POS Solutions, POS Retail
Article | January 12, 2024
We all know that retail is moving online. E-commerce presents a great sales opportunity for retailers moving their brick-and-mortar shop to the web and brand new online businesses alike.
However, it’s not enough to just create a webshop. The most successful retail webshops are optimized to reflect their products, brand, and customer interests. It’s an important part of the digital sales process.
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POS Solutions
Article | March 18, 2024
The coronavirus epidemic has so ravaged travel, live entertainment and physical retail that companies across those industries have frozen their marketing, causing ad prices to plunge. Meanwhile, online beauty brand Insert Name Here is generating so much business that it’s snapping up ad space at a discount. Based in Los Angeles, Insert Name Here sells hair extensions and wigs, which are in high demand now that women are unable to visit their hairstylists. To reach all those consumers who are stuck at home, Insert Name Here is working with social media influencers to create do-it-yourself styling videos for Instagram as well as Facebook, Tik Tok, Snapchat and YouTube.
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POS Solutions
Article | April 4, 2024
In 2004, Tobias Lutke, Daniel Weinand, and Scott Luke established an online website to sell snowboards. They tried a bunch of online store builders but were not satisfied with the status quo. So, they decided to build a tool that could operate their website. Soon, they realized that the tool was more powerful than the website's business. And hence, Shopify was born.
Eventually, Shopify became one of the largest eCommerce store builders in the world. By 2009, the company had $100 million in sales and decided to launch its own API as well as an app store. More than a decade later, Shopify is now supporting over 800,000 stores globally and is a $125 billion company.
While the company has shown remarkable growth in its business, it would be ignorant to say the market's needs have been fulfilled by the Shopify platform. Shopify's eCommerce platform works for a lot of businesses, but that does not mean it will work for every business.
Here is why Shopify is Not the Right Fit for Every Business:
Shopify's growth over the years shows that the company has taken several steps to address the market's inherent needs. However, the presence of several other companies and the issues still faced by merchants show some significant gaps in Shopify's offerings:
1. Cost of Setting Up: Each price-point offers a fixed set of features and functionalities. If you want anything over and above that, you will have to buy the subsequent package. For instance – something as conventional as a Gift Card is not available in the $29 per month package; to get it activated, pay as much as $299 per month.
2. Cost of Operations: The additional functionalities and features cost extra in your package. Even basic features like transaction or credit card processing attract an additional fee. To add to that, you have to purchase the app to activate the feature from the Shopify app store. Even though some apps are free, the apps that offer maximum value tend to cost north of $39.99 per month.
3. Limited and Expensive Themes: The entire Shopify store has a total of 73 themes, with the prices going as high as $180 a theme. This means that as a merchant, even after paying the high price, you may end up with an eCommerce platform that hardly stands out from the crowd.
In short, while Shopify was started with great intentions, the cost of using it has started outweighing the probable value it has to offer. This issue gets further highlighted when one starts looking at the Shopify alternatives.
Best Alternatives of Shopify
While Shopify suits the needs of a certain set of merchants, here are the alternatives that can suit the merchants looking for more tailored, affordable, or customizable solutions:
1. Quick eSelling
Quick eSelling is one of the most affordable and easy to deploy ecommerce store builder among the Shopify alternatives. It can be deployed in under 10 minutes for the basic variant. Its free variant has some prolific features like a native Android app, responsive website, and a catalog that can support up to 1000 products.
The free package requires a 5% transaction fee, which gets eliminated the moment you upgrade to a paid plan. All the paid plans have a fixed monthly fee and no setup costs. The list of standard features includes a wide set of functionalities like customizable web-store themes, SMS & Email marketing, comprehensive payment gateway integrations, detailed analytics reports, inventory management systems, social media plugins, discount coupon codes, and even live chat.
The premium package which costs around 50% the price of the $299 Shopify package, comes with a dedicated account manager and enterprise-level integrations.
Ideal for: Merchants who are seeking an affordable, easily usable, and quickly deployable solution.
2. WooCommerce
WooCommerce is popularly considered one of the most preferred alternatives for Shopify. It is quite convenient for website owners as it is a plugin for WordPress.
Unlike other tools in the list, WooCommerce is designed to make WordPress sites work as functional eCommerce platforms. And in that particular aspect, it does a great job.
