Industry predictions for 2014 are out, and there's no doubt that the upcoming year will be full of changes that will shape the retail and technology industries. iPad POS solutions provider, Revel Systems forecasts that retail in 2014 will be more streamlined and integrated with online experiences, propelling the industry forward.
"This year the retail industry will see major shifts take place, whether it is the convergence of online e-commerce with brick-and-mortar retailer, the rise of digital currency like PayPal and Bitcoin at the checkout, or the integration of wearable data to help consumers make smarter choices at the checkout," said Lisa Falzone, CEO of Revel Systems. "We are at the forefront of breakthrough technologies and believe the industry is headed towards a more integrated and user-friendly approach to retail."
Industry advancements that will begin to take shape in 2014 include the following:
Mobile and digital currency will go mainstream in retail. Mobile payment options will bridge people's online wallets with their physical ones at the checkout. People will be able to tap into digital currencies like PayPal, Google Wallet and Bitcoin to pay for items at the checkout line. Smartphones check calendars and geo centric data to offer you the best eating experience based on your schedule and preferences. POS terminals will act as beacons for the mobile consumer.
CRM technologies will become "smart" and predictive. Loyalty programs usually an afterthought to the POS, however, by using smart peripherals such as facial recognition software, a retailer's menu boards and POS displays can use predictive modeling based on past order history to recommend items for cross-sell and upsell opportunities.
Social capital begins to influence personal pricing at brick-and-mortar. CRM systems will also include social data so that more influential people over Twitter and Facebook can receive perks based on digital footprint and if they help publicize a business through checking-in or uploading products or establishments photos. Offline and online experiences merge.
Order-ahead features become the norm. Online and mobile ordering is standard, but with order-ahead functionality, people no longer have to wait in line to make a purchase. This changes the nature of how retailers interact with consumers in restaurants, leading to more streamlined and intuitive ordering experiences.
Gamification will be offered in POS systems. With the popularity of gamification technologies such as Yelp and Foursquare, POS systems will begin to offer incentives like achievement badges and virtual rewards for both establishment owners and customers. Retailers will have the potential to unlock achievements while customers can earn recognition.
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