Why Point of Sale (POS) is Trending & How it is Changing the Industry?

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A Point of Sale (POS) is the place where customers complete the transactions for their purchases on the physical store using the POS system. POS system is the electronic equipment used to complete the sales transaction.

In some past years, the retail industry is booming. In a report, it is revealed that the Point of sale (POS) terminals industry will reach USD 108.46 billion by 2025.

Benefits of having a Point of Sale System- POS helps the retailers to track a record of sales transactions, inventory management, and gather customer data. Data can be used for marketing purposes, inventory management, accounting, and data analysis.

It provides the functionality to accept custom payment types
It helps the retailers to manage the product inventory
Customer management becomes easy
Better sales tracking
Faster checkout for the customers
Many payment methods are available for the customers

There are two types of POS System available-

Web-Based POS
Native POS

Web-Based POS-

A web-based POS runs on a web browser that connects the server and automatically syncs the information with the website.

Native POS System- A native POS system works as a completely native application that is installed and runs on a device such as an Android tablet or Apple iPad.

Difference Between Web-Based POS and Native POS-

Components Required for a POS System- POS is not limited to the e-commerce business. It can be used for many other types of businesses like restaurants, coffee shops, retail stores, etc. There are some physical components required to run a POS System.

Monitor or Tablets- To display the product database and complete the order process there are some displaying components that are required. Tablets are the best replacements for the heavy monitors.
Barcode- To automates the checkout process barcode is the best solution. Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.
Receipt printer- Receipts are used to provide a quick view of the purchases or to make a return to the customers whenever they required.
Cash drawer- Cash is the king. When it is all about taking the cash or handing out change for sales being made, then you may want to be able to track how much cash the employee was given at the beginning and how much cash is left.

There any many industry giat involving in POS Development which are developing next level of point of sale for different e-commerce platforms like – Magento, OpenCart, WooCommerce, Shopify, Laravel, Joomla etc.

Conclusion -

Not only in the e-commerce industry but also in different-different sectors, POS systems have been becoming the must-have tool for retailers. It allows the recording of sales, one can use the POS data for marketing, inventory, accounting, and data analytics.

And its evolution is growing day by day. Thus we can easily conclude that Why Point of Sale (POS) is Trending & How it is Changing the Industry.