However, if you are not already using an established WordPress site with high traffic, running WooCommerce can become quite expensive. On average, a website owner has to spend as much as $1000 in setting up a WooCommerce store with a moderate degree of customization.
Even if you are not customizing a lot, running a WooCommerce store can cost you as much as $150 in a month. This would cover your hosting, themes, shipping plugins, security, and SEO. You will pay additional 2.9% + $0.30 per transaction.
Ideal for: Someone who has a successful WordPress website and now wants to convert it into an eCommerce store.
3. Yo!Kart:
Yo!Kart is a popular self-hosted multi-vendor platform for building online marketplaces. Unlike Shopify, it is a standalone platform that comes with a lifetime license and rich ecommerce features. The platform is fully customizable and scalable.
Yo!Kart packages start from $999 and every package comes with a 1-year free technical support, free installation, and full source code. There are no monthly or yearly recurring fees.
Considering it is a comprehensive platform, you may need some technical training to understand the system.
Ideal for: Business owners who want to start ecommerce websites like Amazon or ebay where multiple sellers are selling under the same roof.
4. PrestaShop
PrestaShop runs on the basic premise that creating an online eCommerce store should be an affordable exercise for any merchant. That is the reason why it is available for free and comes without any additional monthly fees.
Its features include eCommerce functionalities like CRM & Email Marketing, Inventory Management, Multi-Store Management, and SEO Management. You can get a basic eCommerce store running by paying the registration fee for the domain and the hosting fee dues.
While this may seem like a great alternative, given the fact that it is practically free, there is one major caveat – you cannot deploy or personalize your PrestaShop eCommerce store unless you know how to code. The entire platform has been designed, keeping in mind people who can code at professional levels of proficiency. The cost of hiring a developer who can add features to your store or modify the theme can be very costly.
In addition to this, some basic features like promotions & reviews management, data security, and mobile access are not available on the platform.
Ideal for: The merchants who have access to programming talent and don't mind a basic eCommerce store.
5. Wix
Wix became popular as an online website builder. It also offers interesting eCommerce functionalities. For as low as $35 a year, you can have the Business Basic package that comes with a free year of using the domain, analytics reports, and 20 GB of storage.
If you want greater control of your eCommerce platform but are not a professional programmer and are not interested in hiring one, Wix can be a great alternative. Its most expensive package costs about $80 a year. It comes with features like email marketing, SEO management, inventory management, data security, and promotions management.
The challenge is – most of the charges marketed by Wix are very affordable for the first year in operations. After a year, many of these features, like the domain, will become payable elements. This way as soon as the first year of your operations is over, your cost of running the eCommerce platform will dramatically go up.
Ideal for: Merchants who want to have greater control of their website's design without the need for coding skills and those who want the first year of operations to be largely affordable.
Conclusion:
Shopify can work for you if you are seeking a limited set of features. However, for lesser price-points, the alternatives for Shopify offer great functionalities. Quick eSelling is good for cost-effective and rapidly deployable eCommerce websites that come loaded with native features. WooCommerce is a viable option if you have a WordPress site and want to convert it into an eCommerce store. Yo!Kart specializes in building multi-vendor marketplaces.
PrestaShop can be handy and very budget-friendly if you have access to coding talent. And Wix is good if you want greater control over what your store looks like, without getting into the programming aspects.
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POS Retail
Article | July 11, 2023
Discover top point of sale books and dive into valuable insights, strategies, and industry tactics to optimize payment systems, improve CX, and stay at the forefront of emerging trends in the market.
Point of sale (POS) solutions serve as the cornerstone of payment processing, encompassing the technology, processes, and strategies in evolving business landscape today. These solutions are the pivotal intersection where customers and businesses come together to complete purchases, making it a critical component of any business' infrastructure. They enable businesses to streamline sales processes, accurately track inventory, gain valuable insights into customer behavior, and optimize overall efficiency.
As businesses strive to optimize payment processes, enhance customer experiences, and safeguard sensitive data, the need for comprehensive resources becomes paramount. The article provides carefully curated point of sale books, offering invaluable insights, strategies, and industry best practices to empower businesses to navigate the intricacies of payment systems confidently. By embracing the wealth of information contained within these must-read POS books, organizations can gain a competitive edge, improve operational efficiency, foster customer loyalty, and unlock the full potential of their payment infrastructure.
