As a retail ISV, you know that at the heart of any retail shopping experience is what happens at the checkout. It’s the endgame of a customer’s buying journey, as they make their way to the sales counter with all the merchandise they wish to purchase. This is the moment that can make or break the whole shopping expedition for both the shopper and the merchant. What is important to understand is that both these players have expectations from the checkout experience.
How point of sale (POS) ISVs and VARs provided solutions to their clients has evolved over time. When ISVs first developed POS software, the focus was on the technology itself and how superior management via purpose-built solutions compared to using electronic cash registers and standalone credit card terminals. As more businesses implemented POS systems, the focus shifted toward the customer experiences they could provide and the impact it had on merchants’ competitiveness. Although the importance of leveraging technology for greater efficiency and enhanced CX continues, a new priority has emerged: POS data security.
Generation Z, people born from the mid-1990s to early 2000s, is emerging as the next consumer force. The oldest of the 68 million Americans who are part of Gen Z are now completing their education, entering the workforce, and building wealth. Gen Z’s estimated spending power in the U.S. is as much as $143 billion, with indirect spending power of $600 billion. Just as when millennials became a predominant consumer force and ignited changes throughout the industry, ISVs and VARs will see changes triggered by the rise of Gen Z.
The COVID19 health crisis has had a big impact on the economy as many businesses have been shut for a few months. Some merchants had to close shop completely, while others operated in limited capacity. Many of our partners have been discussing innovative ways to help deal with this crisis. From highlighting benefits of technological solutions to changing consumer behavior, we have listed a few posts from some of our partners and insights they have to offer:
Cloud-based POS solutions have been trending upwards over the last two years, with more ISVs offering their small and mid-sized customers an alternative to traditional on-premises, server-based POS systems. While retail ISVs are on the front lines of this evolution, other segments are following suit to meet customer demand. According to Hospitality Technology’s 2018 POS Software Trends Report, 61 percent of merchants said they want their next POS system to be cloud-based.
