5 Facts About Cloud POS Systems: Are People Buying Them?
Are cloud-based POS systems really the future of F&B, or are they just a fad?
What is a Cloud POS System?
Cloud-based POS systems are point of sale systems that store data within the cloud rather than on physical servers that are located on-site. The cloud system that cloud-based POS systems rely on are all online, which requires no IT maintenance or expertise on the end of the business. Cloud-based POS systems often come in the form of apps so employees can log into their accounts and access important data from any supported smart device, anywhere in the world.
Older POS systems require companies to store all their important data - including prices of items, records of transactions and member information - on local on-site servers in the form of PCs or private company networks. This method often incurs heavy additional costs and requires IT technicians to maintain the network so that the data is maintained and not corrupt.
How Does "The Cloud" Work?
1. "The Cloud" essentially just serves as a metaphor for being online
2. "Cloud-based" refers to storing data online rather than using physical on-site servers and networks
3. Information stored in "The Cloud" is stored on off-site servers provided and maintained by an independent cloud computing provider.
4. Cloud POS providers handle data hosting for your business so you don't have to maintain your own on-site data storage system
5 Facts About Cloud-Based POS Systems
1. Cloud POS Systems Have Surpassed the 20% Critical Level in Market Penetration
Market penetration is an important metric to determine how successfully a product or service is adopted. For cloud-based POS systems to have achieved such a high level of penetration in such a short period of time suggests that there is an upward trend whereby this market penetration figure will increase over time.
2. More Than 60% of Recent POS System Purchases Were Cloud-Based Platforms
Not everyone is looking to update or change their POS systems. Committing to a new system can be stressful and is a big step for any business. However, to learn that 60% of businesses who did upgrade their POS have opted to use a cloud-based system, indicates that modern businesses see the value in cloud technology. The portability, versatility and cost savings could certainly be big factors in why so many businesses are opting to go for cloud-based POS systems when shifting rather than legacy systems.
3. A 50% Cloud POS Adoption Rate Is Expected Across All Restaurant Categories By 2022
The F&B industry is one that demands speed in operation. Many quick-serve restaurants depend on rapid table turnover to stay afloat. Those F&B businesses who offer a relaxed and premium table service experience to customers rely on exceptional customer service. In both cases, a cloud-based POS system would be beneficial. Cloud-based systems can share relevant data instantaneously between different facets of a restaurant. For example, when a member of staff takes an order on a POS, it can be directly fired to the kitchen, saving time. Contactless payments are also easily supported on Cloud POS systems, which further increases table turnover. On the flip side, instantly firing orders from the POS system reduces the likelihood of wait staff forgetting orders or making human errors. On top of that, CRM data can be accessed from any store location, so your top customers can always experience the best service possible, creating a premium feeling and boosting brand loyalty.
4. The Global Cloud-Based POS Market Is Predicted to Increase from $1.34 Billion in 2018 to $3.73 Billion By 2023
Given that the total market size on a global scale is set to grow by nearly three times in three years, we can determine that there is going to be a definite increase in cloud-based POS system sales. Due to the numerous benefits of cloud systems, this prediction is hardly surprising and affirmatively answers the question "Ae people buying cloud-based systems?"
5. 61% of Merchants Plan to Have a Cloud-Based POS When They Next Change their POS Platforms
This statistic demonstrates the clear demand that exists for cloud POS systems. The simple fact that a majority of businesses have already decided that when they upgrade their POS system, it will be with a cloud-based alternative, shows that the benefits of a cloud POS system are clearly evident to business owners.