Design and Implementation of Electronic Payment System Gateway
Author – Olayinka Owolabi, Ailya Izhar, Aihab Khan, Malik Sikandar, Wajeeh Javed, and Shiraz Baig
A comprehensive book, ‘Design and Implementation of Electronic Payment System Gateway’, provides an overview of the crucial role played by electronic payment system gateways in facilitating secure and efficient transactions. The book addresses the key requirements of both customers and merchants in utilizing a trustworthy and robust gateway for online payments. Recognizing the prevailing skepticism surrounding local online payment systems, the authors, Olayinka Owolabi, Ailya Izhar, Aihab Khan, Malik Sikandar, Wajeeh Javed, and Shiraz Baig, emphasize the need for enhanced security and privacy measures to instill confidence among users. With a focus on meeting diverse needs and ensuring a seamless user experience, this book is an invaluable resource for businesses seeking to navigate the complexities of electronic payment systems and establish a reliable gateway that inspires trust and delivers optimal performance.
A Small Business Guide to Understanding Cloud-Based Point of Sale (POS) Systems
Author – Keith Christy
‘A Small Business Guide to Understanding Cloud-Based Point of Sale (POS) Systems’ offers a comprehensive resource for business owners seeking to harness the power of cloud-based POS systems for driving growth and enhancing operational efficiency. The POS book, authored by Keith Christy, highlights the inherent advantages of cloud-based solutions, empowering business owners to manage their operations and generate revenue from anywhere in the world. With a focus on leveraging the right applications to optimize business performance, the book provides valuable insights into selecting the ideal POS system by outlining seven crucial questions to ask potential vendors. Additionally, it emphasizes the long-term benefits of cloud-based systems, showcasing how they can effectively engage customers even after they have left the premises and make informed decisions, save time, reduce costs, and unlock the full potential of their POS investment.
Payment Gateway Solutions: Everything You Need to Know
Author – Anirudh Kataria
An indispensable resource tailored for online business owners, ‘Payment Gateway Solutions: Everything You Need to Know,’ provides a comprehensive understanding of payment gateways. With beginners in mind, this book presents a detailed exploration of all essential aspects related to payment gateways. It acknowledges that not everyone possesses expertise in this domain and therefore, provides a concise yet comprehensive summary of payment gateway fundamentals. From core concepts to practical implementation strategies, the author, Anirudh Kataria, offers invaluable insights into the functioning of payment gateways and how they can effectively charge customers in their online businesses. With the knowledge acquired from this resource, readers can confidently navigate the intricacies of payment gateway solutions and make informed decisions for their enterprises.
High Risk Merchant Account & Payment Gateway Solutions
Author – Anirudh Kataria
Authored by renowned industry expert Anirudh Kataria, ‘High Risk Merchant Account & Payment Gateway Solutions’ is an invaluable resource that caters to new entrepreneurs embarking on their business ventures with utmost fidelity. The author intends to provide practical and valuable information to assist readers in comprehending various business strategies and their potential outcomes. This book aims to empower individuals and enhance their confidence in navigating the complexities of establishing a business by sharing personal insights and tricks. With a focus on learning and personal growth, the book comprehensively explains high-risk merchant account establishment and effective payment gateway solutions. By immersing themselves in this vast pool of knowledge, readers can acquire the necessary skills and understanding to overcome barriers and challenges along their entrepreneurial journey.
Payment Gateway Secrets
Author – Avinash Chandra
‘Payment Gateway Secrets’ is a comprehensive book written specifically for startups, small businesses, and brands seeking guidance in selecting the ideal payment gateway for their eCommerce stores. Acknowledging the challenges entrepreneurs face in making this critical decision, the author, Avinash Chandra, presents a thoughtfully curated list of the top 10 best online payment gateways in India. With a focus on providing valuable insights and recommendations, this book simplifies the process of choosing the most suitable payment gateway. Readers can gain a thorough understanding of their unique features, benefits, and applicability to various business needs. Regardless of whether readers are running startups, small businesses, or established brands, this resource empowers them to navigate the complex landscape of payment gateways and optimize the success of their eCommerce endeavors.
