Myths vs. Facts About Current POS Trends in the Retail and Restaurant Industries
The pandemic has caused or intensified many issues impacting businesses, including supply chain delays, staffing shortages, and health concerns. Throughout this time, several myths have emerged about point of sale (POS) technology in the retail and restaurant industries. Here are the facts you need about current POS trends to debunk those myths and ensure you have all the information you need to make the best decisions for your business.
Death of the Stationary POS System
Myth: The use of the fixed POS system is dying as more retailers and restaurants follow the tablet- and mobile-based POS trend.
While many stores and restaurants are increasing their use of mobile- and tablet-based POS systems, there is still a need for traditional fixed retail POS and restaurant POS systems. Fixed and mobile POS complement each other. For example, mobile POS allows greater flexibility, such as providing service in restaurants that have opened outdoor patio dining to combat COVID regulations or line-busting in a retail store to help during the holiday rush. However, while tablet- and mobile-based POS systems have become more popular, there is still a need for fixed all-in-one units for those looking for a more cost-effective system. The long-term cost of these fixed systems is typically lower than the price tag on other types of POS configurations.
OS and Supply Chain Challenges
Myth: Some business owners think that POS systems are not capable of running on the new Windows 11 OS, especially due to the supply chain issues and manufacturers not having enough time for testing.
All aspects of the supply chain have been disrupted worldwide by the pandemic. However, POS manufacturers with strong supply chains are able to make timely deliveries of POS systems and devices compatible with Windows 11. Manufacturers who source well can offer POS terminals with the latest advancements, such as state-of-the-art processors — and they won’t have to deliver legacy technology that’s obsolete.
Touch Dynamic has been able to stay ahead of the curve and on top of POS trends. We’re able to keep all of our retail POS and restaurant POS systems in stock and thoroughly tested. Despite the many shipping delays, we still have no more than a six- to eight- week lead time on most of our inventory. So, while supply chain disruption has affected many in the POS industry, with the right planning it is possible to overcome those issues.
Patron Preferences
Myth: Using self-service kiosks is all or nothing.
A 2019 survey revealed that 65% of customers said they would be more willing to visit a restaurant if self-service kiosks were available, and the need for safe social distancing and reduced human contact has sped up the growing popularity of this POS trend. But while 60% of American consumers surveyed said they would head to a self-checkout kiosk rather than a cashier, about 25% have reservations due to past experiences with self-checkout systems that didn’t work properly. And many patrons miss the customer experience they get at a table service restaurant when they are limited to the use of a self-service kiosk.
Offering only a self-service kiosk may deter some patrons; but offering a mix of kiosks and traditional dining or shopping experiences can help your business cater to how customers prefer to do business. Having both options available also introduces patrons to self-ordering or checkout without it being forced.
Kiosks are also helping to fill the gap caused by the labor shortage. Adding self-service kiosks allows a smaller staff to reallocate their time to improve customer satisfaction and lessen wait times when the kiosks can handle checkouts. Sit-down restaurants that have tabletop kiosks still have a server who comes to the table and can provide personalized service.
Payment Methods
Myth: Restaurants can keep using the same payment solution and just add an online gateway.
Consumer preferences for payment methods have been changing over the last few years. According to Capgemini’s World Payments Report 2021, contactless payments grew by 53% in 2020, with 41% of consumers saying they used them for the first time during the pandemic.
To meet this demand, retailers and restaurateurs should upgrade to offer contactless payments. Card readers equipped with near-field communication (NFC) technology enable consumers to simply tap or wave their contactless cards or mobile wallets to make a payment.
Another type of payment that doesn’t require touching a payment device is to print a QR code on the receipt. Then, customers scan it with their smartphone cameras and pay much like they would when placing an online order. The downside is that this payment is considered “card-not-present,” so processing fees are higher.
As consumer preferences change, retailers and restaurants will need to offer newer payment technology options to cater to how all patrons prefer to pay. When adopting new digital payment methods, take the time to not only understand the benefits to the customer but also how safe, reliable and easy to implement the new tech is.
Talk to the Experts
Myths will always circulate, especially during times of disruption or challenges. However, you can rely on trusted POS solutions providers to give you the truth about POS trends and the technology you need to operate most effectively.
Are you wondering if what you’ve heard about the direction POS systems are taking is true?
Contact us to get the facts.
