Square: Benefits of Cloud-Based POS Systems
Over recent years, electronic point-of-sale (EPOS) systems have transformed how businesses operate and interact with their customers.
Randolph Manderstam, Product Marketing Manager at Square UK, discusses the myriad benefits of cloud-based POS systems, emphasising their role in enhancing efficiency and customer satisfaction.
Hard-wired to cloud
The transition from traditional, hard-wired POS devices to cloud-based systems marks a significant shift in the retail and hospitality sectors. Randolph highlights that these modern systems offer “powerful, mobile-first point-of-sale solutions” that streamline sales and operations.
One of the most notable advantages is the integration with other popular apps and business software, which allows companies to harness additional functionalities without incurring prohibitive costs or investing excessive time.
This integration not only optimises operations but also reduces staff training time, thereby boosting employee productivity and satisfaction.
“The ease of use means employees no longer have to navigate clunky, outdated systems,” Randolph explains, adding that this results in quicker service and shorter wait times for customers.
Cloud-based POS systems, also known as web-based or online POS solutions, store all data on remote servers instead of local hard drives, as is the case with legacy systems.
This shift to a software-as-a-service (SaaS) model offers businesses the flexibility to access their systems from anywhere with an internet connection, a feature that has become increasingly valuable in today's mobile and remote work environments.
This is particularly beneficial for retailers who need to manage multiple locations or offer various fulfilment options, such as click-and-collect or delivery services.
Integrating AI: Amplifying utility
The incorporation of artificial intelligence (AI) into ePOS systems further amplifies their utility. Randolph notes: “AI can analyse sales data to predict future demand, helping businesses optimise stock levels.” This predictive capability is crucial for businesses seeking to maintain optimal inventory levels and improve sell-through rates.
Additionally, AI can automate the creation of engaging item descriptions and other customer-facing content, which can be tailored to the specific preferences of customers. This leads to “hyper-targeted sales strategies based on data-led evidence,” Randolph asserts.
Cloud-based POS: Benefits for SMEs
“By leveraging these technologies, even small businesses can reap substantial benefits,” says Randolph, particularly when they can be used on mobile ePOS systems.
The shift in acceptance and reliance on ePOS systems - particularly in retail and hospitality, has made payments far simpler on both the business and consumer side. Randolph observes that these systems offer “easy staff onboarding and accessibility,” which enhances the overall customer experience.
The global EPOS industry is projected to grow significantly, from US$467.8bn in 2023 to US$847.4bn by 2030, paving the way for unprecedented innovation opportunities, especially within AI.
And, in the future, Randolph envisions a landscape where mobile ePOS systems become the norm.
“The potential for innovation, particularly with AI, is immense,” he concludes, hinting at a future where technology continues to redefine the retail and hospitality industries.
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