Proposed Gateway Architecture for an E-Payment System
Author – Ankush Khere, Mayur Patankar, and Klesh Shrirame
The book, ‘Proposed Gateway Architecture for an E-Payment System,’ offers a detailed overview of electronic Payment Gateway Architecture, addressing the requirements from both customers and merchants' perspectives. The book identifies the prevalent lack of trust in local online payment gateways due to security concerns and aims to provide a secure electronic payment system that fulfills all requirements while prioritizing security and privacy. The authors, Ankush Khere, Mayur Patankar, and Klesh Shrirame, designed and developed a Proposed Gateway Architecture for E-Payment System with multilevel packet security, instilling trust in customers. Furthermore, the book conducts a comparative evaluation of various e-payment systems available, analyzing their features, advantages, and disadvantages for customers, merchants, e-payment service providers, and financial institutions.
Payments Systems in the U.S. - Third Edition: A Guide for the Payments Professional
Author – Carol Coye Benson, Scott Loftesness, and Russ Jones
A definitive resource, ‘Payments Systems in the U.S. - Third Edition: A Guide for the Payments Professional,’ provides an insightful examination of the various payment systems operating within the United States. The authors, Carol Coye Benson, Scott Loftesness, and Russ Jones, delve into the inner workings of these systems, encompassing cards, checks, Automated Clearing House (ACH), wires, and cash, which facilitate the seamless movement of funds between consumers and enterprises. With the third edition featuring updated information on each system, an additional chapter on payments innovation, and a glossary of industry terminology, readers can stay abreast of the latest developments and enhance their expertise in navigating the dynamic landscape of payment systems in the United States.
The Payments Industry: The Complete Beginner's Guide to Payment Systems
Author – Nate Seidel
‘The Payments Industry: The Complete Beginner's Guide to Payment Systems’ serves as a fundamental resource that offers a detailed introduction to the realm of payment systems. With a focus on the electronic infrastructure enabling seamless money transfers between bank accounts, the author, Nate Seidel, explores the underlying hardware, software, and communication networks that form the backbone of these systems. The book encompasses a wide range of payment methods, including credit cards, debit cards, and digital wallets and elucidates the essential role played by payment systems as the 'plumbing' for financial transactions. This guide equips beginners with a solid foundation in understanding the payments industry, enabling them to navigate its complexities and make informed decisions in this ever-evolving landscape.
Payment Processes for Identity Federations: the SAML-based Payment Approach
Author – David J. Lutz
Authored by David J. Lutz, ‘Payment Processes for Identity Federations: the SAML-based Payment Approach’ is a definitive resource that provides a complete exploration of payment processes within identity federations, with a specific focus on the Security Assertion Markup Language (SAML)-based payment approach. This authoritative book delves into the unique challenges and considerations involved in integrating payment systems within the framework of identity federations. It also offers valuable insights into how businesses can leverage their existing identity federation infrastructure to enable seamless and secure payment transactions. With a strong emphasis on both the business implications and technical intricacies, this book serves as an indispensable reference for payment professionals, identity federation stakeholders, and individuals seeking a deeper understanding of the intersection between payment processes and identity federations.
Trusting Mobile Payment: How The Trust-Factor Forms the Mobile Payment Process
Author – Andrea Bauer
With extensive expertise and profound industry insights, Andrea Bauer presents a comprehensive exploration of the role of trust in the development and establishment of mobile payment services in the book: Trusting Mobile Payment: How The Trust-Factor Forms the Mobile Payment Process. Bauer delves into the complicated question of trust, examining its precise nature, functions within the realm of technical solutions, and the essential aspects and determinants relevant to mobile payment services. With meticulous analysis, the book offers valuable insights into the complex dynamics between trust and mobile payments, catering to the needs of businesses and stakeholders navigating the evolving landscape of mobile payment systems. It stands as an authoritative resource, equipping industry professionals and researchers with a comprehensive understanding of the interplay between trust and the mobile payment process.
Conclusion
Mastering payments is an essential endeavor for any business aiming for success in the digital era. Delving into the wealth of knowledge presented in the top 10 must-read point of sale books, individuals can acquire an all-around understanding of payment systems, optimize customer experiences, implement robust security measures, and stay abreast of emerging trends. These POS quick books offer distinct perspectives and practical strategies that can be directly applied to enhance growth, bolster security, and provide exceptional payment experiences within a business. With these invaluable resources in hand, individuals can embark on a transformative journey toward becoming experts in the field of payments.
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