage among global smartphone users was at 29 percent as of January 2013.
The Market Today
Giants in the industry are going head-to-head to come up with some of new and innovative ideas to attract more customers. Services such as Shopify are allowing business owners the ability to track all aspects of store performance right from an iPad. Freedom of this kind doesn’t just make the work easier, it also helps get the right product in the right place at the right time.
The total number of credit card transactions in the Canada alone totaled 26.2 billion in 2012, as stated by a 2013 Study. It is no wonder that payment processing partners like VISA and MasterCard are developing advanced payment systems and are working on ways to eliminate the very need to carry a wallet. The power of NFC (Near Field Communication) allows customers to access bank details right from their phone while getting the payment done with, and all the while taking care that the lines are secured for payment.
There is constant development and investment going into every single element of POS terminals. Information input and cloud integration are constantly being updated and improved. RFID systems today are able to calculate the worth of a cart before the customer even reaches the checkout counter. That is the kind of innovation you are getting to see.
The Elements of POS
In considering a Point of Sale system, you should know some of the various hardware elements. There are:
- Touch screens or keyboards for input
- Card Readers
- Barcode Scanners
- Receipt Printers
- Cash drawers
- RFID/NFC readers
This list is not exhaustive. A number of other add-ons exist in the market to help both you and your customer. An efficient POS system will not only speed up the entire billing process and make the work of the salesperson easier, it can also help you keep an eye on your inventory and sales history with live updates.
The changing economic system
Markets in Canada today have become much more competitive than they ever were. Prices are being set in the most competitive environments and the customer has a host of choices when it comes to picking their prefered shopping location. It is imperative that you do all you can to offer customers a unique and engaging shopping experience.
Some of the best names in the market are not only working on personalized service to repeat customers, but also on developing innovations in the realm of rewards and customer retention. From faster deliveries to free upgrades, shopping has never been this unique.
POS systems have provided innovations that have revolutionized the way payments are processed, the way customers purchase their items, and the way businesses are managed. With the need for cash and card diminished, there is a whole new world of possibilities available. With features like loyalty programs allowing customers to gather points for purchases and pay up using those accumulated points, there are a lot of options for businesses to reward and attract customers.
Massive investments are being made in the field of POS terminals in hopes of further improving the various capabilities of POS systems. The use of technologies like QR codes, NFC, and RFID has sped up the checkout process tremendously. Today, customers find themselves waiting in the queue for much less time than ever before . With the current rate of technological development, it might be that the time of fully automate POS systems is fast approaching. Perhaps some day in the near future, grocery stores and retail outlets will no longer have need of cashiers and customers can come and go as they please with automated digital wallets interfacing with the POS system for payment.
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