Shifting Trends of Transaction Registration:
Have your parents had ever foreseen that retailing will go beyond premises?
James Ritty came with an innovative device called Incorruptible Cashier in 1879. This register saved him from ripping off. Charles F. Kettering succeeded him by inventing an electronic motor-powered cash register in 1906. The improvement in registering transactions goes over and over. Now, mPOS (mobile Point of Sale) system has stormed in. It’s everywhere in the retail world since 2014.
Today, AI or Artificial Intelligence is penetrating Renaissance in almost every domain. Obviously, the retail industry could never stay away from it. The devices are made sensible. They recognize what you want to convey through your facial, speech and gesture recognition.
Wondering, what’s fueling it up with these kinds of innovations?
It’s the machine learning that inserts senses in the lifeless devices. Thereby, they are transforming into smart robots. Now, they have gained the power to perceive, interact with customers and analyze what they require. Won’t believe? Check Google Duplex! Its efficiency in dealing with a human voice has taken the AI to the next level.
If you talk about maintaining a cash register, it’s cringy. You hate to pen down every transaction by your hands. It’s digital era, after all. You’re a part of the digital space. You won’t like to let a mob wait for hours just to make transactions into your cash-book.
Impact of AI storming into retailing industry through the point of sale installation:
Retailers have high expectations with the artificial intelligence. That’s why they’re replacing typical payment systems with the atypical POS or mPOS systems.
1. Transaction & Connectivity Trends Turn Atypical:
IDC has projected that connectivity and enterprise mobility services will cover more than half of the industry mobility spending. It explicitly estimated the CAGR of this spending by the manufacturing, utilities (each with 5.9 percent CAGR), telecommunication (5.8 percent CAGR) and process manufacturing (5.7 percent CAGR). To chase these CAGR dreams, the retail world requires AI-driven POS. The customers want to experience frictionless sale and purchase. They won’t be ‘Ok’ with the time consuming transactions.
This need became a mother of innovative NFC technology. For example-American retailers are making millions of dollars by introducing this Near Field Communication technology. The sales executives absolutely love to register transactions in a wink through it.
On the flip side, the consumers are going fond of this technology. They don’t need to stand in the checkout queues. Also, they enjoy a handful of payment options.
2. AI-triggered Quick Payment Unfolds Consumers Behaviour:
Have you heard about the ‘Selfie’ payments introduced by the MasterCard?
What all it shows is an advanced stage of the POS concept. Just download the MasterCard app. Capture your selfie. Verify your identity through it. Afterward, whenever you’re going to pay, just put your selfie camera on and tap. It’s done. You’ve paid. As your selfie matches with saved snapshot, the app verifies that it’s you in a wink.
The payment determines who your customers are. What you purchased previously, the POS database uncovers that detail. By seeing it through the analytical lens, you can easily analyze what offers and rewards a particular customer is eligible to receive. The merchant can blend these ideas with company’s location, operations, inventory and customers’ demographics. Eventually, he can have ideas to shape up branding, reputation and new services via these rich insights.
3. Real-Time Data Driven Analysis:
The integrity of POS with the social networks makes it an asset. You can catch the smart data from multiple data points. Even if, you don’t have credit or debit card, neither do you have cash in hand, you can still undergo the POS experience through AI-infused Facebook or Slack. Send a text message and navigate through all barriers of payment. Moreover, you can push into the analytics of the fraudsters.
The database driven from the every unified channel to the point of sale consists of customer transactions. A deep and thorough walk down through them results in real-time analytics. Hence, you can drive sales opportunities to integrate with the prospective marketing strategies.
4. Security is Not on Stake:
The AI-based PoS is far away from the security breach. Let’s say, your point of sale system is stemmed with the PayPal app. It’s a payment gateway famous for fraud detection. It’s codified to compare and analyze thousands of transactions altogether. Thereby, the artificial intelligence sifts through the customers’ data. Its insight would let you segregate the friends and fraudsters. The analytical audit suggested that this payment gateway has declined the fraud rate to 0.32%, as compared to the average rate of 1.32%.
Resultantly, the retailers save millions of dollars. Also, they capitalize on the chargebacks by improving efficiency rate.