According to EKN Research's 2015 Retail Point-of-Sale Blueprint the average age of a point-of-sale (POS) platform is almost 7 years. With security protocols changing frequently and new threats being discovered all the time, the retail industry must address aging and outdated POS systems as soon as possible.
EXN Research found that a majority of surveyed retailers plan to replace their POS systems over the next 24 months. The shift is a response to massive upheavals in the POS industry, including EMV-liability, increased demand for mobility, omnichannel POS integration and the introduction of new payment methods.
While POS systems were once simply cash registers, used to store cash and pay tabs, today's registers are much more than simply aggregators of transactional data. Instead they are now a part of what is known as omnichannel retail, used to enhance customer shopping experience. Registers are now used to engage customers in long-term relationships through perks like loyalty programs.
Modern POS systems offer retail associates the ability to support a multitude of operations, from sales tracking, inventory management and promotion management, to strategic planning and budgeting, accounting and loyalty management.
For this reason, it is incredibly important that all retailers keep up with the developing POS industry. An outdated system isn't just slower or less efficient that a modern solution — it is also less functional. The retail industry demands that companies stay ahead of the competition and constantly adopt top innovations to support their customers. Retailers that fail to keep up leave themselves vulnerable.
Keeping up with evolving technology includes making sure your card processing software is always up-to-date. This protects clients and customers from the risks of breaches and malware attacks.