Cloud POS systems have seen a steady increase in acceptance among US retailers in recent years. According to a report from Markets and Markets, the cloud POS market in the US is expected to grow from $3.3 billion in 2018 to $8.8 billion by 2023, at a CAGR of 22.1% during the forecast period. The increasing adoption of cloud-based technologies drives this growth by retailers and the benefits they offer.
One of the significant benefits of cloud POS systems is the ability to access data from anywhere. Retailers can access their sales data and customer information from any device with internet access, which allows them to make better-informed business decisions. It's handy for retailers with multiple locations, as they can easily track sales and inventory across all their stores.
Additionally, healthcare, hospitality, and retail are witnessing the digital transformation, which will increase the adoption of in the country. Growing demand for cashless payments coupled with the rise in the adoption of the integrated POS (Point-of-Sale) terminals is also creating a need for POS retail solutions that not only streamline the operations but also amplify customer interactions and shopping experience. Cloud POS systems also offer improved security compared to traditional, on-premise systems, which can reduce the risk of payment fraud, data breaches and other discrepancies. Another benefit of is integrating them with other applications. Many cloud POS systems can integrate with other software, such as inventory and customer relationship management (CRM) systems. It allows retailers to streamline their operations and improve efficiency. For example, when a customer makes a purchase, their information is automatically added to the retailer's CRM system, making it easy to track customer interactions and personalise marketing efforts.
In addition to these benefits, cloud POS software also offer cost savings for retailers. On-premise systems require upfront costs for hardware and software, as well as ongoing maintenance costs. With a cloud-based system, retailers only need to pay a monthly or annual subscription fee, which can be more cost-effective in the long run. Despite the many benefits of cloud POS systems, some retailers may be hesitant to adopt them due to reliability and internet connectivity concerns.
Luckily, cloud POS solutions like Tagrain offer offline mode, which allows retailers to continue processing transactions even when internet connectivity is lost. Tagrain cloud POS systems offer all of the above and a range of other benefits, including improved access to data, integration with other applications, improved security, and cost savings. In conclusion, it's the right time to adopt cloud-based technologies to stay competitive and improve operations.