Point of Sale technology: Its evolution and how it became the need of the hour in retail
A point of sale system is a combination of software and hardware that allows merchants to take transactions and simplify key day-to-day business operations. MobiOcean : Retail POS Machine & Systems Distributors, Dealers & suppliers in all over India. A major challenge for retailers is the lack of display area and suboptimal customer flow. EFT-POS tackles this by reducing the size of billing counters, allowing for more space to showcase merchandise and increase footfall.
Point of Sale (POS) is any location where sales or transactions may take place. Knowing the amount of sale that a retail store has made is an important thing to be known by any retailer. It gives an account of the money earned which helps in determining the profit made by the store. There are technologies available in the market for meeting this basic need of the retailers. However, with the changing trend and increasing rush of customers, the need of the retailers has changed. Knowing just the daily sales of the store is not enough for meeting the challenges.
The intermediate level of a POS system includes the basic feature with some additional functions like credit card processing, customer reward program, creation of customer ID cards, tracking of availability etc. These also include a barcode scanner to scan the item barcode instead of manually typing the price of the item. This reduces the amount of errors that are made and it also involves easy rectification of mistakes if they occur. This also reduces the extra time that is involved in the manual typing of the prices, which results in improved efficiency of the operation.
The other advantages of using this system include the ability to manage single and multiple taxes, tax refund and tax exemptions. This system helps in better stock management as it enables all stock to be scanned upon delivery and to be entered into a digital database. Merchants can therefore review their overall stock levels at a glance and make accurate purchasing decisions accordingly. Employee tracking is another advantage of using such systems as they help track down the performance of each one of them. Also, these systems help in giving an accurate report that includes critical information related to stock management, common sales trends which further help them in forecasting the demand of the product.
Having a POS system not only helps in keeping record of the sales made by the store, but also helps in better management of the stock level so that one’s stock level is maintained and there is no sales loss due to that.
POS tackles this by reducing the size of billing counters, allowing for more space to showcase merchandise and increase footfall.
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