The use of retail POS in the financial and business sector of the economic has lead to an increase in sales, with old and new customers finding it easy to carry out transactions without worrying about moving around with physical cash.
These is made possible due to technological advancement in the retail sector for years, which in turn has made business owners in the retail ecosystem to be on their toes, competing to keep customers engaged and delighted in order to generate more sales.
However it is believe that there will be even greater sales opportunities in the future due to the numerous break throughs in Technology especially with Artificial Intelligence (AI). Technological advancement in Artificial Intelligence (AI) is opening up the retail ecosystem and transforming it significantly.
AI Role In The Next-Gen Of POS Solutions That Will Transform Retail Operations
The number of point of sales outlets have been on the increasing over the years as many customers still prefer to do their shopping’s directly from retail stores as compared to shopping online despite a substantial raise in the desire of many toward online shopping. In a study “Nearly 59% of consumers prefer visiting the store before purchasing, while 81%
of the people planning to purchase premium-priced products are more likely to check them in person first.” With the availability of such data, retail stores can benefit from the computational power of AI in analyzing, data management and use of machine learning for efficient and effective inventory management. This will significantly increase customer and overall in-store experience.
By incorporating AI into POS Systems, retailers will gain insight into valuable information from the analysis of customer data by AI. More so, AI will 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, and also fast tract automation process, allowing POS to process data from various touch points in real-time.
With this, AI offers lots of opportunities for numerous POS system developers and providers as well as investors. Developers and providers are also making effort to upgrade their old POS System to AI integrated POS system.
Thus AI will change the retail ecosystem significantly in the near future.