Artificial intelligence: making point-of-sale systems smarter – AI News
The retail industry is no longer a haven for old technology, where customers refuse to give up their favorite brands. Every business in a competitive retail ecosystem struggles to maintain customer engagement and satisfaction and convert every potential opportunity into sales.
Technology has been an important enabler for the retail industry for years, and with the influx of technological breakthroughs such as Artificial Intelligence (AI)the retail environment is undergoing a significant transformation.
Perhaps no other industry has been as impacted by advanced technologies and digital transformation as retail. As a result, the retail industry has undergone a major transition over the past two years, with customer experience becoming one of the most crucial brand differentiators.
Next-generation point-of-sale solutions are transforming retail operationsAdvanced AI-based point-of-sale solutions have brought monumental changes in the retail business—from the many applications in data management and computer vision to the use of machine learning for efficient inventory management.
Despite a substantial increase in inclination for online shopping, customers still prefer to shop at physical stores. According to a recent study, almost 59% of consumers prefer to visit the store before buying, while 81% of people who are considering buying premium priced products like to check them out in person first. This demonstrates that the retail experience is still important to consumers.
With the growing importance of improving the customer experience, more and more retailers are focusing on improving the overall in-store experience. By integrating AI into Point of sale systems, retailers can collect and analyze massive amounts of customer data to gain valuable insights. AI can be used to integrate automation, allowing the point of sale to process data from various touchpoints in real time. Here are some additional features that retailers can benefit from, as follows:
- Unlock the hidden value of data
- Gather valuable customer information
- Foster enjoyable customer experiences
- Create secure payment ecosystems
- Drive smart in-store product placement
- Promote in-store fraud detection and prevention
What does the future look like?There is no doubt that AI has a lot to promise and offer to the retail sector. AI can take things to the next level, especially in the POS realm, due to its ability to capture, assess and deliver valuable facts and statistics that will improve in-store engagement, improve operations and will have a positive impact on the results.
Therefore, many POS solution developers and providers aim to invest in AI to upgrade their current POS solutions. However, it remains to be seen how AI technology will affect the retail ecosystem as we know it.
“Editor’s Note: This article is in association with The point of sale report
Artificial intelligence: making point-of-sale systems smarter – AI News
