Point of Sale

point of sale

Point of Sale is a business or place where a product or service can be purchased, also called point of purchase. On a macro-level, a point of purchase may be a mall, market or city. On a micro-level, retailers consider a point of purchase to be the area surrounding the counter where customers pay, also known as “point of sale”. In recent years, the point of purchase for products and services has become an important focus for marketers, because consumers tend to make purchasing decisions on very high-margin products or services at these strategic locations.

What are the benefits of point of sale? The early days of using a cash register and pen and notebook for accounting and processing transactions are no longer an effective means of keeping up with today’s advancements in business technology. In order to stay competitive businesses have to adapt and change with emerging technologies. A technological advancement that businesses are now using is the point-of-sale (POS) system. They are now realizing the many benefits POS have on their businesses.

The following are the many benefits of utilizing point of sale systems:

1. POS systems provide a business with a real-time detailed report of sales. This allows businesses to assess what products are being sold and what products are lagging in sales. The business can then implement marketing strategies to boost sales of the popular products. They will also know in real-time what is not selling so they can decide whether or not to order that product. A POS system provides the latest sales reports for the day, week, month, or year.

2. POS allows for improved customer service. Transactions are processed much quicker, item that are scanned for their price are accurate which lessens sales discrepancies.

3. POS provides an efficient method of managing inventory. By being able to view in real time what is selling, they will be able to reorder products that are running low. POS software will also let you know...