Study: Personal data, digital currency among retail trends for 2014
San Francisco -- Retail in the coming year will be more streamlined and integrated with online experiences, according to predictions from POS software provider Revel Systems.
In 2014, Revel Systems predicts the following industry advancements will begin to take shape:
POS will integrate with personal data trackers such as Fuelband, Fitbit and Up. These devices will communicate with POS systems during order times to download how many calories consumers consume, and recommend meal and menu items based on their daily caloric intake goals.
Mobile and digital currency will go mainstream in retail. Mobile payment options will bridge people’s online wallets with their physical ones at the checkout. People will be able to tap into digital currencies like Paypal Google Wallet and Bitcoin to pay for items at the checkout line.
CRM Technologies will become “smart” and predictive. By using smart peripherals such as facial recognition software, a retailer’s menu boards and POS displays can use predictive modeling based on past order history to recommend items for cross-sell and upsell opportunities.
Social capital begins to influence personal pricing at brick-and-mortar. CRM systems will also include social data so that more influential people over Twitter and Facebook can receive perks based on their digital footprint and if they help publicize a business through checking-in or uploading product or establishment photos. Offline and online experiences merge.
Order ahead features become the norm. Online and mobile ordering are standard but with order-ahead functionality, people no longer have to wait in line to make a purchase. This changes the nature of how retailers interact with consumers in restaurants, leading to more streamlined and intuitive ordering experience.
Gamification will be offered in POS systems. With the popularity of gamification technologies like Yelp and Foursquare, POS systems will begin to offer incentives like achievement badges and virtual rewards for both establishment owners and customers.
“This year the retail industry will see major shifts take place, whether it is the convergence of online e-commerce with brick-and-mortar retail, the rise of digital currency like PayPal and Bitcoin at the checkout, or the integration of wearable data to help consumers make smarter choices at the checkout,” said Lisa Falzone, CEO and founder of Revel Systems. “We are at the forefront of breakthrough technologies and believe the industry is headed towards a more integrated and user-friendly approach to retail.”