POS SystemsIntroduction:

The point of sale is the time and place where a retail transaction is completed and there are no dues from either of the parties involved in the transaction. At this point, the seller would calculate the amount that is owed by the customer and would prepare an invoice and provide various options for different modes of payment. A POS system in the present day is gaining a lot of popularity because it does away with the need for price tags and even if there is a price change it can be done through the inventory window. It can also help to implement different kinds of discounts and loyalty programs that will attract the customer to purchase the product or commodity.

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Trend Analysis of POS Systems Market:

The global POS system markets is expected to reach USD 113.27 billion by the end of 2024. The mobile point of sale industry is expected to reach over USD 55 billion by 2024. The POS market is experiencing such high growth potential because of the growing need for greater customization among systems and the greater need for better user experience and mobility, which includes making use of technologies such as GPRS, CDMA,and Wi-Fi etc.

Usage of POS terminals:

The POS terminals are widely used in:

  • Restaurants
  • Hospitality
  • Healthcare
  • Retail
  • Wholesale
  • Entertainment

Advantages of POS systems:

  • Improved efficiency
  • Efficient stock management
  • Accurate reports
  • Employee tracking
  • Price consistency

Disadvantages of a POS system:

  • There needs to be a continued and reliable internet connection and ISP to maintain a POS system that is web based.
  • The software updates that are frequent with the POS systems are very expensive and can also be very time consuming. You will also be required to pay for new licenses and software when there is expansion of a business involved.
  • Most systems that are based on the web will charge a monthly fee as part of a subscription fee which can reduce the returns earned by the company in the long run.
  • Software based systems are more complicated and intricate to use than the easily available web based systems. Not only is the software mandatory but even the hardware that is associated with the software is required to create the connectivity between the internet and the hardware terminals.
  • There is also a lot of concerns with regards to online payments that exposes the details of the credit and debit cards of customers and puts their financial security at risk.

Conclusion:

Point of Sale systems have gone a long way in reducing human workload and helping the proprietor to reap the benefits of system efficiency. There are still some disadvantages associated with the same, however these will be sorted out sooner than expected.

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