Point of Sale - Business concept of the day
Retail
14 Nov 2018, 14:48 — 1 min read
Definition: A point of sale (POS), or point of purchase (POP), is the place where a retail transaction is executed. At the POS, a merchant calculates the amount owed by the customer for the products or services rendered. With the advancements in technology and information sophistication, many POS solutions serve as retail management systems that handle everything from sales and inventory, to customer management, and also e-commerce.
Example: Realising the need for a centralised and an efficient POS management, a restaurant chain opted for a cloud-based POS where the data was been updated real time with transactions happening at its multiple locations.
Business Insight: With all the emerging technologies in mobile, POS on mobile or mPOS is gaining massive popularity. Recent studies show that 48% of retailers prefer using an mPOS over the traditional POS systems.
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