Point-of-sale (POS) systems are advancing, offering businesses greater flexibility, control and intelligence than ever before. Businesses have shifted from traditional cash registers to tablets and cloud-based POS systems. These changes in POS systems not only offer businesses added benefits but also enable them to keep track of all the transactions and sales.
What Is A POS?
Before we get into the changes in POS systems, it is crucial for you to know what is a POS. In business, POS refers to point of sales. The point of sale is the location and instance of a transaction. This does not just imply a cash register – it can have online carts and checkouts as well. Payment done using a tablet or a smartphone equipped with a card reader also comes under this, as do transactions made on these devices through QR codes from payment services such as PayPal. The POS is also where sales tax is calculated and charged.
The Benefits Of A POS For Businesses
The rapid development of digital technology has widened POS technology from just a sales portal into extensive payment processing systems that often integrate with other business tools. They have the following advantages for businesses:
Automated Sales Process
The most evident benefit of POS is that it enables faster and easier transactions for both businesses and customers.
Inventory & Sales Tracking
All your transactions are tracked by the POS system thus offering you the insights of your regular revenue. There are some POS systems as well that include inventory-tracking capabilities through which your stock count is updated automatically every time a barcode is scanned into your POS.
Card Reading Capabilities
If you are operating a storefront and don’t have enough space for a cashier, a mobile POS system can help. Many POS systems convert your smartphone or tablet into a, POS for accepting credit card payments – just to connect your card reader to your device, keep the POS app open, and when prompted, as your buyer to swipe, tap, or dip their credit card to complete the transaction.
Integration With Other Platforms
Your cash flow can be better understood if you integrate your POS system with your company’s other software platform. With this, you will have a clear idea of how much cash your company has because of sales.
The 5 Changes In POS Systems
POS systems have changed to a greater extent and is no more mere payment device. It has become an integral part of the entire business ecosystem.
Retail mobile POS like the one offered by Get Grahak allows businesses to generate professional bills, manage inventory, get real-time reports, and increase customer loyalty and marketing.
Here are five changes in POS systems that are revolutionising the retail industry, especially for small businesses.
Shared Commerce
The growth of a business can be exponential if it takes it online. Previously businesses had to derive their data from their ecommerce platforms and their physical POS systems. To get a report, businesses had to import both results into a spreadsheet, accounting system or other reporting software. However, because of shared commerce POS systems, businesses can save ample time by automating the process.
One example is Shopify’s POS system. It syncs with the Shopify app for iOS and Android to track both offline and online transactions. Instead of handling two sets of inventories and payment systems, the Shopify POS synchronizes product and financial data in a centralized dashboard. This way, businesses have quick and convenient access to real-time data and customer insights across two sales channels, without the hassle of running reports on multiple systems.
Mobile POS
Did you know that customers today pay 3X when using a credit card? According to Finance Magnates’ estimation by 2025, 75% of all transactions will be cashless. Now you can offer them a convenient, hassle-free way to pay without cash. Businesses everywhere going for mPOS or Mobile Point of Sales. mPOS make accepting debit, credit, and pre-paid cards easy anywhere, anytime, right on your smartphone or tablet with just your data plan or wifi.
POS + CRM
This is another important point among the 5 changes in POS systems. The latest POS systems integrate real-time transactions with CRM systems to help businesses boost sales and increase revenue.
Whereas previous POS systems could only offer basic data related to customer behaviour (if they provided anything), POS/CRM integration makes it convenient to see which customers are driving your sales and whose loyalty is worth pursuing.
Big Data For SMBs
Big data doesn’t only work for big companies with extensive intelligence budgets. Small businesses now get affordable access to powerful data right at their fingertips – from their POS systems. There are many systems that simplify business operations by combining POS, with other business-related technology on a single platform while also enabling business owners to monitor their sales, and other costs in real-time, at home, and on the go with powerful reporting capabilities.
IoT & POS Security
The Internet of Things (IoT) is the interconnectivity and communication of networks, devices, and physical objects over the Internet that makes it possible to connect POS systems to front- and back-end processes like CRM, inventory, and account management. As such, POS systems are vulnerable to hacks and data breaches.
How Is Get Grahak Coping With The Changes?
As stated above, Get Grahak offers a retail POS system to all businesses catering to their needs.
Inventory Management
Get Grahak’s cloud-based POS allows you to handle your stock in real-time and monitor the number of goods you own over a given period of time. When you get your order, all you have to do is scan or enter your product and all other details will be saved in the software.
Generate Professional Bills
The POS system offered by Get Grahak will allow businesses to generate professional bills where all the fields are customisable.
Unique POS Modes
Get Grahak offers 2 unique POS modes for your business. The product list or grid mode allows you to take orders, manage inventory, scan bar codes and so on. While the calculator mode allows you to take orders using a calculator.
Real-Time Report
You can easily track sales, and check business reports with multiple data filters such as channel, date, etc. It outlines the company’s activities over a set period of time and makes it convenient for you to know the company’s growth.
Wide Payment Options
The simpler it is for a customer to pay you, the more they tend to purchase and return to your store. Choose a POS system and payment processor that allows you to accept all major credit and debit cards, as well as UPI. Get Grahak’s POS system does just that. It offers a wide range of payment options for your customers to make their purchasing journey easier.
Conclusion
As technology continues to develop, businesses must adapt to the changing scenario of POS systems. Contactless payments, mobile POS devices, IoT & POS security, and POS integrated with CRM are widening the way transactions are done and customer experiences are offered. Accepting these changes in POS systems and mastering the latest innovations in the technology can help businesses stay competitive, meet the expectations of their users, and boost growth in this ever-evolving world of POS systems.
At Get Grahak, we strive to offer you the best POS solution which makes your job of running a business easy. With this POS solution, you get real-time reports and analytics of your business, generate professional invoices, offer a wide range of payment options to your buyers, and many more. Take your business operations to the next level with Get Grahak POS system.
