In 2020, evolving consumer preferences, shifting retail models, and improved technical capabilities will drive change in the global retailing.
FREMONT, CA: Technology will keep its position as the prominent technological enabler in the retail industry. Retailers will continue to turn to AI and vendors of services based on AI to make better decisions on inventory and pricing, to communicate more efficiently and more effectively with customers, and to personalize offerings. This is not merely about improving customer interactions and data management. AI offers real opportunities to increase operational efficiency through inventory management and price optimization.
The retailers in 2020 will have no choice but to incorporate mobile POS more creatively as consumer demand for it reaches its peak. Mobile payment technologies can turn a big-box store into a consumer experience focused on individualized service. Mobile POS devices can also help customers skip the line to complete a transaction, with a faster, and positive in-store experience.
Cardless payments have been increasing around the globe, and in 2020, adoption in the U.S. will finally reach its peak point. By the end of 2020, the retailers can expect 50 percent to 60 percent of credit cards to have contactless capabilities. Most of the merchants have the technology in place to accept cardless payments, but it doesn't mean the adoption will happen overnight. The real challenge will be educating the consumers on the opportunities and benefits of cardless payments.
Implementation of cardless payment technology is less about adding a new payment option and more about empowering the consumer who wants lesser steps between entering a store and leaving satisfied. Cardless payments provide a quick and frictionless experience to the customers in the present day.
Each day brings new biometric applications. The biometric trend will continue to gain steam in 2020, as payment methods that were once perceived as invasive are now seen as innovative and secure. Consumers are quickly becoming more comfortable with fingerprint scans and facial recognition. Retailers and customers with this biometrics on their smartphones, help them to purchase and personalize their search bars easily.
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