There’s a general understanding among SMBs that revamping the software tools available on their POS systems is a new requirement. They need the POS to be more agile, open, and similar to the technology that has become ubiquitous to consumers (i.e., smartphones, tablets, and computers). Furthermore, the POS has to facilitate key organizational challenges for the retailer—such as controlling costs, generating customer loyalty, and accommodating new consumer technologies, like digital wallets.
“The POS will be at the heart of SMB digital transformation. Its role within the organization has already begun to evolve to encompass a value proposition broader than payment acceptance alone. An open, cloud-connected POS platform is required to accommodate and augment the multitude of software applications used by SMBs. It will also be necessary to better address the proliferation of customer-facing applications while leveraging and applying data obtained through IoT initiatives,” explains 451 Research.
It’s important to understand that this challenge cuts both ways. If SMBs are demanding a flexible, cloud-connected POS in order to survive, then the onus is on us to innovate our technology to meet those demands—something we’ve done and will continue to do.