New POS service from Wirecard

New POS service from Wirecard

Wirecard has launched a new POS service that integrates self-learning technology to help retailers increase customer conversion, reduce attrition rates, predict future consumer behavior and link points of sale with e-commerce.

Paybefore (Banking Technology‘s sister publication) reports.

The company’s Omnichannel ePOS Suite combines payment and other data to give merchants a real-time view of customer behaviour in its entirety, which the company says will enable retailers to more efficiently design and target marketing efforts and increase a given customer’s lifetime value.

The platform, which can be integrated into existing POS systems, also helps merchants identify customers who may potentially shop elsewhere. By introducing appropriate marketing measures, the churn rate can be “significantly reduced”, Wirecard says.

Additional tools include analyses of anomalies, trends and consumer sentiment, peak detection and time series based on country-specific data, as well as cohort analyses to assess the effectiveness of marketing efforts.

The new suite is “the first step towards large-scale digital transformation in the retail sector”, according to Wirecard CEO Markus Braun. “Over the next few years, data analyses using artificial intelligence (AI) and machine learning will play an increasingly important role in that business area,” he comments.