The Indian economy is slowly recovering from the impact of demonetization which shook the nation late last year. With not enough cash in the market, many industries took a serious hit on their revenues. Major industries like real estate, tourism and gold markets were heavily affected as they did not have a strong cashless point of sale backbone. An effective structure driven by POS platforms would have ensured a better response to the sudden drainage of cash in the market. Entertainment and hospitality industries in India were better prepared for this hurdle and it helped them mitigate the risk to a great extent.
Today, you can easily find POS systemsin most industry segments. Not only are these preferred by the customers, accounting and inventory management becomes incredibly easy for vendors as well.
Today almost every industry has deployed smart point of sale interfaces, which is helping them get more customers and retain them as well.Looking at the convenience and security it offers, the future landscape of point of sale in India will further bring the customers and businesses closer, especially in the unorganized markets.
Focus on Personalized Customer Experience
With robust data management, current POS systems bring an opportunity to further connect with customers. Specialized loyalty programs and a personalized shopping experience motivate customers to visit the same store regularly. A fully-integrated POS infrastructure also helps in tracking people’s shopping preferences and increases the base of loyal customers.
Added Power with Cashless Payments
Integration of cloud wallets, debit and credit cards, personalized gift cards and online payment systems make the modern POS more competent than traditional cash registers. The unorganized market is also slowly adapting to more convenient billing counters like the ones used in retail outlets and hotels. Soon the market will reshape its concept of cash-driven to money-driven.
Enhanced Security and Efficiency
As smaller businesses begin to accept the modern point of sale systems, the industry is working towards making these more secure and efficient. Billing solutions with employee identification, biometric and password accessible systems ensure a risk free operating environment.
Scalability for Growing Businesses
Many businesses could not protect themselves from demonetization because they could not effectively capitalize and expand on the opportunity at hand. Scalability and versatility of modern point of sale systems is an important factor that can help businesses grow with the changing market trends.
Symbiotic Hardware and Software Development
A billing system which is integrated with an auto-inventory management tool allows you to keep a track of your stocks as you sell them. Developing such symbiotic hardware and software which can provide better solutions will further motivate unorganized sector to shift to modern POS systems.
The market as a whole is more matured and understands the importance and benefits of point of sale systems. Vendors are now looking at innovative avenues where they can maximize its use and bring overall cost efficiencies. In the coming years we should see a surge in adoption of Mobile POS and Industry grade POS systems especially in the unorganized market.