Abstract
Digital transformation in the retail industry has led to significant changes in the way that point-of-sale (POS) systems operate. In the artificial intelligence (AI) era, POS systems have become increasingly intelligent and sophisticated helping retailers to improve efficiency, increase customer satisfaction, and boost sales. AI-powered POS systems use machine learning algorithms to analyze customer data and make intelligent recommendations about products and services. An AI-powered POS system might be able to analyze a customer's purchase history and suggest related products that the customer might be interested in. Another aspect of digital transformation in the retail industry has been the integration of POS systems with other technologies, such as mobile devices, the internet of things (IoT), and augmented reality technology (ART). This has enabled retailers to create an efficient shopping experience and provide access to a wider range of products and services.
TopEvolution And Technologies
Four industrial revolutions have occurred since the first one in 1760, each leading to improvements in manufacturing and enhancing human lifestyle in various ways. During the first revolution, steam engines reduced the need for human labor, resulting in higher efficiency and lower costs. The second revolution saw the rise of mass production assembly lines and electrification, enabling the production of high-quality products at lower prices. The third revolution was characterized by the rise of electronics, telecommunications, and computers, leading to online shopping and globalization. The fourth revolution, also known as Industry 4.0, focused on integrating physical objects with people through the Internet, resulting in significant changes in the retail industry (Reagan & Singh, 2020).
Retail 1.0 and 2.0 saw the emergence of department stores and shopping malls, respectively, providing consumers with low-cost products. The advent of online shopping in Retail 3.0 allowed customers to purchase anything without leaving their homes, leading to a change in purchasing behavior. Retail 4.0 technologies, such as AI, IoT, Cloud Computing, Big Data Analytics (BDA), and Augmented Reality (AR), have further enhanced and simplified the shopping experience for consumers. AI can replace employees in routine jobs, while IoT can manage home and office applications via mobile apps. Retail 4.0 technologies have also been applied to agri-food retailing to improve sustainability.
Key Terms in this Chapter
Blockchain: A decentralized, digitized, public ledger of all cryptocurrency transactions.
CRM: Customer relationship management (CRM) is a set of technologies, strategies, and practices that organizations use to manage and analyze customer interactions and data throughout the customer lifecycle.
Cloud Computing: A technology that allows access to resources, programs, and information through the Internet.
Artificial Intelligence: AI is the ability of machines and computer programs to perform tasks that would normally require human intelligence.
mPOS: Mobile-based point of sale system is a portable hardware and software solution that allows businesses to receive payments from customers through mobile devices such as tablets or smartphones.
IoT: The internet of things (IoT) is a network of physical objects, devices, and vehicles embedded with sensors, software, and other technologies that are capable of connecting and exchanging data with other devices and systems through the internet.
Augmented Reality: AR is an interactive experience that combines computer-generated content with the real world.