What Is a Point-of-Sale System?
A POS or Point of Sale system is essentially a system that mixes and eases up a retail store’s payment processes. It is made up of the software that is usually used for recording all of the details of each sale as it occurs, all the while updating the inventory records while providing customer management features that enable easy operation of your store. It further generates reports for you so that easy analysis of the sales data is made possible. A POS hardware may also consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other such peripheral equipment based on your own particular needs.
Innovations in the POS System
Point of Sale in retail has seen many innovations over the years, but now, we have witnessed some very innovative POS systems with the rapidly changing technology. The innovation has brought more ease and comfort for both customers and retail shop owners, paying just by your face via PayPal or generating e-receipts. Retail business owners are demanding more unique innovations to stand out from the rest.
No Checkout POS
Point of Sale Systems has revolutionized retail businesses. Imagine a store where you arrive, walk around in the aisles, look for your required item, pick it up and walk out of the store with it. It is possible as an innovative POS automatically generates payments the minute you walk out the door. There would be no physical POS system and no requirements to scan codes. Originally brought forward by Amazon, this innovative POS system is now making its way into mainstream retail businesses. The new POS system uses sensors and artificial intelligence to make the payments by a customer’s virtual cart where the customer is charged for the products.
Mobile POS App
Order and pay on the move the next time you head out to eat or grab a coffee. Make use of the interactive apps on your phone that also act as an innovative POS system allowing you to not only order your food but pay for it as you go. You can enjoy your meal and leave quickly during your busy lunch hours. A UK based coffee shop introduced this innovation. It simply quickens your procedure and cuts your mealtime, allowing you ease and comfort while providing business owners a hustle free counter. The same Point of Sale system is being followed by a shoe shop in the UK and allows you to buy a selected product by simply scanning the code on your product while making your payment automatically.
Virtual Shopping with Tablets
Innovative POS Systems also help enhance the customer experience by not having to go to every retail store. The products are kept on display, where a giant tablet is also provided in the window, allowing customers to go through the latest collection of clothing of their favorite brand. The customer would have access to designs, colors, and a whole variety of choices at their fingertips without wasting their time going through stacks and rows of clothing. The same tablet could then be used to place your order and pay for it, too. This POS is gaining quick popularity in the US.
Make your Face your Money
A hotel in Birmingham has come forward with a unique innovation in Point of Sales where all customers have to smile as they check out. It triggers a picture matched to your profile picture on PayPal, allowing you to make payments on the go without having to go through any hassle of waiting in line. Once the payment is made, an e-receipt is generated.
POS Systems are revolutionizing the way customers experience shopping. As newer POS systems are created, the customer experience is enhanced, providing numerous benefits to both the business and customers.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.