Market Needs : Point Of Sale Essay example
Point-of-sale (POS) systems have been around in one form or the other for decades. The POS system covers all functions done at a business from order processing to inventory management to loyalty programs. It is more than a cash register – a core management tool for any small or large businesses/industry such retails, hospitality, transportation etc. With the right hardware and software programs/downloaded applications, businesses can easily process transactions, improve/track sales and inventory, provide better customer services like loyalty programs, gain insights on customer trends and preferences. The technology also gives customers shopping at mobile businesses – such as craft vendors or those offering goods at farmer’s markets – the option to pay with credit cards. (Jungen, 2014). Overall this new technology helps businesses to efficiently manage its store and day-to-day operations while staying focused on keeping its customers happy and satisfied. The key benefits of POS (Barcodes Ins, 2015)
• Speed - process transactions faster for shorter lines
• Customer Retention – helps tack customer information and provide better services
• Accuracy - Reduce costs by tracking each sale and capturing clear inventory data.
• Visibility - increases efficiency by showing data what/ when customers are buying and increases profit margins
• Compliance - Verifies ID and takes a picture if required when buying certain products (for example: with the purchases of…