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Thursday, June 13, 2024

The Point-of-View of Point-of-Sale in 2021

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The distinction between the online and physical retail world is blurring. All retail businesses are adding multi-channel to their 2021 strategy. It is quite apparent that POS and eCommerce are merging to become a part of a combined retail strategy. The move by Shopify to introduce its own POS payment hardware is an indication of things to come. In this article, we are going to delve deeper into the POS market. What are the factors driving the growth? And, reasons why POS developers (ISVs) and POS resellers should include eCommerce integration in their 2021 growth strategy.

POS in 2021 and beyond

In 2019, the value of the POS market was $15.64 billion. By 2025 it is expected to touch $29.09 billion. This unforeseen growth is a result of the massive competition in the retail space. Retailers have realized that to stay competitive, they have to be present in multiple channels and link them. That’s not all. You need to offer cashless transactions, keep track of sales and inventory, and improve the customer experience. And, this is true across retail segments.

What is driving the growth?

Today, the eCommerce business is a part of the growth strategy of all retailers. Retail businesses are all gradually shifting towards online sales. This shift will help them expand their market and grow faster. There is also a growing need for advanced solutions that keep track of sales and inventory and facilitate easy transactions. Moreover, services like mobile and contactless payments need to be offered to enhance the customer experience.

What should the focus be for ISVs and POS Resellers?

With multiple sales channels, business has become quite complex for many retailers. The merchants are seeking one POS solution that will help manage multiple storefronts – both physical and online. This is driving the demand for POS systems that have advanced features and can be integrated with the eCommerce stores. Today, most of the POS systems come built with advanced functionalities and analytics. These will help retailers manage their inventory, customers, payment, billing, and even employees better.

The industry is also witnessing increased usage of cloud-based payment systems. There are many reasons why retailers prefer cloud-based solutions over on-premise POS systems. Firstly, you can easily access it from the internet or web browser. It provides greater control over the business and also minimizes downtime. Also, with cloud-based POS systems, integration facilities are unlimited. Secondly, they help meet multi-channel requirements of managing large-scale inventory. It also helps to streamline other business processes.

Benefits of offering POS solutions that can get integrated with eCommerce channels

  • Your customer can easily control both the offline and eCommerce store from one location.
  • When they update product details in the POS, it reflects automatically in all the online sales channels
  • There are no instances of overselling as inventory data gets synced every few minutes.
  • Helps reduce overhead costs and minimize errors as eliminate double data entry
  • Offer an omnichannel shopping experience to customers.

Get your POS eCommerce ready!

Are you looking to give your customers access to the global marketplace? Then you need to explore Octopus Channel Manager from 24SevenCommerce. Octopus is a cloud-based integration platform. It connects your POS with all the leading shopping carts and marketplaces. You can easily integrate your POS with all the platforms, such as Shopify, WooCommerce, Magento, Amazon, eBay, Walmart, etc.

With this solution, your customers can manage their storefronts from a single location. They can eliminate manual data entry and manage all products from one place. There is no more copy-pasting required. With the integration, all the product quantities and prices will be in sync across the channels. This is an effortless way to sell products on multiple channels.

It helps retailers increase both customer satisfaction and rankings and achieve better operational efficiency. 

To know more about Octopus and partner with us, visit: https://www.24sevencommerce.com/


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