We are indeed going through transformation and disruption across all industries based on innovative technological breakthroughs in recent times. Retail, Food Services, Hospitality and other industries where physical commerce occurs is undergoing similar transformations as new technologies emerge. In a recent article published by PointofSale.com, Larry Fandel of Fujitsu America, Inc. and Wei Huang Oania, of Intel talk about three such trends in the retail industry driven by innovations in POS systems.
The authors make an insightful observation that “the truly exciting part is that there’s no end in sight; technology will only expand its influence in purchasing decisions for many consumers as retailers increasingly turn to new technologies and products to bridge the gap between digital and physical retail environments.”
Here are three key POS trends that are shaping the industry, as discussed in the article:
1. Usage of big data analytics will increase
2. Increased focus on a personalized in-store customer experience
3. Cloud adoption will increase and outdated legacy systems will be replaced, creating new opportunities for future proofing
From thee trends, we can identify “personalized in-store customer experience” as key innovation when it comes to disruption in retail industry. Accuracy in personalization is becoming increasingly possible with the use of biometrics and artificial intelligence (AI). At Lucova, we have taken these innovations into FIIT Point of Experience™ which allows us to provide a personalized and humane experience at retail locations. FIIT Point of Experience™ provides the POS operator the ability to refer to customer by their name, provide personalized offers, identify and address account issues and recognize their degree of loyalty.
Larry Fandel & Wei Huang have also pointed out in their article that “customers know the technology retailers have available to them, and in return, expect a better experience because of it.” This is especially true with younger and millennial customers. As we pointed out before, the expectations of millennial customers living in the age of Uber, WhatsApp, WeChat and Tinder are much different than previous generations. Their expectation can be looked as a challenge by retailers, however it does create an opportunity to make the right changes to future proof business, by adopting new innovations and technologies.
If you are looking for a Point of Sale that can create personalized in-store customer experiences, talk to us about FIIT Point of Experience™. Click here to learn more