AI is somewhat becoming more common every day. For something that is making industries work change and life of the general population easy it should become even more common as the days progress. According to a research the number of homes that have started using some sort of AI has increased over 30 percent but this is a number that tells only about USA.
In this ever evolving reality, the consumer is not limited to cash, while some countries are about to go cashless. The use of cash all around the world has reduced. Business Insider reported that in-store mobile payments will reach $503 billion by 2020, reflecting a compound annual growth rate (CAGR) of 80 percent over five years. Yet today, just 15 percent of enterprises are using AI and 31 percent have it on their agenda over the next year which means that AI-enabled services will only continue to grow. Retailers are now trying using AI to make the consumers experience better at the point of sell, developing an environment that best utilizes the opportunity. Here are some affects of AI when it comes to the topic of point of sale.
Companies have started accepting payments in numerous ways right from contactless cards and digital wallets and many more. Use of NFC technology at the POS and NFC tags has started becoming a thing. According to a survey 40 percent of people between the age of 18 to 24 have stated if a robot or AI is able to understand their choice in shopping they have no problem in letting it shop for them. AI is here to create an environment for its consumer that allows them to pay through a method they prefer. Avoiding the heftiness of checkout lines and maybe even eliminates the checkouts. Amazon has a store that just lets you walk out with the product. Go in pick the thing and just walk out it will automatically receive the payment all you need to o is scan the thing. Freedom from the checkout line creates convenience for consumers, increased customer service opportunities for merchants, and greater flexibility for both.
Data of what and when was bought
Automated POS analytics can find out in real time what consumers buy and when they buy it. Just think about the amount of data it will get. This data then can be used to identify the choices of consumer, the peak hours of place, offers they like all in all the customers demographic. The only way to deliver a superior customer service is to understand the customer's experience at any touch point throughout the user experience.
AI will help marketers get better at learning their customers' needs and preferences and then generating products, services, offers, and discounts as the opportunities arise or even before. The potential outcomes of real-time marketing alone can increase sales opportunities by up to 20 percent over a marketing strategy that leaves AI out.
Algorithms can be applied to payments methods that can speed up the process for the regular customers and block a suspicious on in real time. The investment on such technology is enough just by the fact of the money it will save and the change in efficiency.
It's through payments that we understand consumers; build more efficient and customer-driven shopping experiences; create more efficient business systems; and decrease risk for businesses and consumers alike.