Modern POS systems have evolved far beyond their traditional role as cash registers. POS nowadays comes in multiple formats with wide-ranging capabilities powered by agile software and networking technologies.

For businesses, choosing a POS solution is no longer a case of sorting through a bunch of depressingly similar options trying to work out which represents the best value or is going to be the most reliable performer. There is genuine choice out there. And choice means possibilities.

From self-service kiosks to mobile POS to terminals that serve as centralized touchpoints for integrated business processes, the choices available in modern POS open up the possibility of changing the ways you work, offering innovative new experiences to customers and creating new opportunities for your business to thrive.

Here are five examples of how.

Enhancing Customer Experience

Better experiences mean happier customers and more repeat business. That’s why ‘CX’ is at the forefront of most business’s customer relationship and engagement strategies these days. And POS can help win people over in all sorts of ways.

Kiosks, for example, allow store owners, restaurateurs and hoteliers to embrace the self-service phenomenon on their premises. Given the opportunity to do things for themselves online, it turns out that the majority of people love a little independence. Kiosks unlock opportunities to put customers in charge of their own experiences, with benefits including reduced wait times and increased average order values.

Mobile POS, meanwhile, introduces greater agility in how service is provided. Staff armed with a POS tablet can approach customers and offer to check prices, sizes, stock availability, or even process a sale, right there and then, helping to eliminate queues at checkout and increase throughput.

Increasing Efficiency

POS terminals need no longer operate as a standalone payment processing function. With software at the heart of most business processes these days, everything can be linked together into seamless workflows that improve efficiency.

For example, in restaurants, mobile POS tablets can be used to take orders at the table, which are then fed directly into kitchen management systems. Kitchen staff can get cooking the moment an order is placed, the risk of errors is greatly reduced, and diners get the meals more quickly.

Across hospitality and retail, POS systems are now routinely connected to inventory management systems so stock databases are updated the moment a sale is processed. This helps businesses avoid out-of-stocks and makes replenishment more efficient. For retail chains, connecting POS across all outlets (plus ecommerce) to a single inventory system also makes it easy to look up where an item might be available if it’s not in stock in one store, and potentially avoid a lost sale.

Opening New Revenue Streams

Finding new ways to make money can be a game-changer for businesses when margins are tight and competition in your chosen niche is fierce. And POS can be what opens the door. For example, many customer-facing businesses are modelled on waiting for customers to come to them.

But whether you are a boutique store or a gourmet cafe, if footfall is down, sometimes you just have to get out in the world and take what you offer to your audiences. Mobile POS frees you to diversify into event stalls, markets and pop-up street trade, doing business on the move wherever would-be customers might be.

Another example is ecommerce integration. People are increasingly moving beyond the online-offline distinction when thinking about their consumption habits. They want to shop in a store AND on their smartphone, perhaps at the same time, and they want flexible options that transcend such boundaries. Effective integration allows businesses to explore new opportunities ranging from now-familiar ones like in-store or curbside pickup and hyperlocal delivery, to running subscription services from your store (or cafe/restaurant).

Delivering Data-Driven Insights

As well as increasing efficiency, the other major benefit of integrating multiple business functions together through POS is the fact that it unifies data streams across your business and therefore allows for 360-degree insight. From customer behaviour analysis that takes in your customer journeys in all their wonderful variety, to wide-lens sales trend analysis, building data analytics into your POS helps you make smarter, faster decisions.

Embracing Emerging Technologies

Finally, technology continues to evolve at break-neck speed, and it is already clear that certain innovations are going to unlock whole new levels of possibilities in POS in the near future. Chief among these is Artificial Intelligence (AI).

From kiosks fitted with smart assistants that provide a human-like conversational experience, to next-generation AI-powered data analytics which promise to turbocharge process optimization and service personalization, AI will kickstart the cycle of unlocking new opportunities in all the areas discussed above all liver again.