Role of Artificial Intelligence-Based POS in Retail

The application of disruptive tech like artificial intelligence is quite popular in the point of sales (POS) market especially across retail. It offers the consumers the ability to handle virtually all payment methods, across online platforms, mobile apps, via chat, social apps and of course, in-store payments.

Use of AI in POS systems helps eliminate the losses by accurately tracking inventory and orders (based on sales and up-to-date supply levels). The seamless integration with inventory, marketing, accounting and purchase helps automate processes for your business. Further, they provide insights on the changing behavior of customers with recommendations on how to re-engage with them.

If you’re considering to implement an AI-based POS system in your organization, then this article is for you. We’ll discuss how AI can improve customer experience through robust future-proof POS solutions.

In an omnichannel world, retail point of sales systems empower the staff to deliver remarkable service and build customer loyalty. And, implementing AI-based software increases its operational capability by many folds. It helps build stronger relationships with customers, creating space for innovation projects and enable more strategic decisions to maximize their growth. Businesses can now understand and predict what compels consumers to act and how to anticipate consumer trends.

• Unlock the Hidden Value of Data
  The volume and velocity of data circulating in the retail infrastructure are increasing at a rapid pace. With every transaction, POS picks up multiple bits of information. Retailers enable Machine Learning models to up customer delight by analyzing existing data based on product and service preference.
• Collect Valuable Customer Insights
  Data is a real game-changer for the retail industry. By leveraging the power of artificial intelligence, companies can gather and analyze the vast amount of consumer data to derive actionable insights for better decisions. A robust POS solution provides integrated automation with real-time processing capability across multiple touch-points. Retailers can rely on data from purchase history, online platforms, buying habits preferences to analyze what attracts consumers to buy more. This helps discover valuable insights to serve customer better. The data gathered from advanced analytics can enhance user experience, retail operations and improve sales revenue.
• Secure Payment Ecosystems
  Security is one of the most important aspects when dealing with online payments and POS terminals. Through AI-based smart software solutions, it can offer a secure payment ecosystem. It enables faster checkouts and increased levels of reliability. As a fallout from this, the identification of loyal customers will become easier while blocking suspicious payments. It would result in huge amount of cost savings with increased productivity for the retail staff.
• Intelligent POS Offers Smarts Insights For Engaged Marketing Campaigns
  AI enables businesses to gather large amount of data from multiple sources. Such smart data can be used for effective marketing campaigns that appeal to new-age customers. AI in POS systems can help leverage huge data with valuable insights to promote real-time targeting. Further, the algorithms evolve and learn from the volume of diverse data. It provides a deeper understanding of buyer’s needs and preferences to deliver interesting offers, discounts products, services & more at the right time.
• Effective In-Store Product Placement
  In-store placement is a critical aspect of being successful in the retail ecosystem. While there is ongoing discussion around how retailer smartly displays inventories to attract customers through with the power of technology, stores can now leverage smart insights to discover shopping patterns and preferences. This data would come from POS terminals as captured in real-time at the location. It would enable the development of the right product placement strategy to improve sales figures in the short and long run. As part of the mix would enable the retailers to place the products that are frequently bought together while influencing the buying behaviors.

Don’t settle for less. If you made it this far, then you now have a clear idea of what you need. It is one of the most important investments. We can help you integrate right technical modules for your smart POS solution development requirement.

Let’s discuss the specific capabilities that enable retail organizations to collect consumer behavior data, increase customer engagement, and in turn enhance purchase motivations.

• Facial Recognition
  Facial recognition technology recognizes individuals by learning their profile, recent orders history and more. Know your consumers better to serve them better. AI-based POS combined with facial recognition facilitates identification of age, gender, new/old customers, emotions & other aspects that may affect what a user would order at that particular moment. This helps make specific suggestions that improve sales by providing a personalized experience.
• Predictive Analytics
  You can take your retail data strategy to the next level by leveraging predictive analytics. It provides insights for inventory management by analyzing what will be required to plan the stock accordingly. This translates to cost savings to a great extent.
• IoT-enabled Sensors
  Smart POS systems can track user behavior, update inventory and complete transactions anywhere in the store through smart sensors. This prevents long queue during peak hours or EOSS. It automatically alerts the inventory manager when items are nearly out of stock.

AI can take things to next level in the retail industry. And, now is the right time for retailers to invest in smart AI-based POS solutions that are scalable and adaptable to future tech advancements. It would enable them to create the most efficient and optimal customer experience. With the power of AI, stores can take advantage of data to discover shopping patterns and preferences.

Leverage our extensive expertise in custom retail software development of varied scope that enables us to develop a cost-effective model that fits your budget. Rishabh Software has deep experience in the Retail sector & Analytics. With our consulting-led approach, we can work with you to analyze project requirements. Our proficient team can custom develop and integrate the above–listed & required features for your artificial intelligence-based point of sale system.

Learn how we helped US-based apparel store with custom POS software development. We designed and developed an e-commerce store to set up an online presence. It helps improve customer engagement with an omnichannel experience and streamlines the checkout process.