Point of sale refers to the moment when items, goods or services are purchased in the form of money, ATM card or credit card. When you do sales transaction in grocery stores, malls and department store establishment, you are part of what we call the procedure of the Point of Sale systems.
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POS systems or point of sales systems are generally composed of software and hardware. The software includes the operating system that runs the core of the hardware and the business software that operates the procedural part of the stores business transactions.
The hardware or the computer equipment includes the display screen or monitors, cash drawer, receipt printer, bar code scanner and the computer server. The hardware is run by a POS systems software. POS systems is a kind of retail sales management software that is usually tailor fitted to suit the business procedure of specific trading company. This system is mostly used by department stores, groceries and other businesses that sell consumer goods. These are also used by service related trades such as salons, restaurants and other related services that normally requires payments at the end of each business transactions. Most of the time POS software systems are referred to as a computerized cash register.
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POS software shares one common goal in any retail trade business and that is to maximize control of the company’s inventory and sales management procedures. POS systems should accept different methods of payments such as debit and credit cards, cash or check. This gives the customer options on how to pay for services and goods that he had purchased. Of course the system should have a refund function to eliminate the hassle of manual return of goods.
The system should also be configured to have an inventory software program to enable the customer to check from the store’s online terminal the availability of the product that they want. With this kind of software, the store and its customers save time and money in purchasing the goods that they want.
POS system relieves the business owner of the load on inventory and accounting when pricing and discounts are coordinated. With the use of a bar code reader, the POS system would immediately know whether the goods being purchased is on sale or are discounted. An inventory software program is an important part of the POS system. This refers to business applications designed to trace and manage product sales, material or stock purchases, delivery of goods, and other consumer related business procedures that in one way or another affects the distribution of the company’s goods to the customers.
Inventory software also helps businesses bring in the materials they need to produce finished products for customers. Inventory software programs often use bar codes or other identifier tracking system to give a complete count of the shipping and storage segments of the production process.
Inventory software allows the company to determine when a shipment of materials or goods will arrive, how long it will stay in the production process, and how fast the finished product would leave the premises of the company to be delivered to the end user. Inventory software in short improves the overall production process of any company.
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POS or PoS is an acronym for Point of Sale a term that is descriptive of a retail shop or retail store, its check-out counter and the location where the purchase transaction between the cashier and the customer is completed. Point of Sale can also mean the actual hardware and software that is the component of POS systems. The hardware may consist of cash register systems, touch screen display monitors, barcode scanners, receipt printers, scales and pole displays. The software may include inventory management programs, sales and stock retrieval programs and other software that are common to service oriented, retail and manufacturing businesses.
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The point of sale system has come a long way from the old crank type mechanical cash registers used during the first half of the century. These old cash registers recorded data on paper tapes or journal tapes and required some kind of transcription for the information to be converted into an accounting based report. This type of mechanical register evolved into an electrical driven unit but still had the same old system of printing out accounting reports.
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It was in 1973 that a new breed of cash register was created. These new point of sale systems were computerized registers able to transmit business transactions to a personal computer, providing a daily transactions summary printout.
During the 80s and the 90s a new addition to the intelligent cash register was produced. The credit card processing machines. This invention made it easier for consumers to pay for the goods and services purchased.
Today Point of Sale systems incorporate various forms of business operations and transactions of purchased goods and services.
One of the most important components of a PoS system is inventory management. Inventory management is the process of efficiently overseeing the constant in and out flow of products or items of an existing inventory. Any miscalculations could mean disastrous results for the company.
Balancing the various task of inventory management means knowing the basic aspects of the system. Be aware of the supplier’s timetable in processing orders and delivering them. Know how long an inventory item would stay in the inventory list and when to place an order for fresh stocks.
Inventory management is not limited to managing the delivery and the movement of goods to and from the warehouse, but also the movement of those materials as they go through the various stages of the store’s operation. This is known as goods or work in progress inventory. This is merely tracking materials as they are used to create finished goods.
The tracking of goods enables inventory managers to adjust ordering and releasing materials or products to prevent stock inventory from becoming to high or to low.
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Electronic commerce also commonly known as e-commerce is a type of business industry where buying and selling of products and services is done over electronic system such as the internet or other computer networks. E-commerce includes mobile commerce, EFT or electronic fund transfer, supply chain management, internet marketing, online transaction processing, electronic data interchange or EDI, inventory management systems, and automated data collection systems.
Electronic commerce usually employs the use of the World Wide Web or websites at least once in the businesses lifetime, and it would usually widen with the use of e-mail, mobile devices social media and telephones.
In today’s electronic world, business owners know that tapping the internet market opens the opportunity of acquiring new markets and customers. They start to create company websites to promote their business and attract new clients.
When a company or a business entity starts to sell its products and/or services over the net, the website will now be considered as an e-commerce web or e-commerce website. The format to which the website is constructed is called e-commerce web design or e-commerce website design. Most businesses nowadays create and design a website for their company.
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Designing a website has become an integral part of introducing the company to the extent of allowing online business dealings with their clients. This method is quite enticing especially to customers who hardly have enough time to finish their daily business chores.
There are several types of e-commerce design. There are those that are cost efficient and simple while others are expensive and complex but the common denominator in web designing is the use of e-commerce website software.
The first thing that you do when going to the market with a long grocery list is to pick up a cart to put all your items in. The same thing is true in e-commerce shopping. Software is available for online shopping that will allow the customer to acquire a virtual shopping cart, select the goods to purchase, put them in the virtual cart and purchase them as a group. Online shopping is similar to shopping at the market.
Small companies benefit from online shopping. An E-commerce business that makes millions per year often makes use of dedicated servers and comprehensive internet solutions. These types of e-commerce websites can be customized to fit the company’s particular sales and product needs.
The company may hire an e-commerce consultant to design the site and occasionally host to a dedicated server. The e-commerce host company usually provides marketing assistance and customer support to its clients. The host company requires an upfront payment and about 20 percent of the profits from the e-commerce website.
E-commerce owners should give their online customers what they need. A balance between content and commerce is to show that all brands needs to stand out. Consumer will always go for what they want and if you’re online shop could not give it to them, they will go somewhere else to find it.
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This article was provided by Retail Express.
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