Point-of-Sale Systems to Emerge as a Necessity for Modern Retailers

Kutubkhan Bohari | July 12, 2022 | 145 views | Read Time : 01:51 min

Point of Sale article
Innovative POS systems with built-in advanced inventory management and secured payments to mandate their adoption by retailers.

For businesses and retailers, conventional cash registers have long been an important part of sales operations during the past few years. But today, the cash registers of even the smallest of businesses are attached to a computer through "point-of-sale" (POS) systems.

These novel solutions have garnered huge popularity over traditional cash registers as they not only ring up the sales but also provide crucial and real-time information about the customer and inventory. The importance of POS systems goes way beyond managing transactions at checkout counters across the retail industry.

Emphasis on Improving Customer Experience Demands POS Adoption:
With a growing fast-paced lifestyle, customers around the world are opting for faster, and more convenient shopping and billing experiences. Reassuring customers that their transactions are secure significantly increases satisfaction and customer loyalty.

Since novel POS systems assist in providing faster checkout, flexibility in payment options, highly secured payments, and a seamless billing experience, these POS systems are extensively being adopted by modern retailers.

According to a study, retailers across the U.S. lose nearly $45 billion, due to insufficient inventory in stock, and $224 billion, due to excess inventory. POS systems help in managing the inventory, resulting in declining losses by preventing excess or insufficient inventory. An estimate states that, an independent retailer with a $400,000 revenue can cut costs by nearly 10%, saving an average of $40,000 per year.

What Comes Next?
With technology getting better and new POS solutions like cloud-based, mobile, cashless payment, and others coming out, retailers are extensively installing POS solutions to make it easy for customers to pay.

For instance, Veras Retail and ACCEO Solutions Inc., an American company specializing in all types of electronic payment transactions, announced plans to install their respective payment middleware solutions and point-of-sale software solutions in National Stores locations across Puerto Rico and the U.S.

Hence, the growing focus on enhancing in-store customer experience and customer retention is mandating modern retailers to deploy POS solutions.

Spotlight

Blibli.com

Blibli.com is an e-commerce platform built upon a big dream: to lead Indonesians to enter a new digital lifestyle and give only the best shopping experience for a better life. We are committed to conduct our business with customer-centric minded, striving to deliver the best features and services to satisfy our customers. We aim for an exciting challenge to become the number 1 e-commerce platform in Indonesia by providing the best customer-centric experience for both buyers and sellers. Blibli.com is created by Indonesians, in Indonesia, and for Indonesians; we’re here as an inspiration to channel and empower the Indonesian people to engage and socialize in commercial activities.

OTHER ARTICLES
POS SOLUTIONS,CLOUD BASED POS

Cloud POS Solutions Reshaping Operations in the Retail Sector

Article | July 14, 2022

Until recently, most brick-and-mortar retail stores relied on local platforms to save their point-of-sale (POS) data, such as transaction records and product price lists. These include a variety of solutions, ranging from larger network servers to on-premises PCs or servers used by service providers. However, a large number of retailers are shifting their business operations to online platforms, with cloud POS emerging as a trailblazer in the transition. Retailers are heavily investing in the development of digital payments, contactless, and cashless transactions and have begun to implement innovative point of sale (POS) solutions to improve their bottom lines in the long run. Cloud POS Providers Responding to Transition Over the years, POS platforms, especially cloud-based POS, have evolved into robust platforms capable of integrating a wide range of retail operations, including data analytics, accounting, inventory, accounting, and marketing. This evolution of POS platforms from traditional to cloud-based has manifested itself in a variety of ways, ranging from increased inventory management efficiency to improved user experience, data security, disaster management, and increased profitability, positioning themselves solutions as an imperative retail tool, today. On account of the rising awareness regarding the merits of integrating cloud technology, approximately 52 percent of corporate firms have fully migrated to cloud POS solutions, with more than 40 percent planning to follow the same, as per a study. Citing the trend, cloud POS solutions are anticipated to exceed $9 billion by the end of 2026. Leading industry players are riposting to this transition in earnest by launching innovative products designed to address the need for advanced POS solutions across the retail sector. For instance, in 2022, Visa unveiled a new cloud-based payment platform, Visa Acceptance Cloud (VAC), which can transform almost every device into a cloud-connected payment terminal. The Future’s Story In this digital disruption era, enterprises are gearing up to invest in innovative technologies and enter the new software market. One of these is the cloud-based POS system, which has permitted retail stores to manage customer data and handle sales and inventory digitally. POS software has clearly benefited all business domains, but it has completely transformed the retail sector's facet, making it more progressive, tech-savvy, and customer-oriented.

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Impact of Cashless Transactions on Third-Party Payments

Article | September 22, 2022

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8 POS Software Trends for 2022: New Forecasts and What's Next 2

Article | July 14, 2022

When the pandemic first started, most retail stores had to close, and some even suffered financial losses. Know more how retailers up scaled their businesses. Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and importantPOS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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Retail Industry Forecast for 2022

Article | July 8, 2022

While retail has faced its fair share of challenges over the last two years, the pandemic has also provided an opportunity for a long-overdue great retail reset, which could help many retailers move into a more stable—and profitable—position. To get there, you must balance short-term challenges with long-term commitments and transformational thinking. For nearly two years, predictions about the future of retail have appeared pessimistic, and retail headlines for 2022 don't look much better: empty store shelves, over one million unfilled retail jobs1, and surging inflation. However, these headwinds have resulted in some positive outcomes: retailers have been forced to re-examine legacy systems and strategies that have shaped the industry for years. To reap long-term and long-lasting benefits, retailers should continue down the remediation path they started at the start of the pandemic in 2022. Indeed, the next 12 months’ present opportunities to restructure obsolete supply chains, rightsize inventory management, review pricing, rebalance promotional cadences, and reinvent the physical store for the digital age. This will almost certainly necessitate entirely new ways of thinking and long-term commitments from retailers, but these efforts have the potential to forever change the way retailers do business. That future begins today by addressing short-term retail challenges with a long-term perspective. Three retail industry priorities and trends The resulting data, when combined with insights from 15 Deloitte retail subject-matter specialists, client work, and prior research, provides a snapshot of strategies and investment plans that help inform the industry's future. Reimagine the workforce Supply chain resiliency Digital revolution Retailers face significant challenges that will almost certainly outlast the pandemic, but there are also unexpected opportunities that can help them prepare for future disruptions. Retailers should embrace the current disruption and commit to a future pivot. To learn more, download our complete 2022 retail industry outlook.

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Spotlight

Blibli.com

Blibli.com is an e-commerce platform built upon a big dream: to lead Indonesians to enter a new digital lifestyle and give only the best shopping experience for a better life. We are committed to conduct our business with customer-centric minded, striving to deliver the best features and services to satisfy our customers. We aim for an exciting challenge to become the number 1 e-commerce platform in Indonesia by providing the best customer-centric experience for both buyers and sellers. Blibli.com is created by Indonesians, in Indonesia, and for Indonesians; we’re here as an inspiration to channel and empower the Indonesian people to engage and socialize in commercial activities.

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iRely, LLC, an innovative partner providing enterprise software for the energy and soft commodities industries, announces Childers Oil has selected iRely as their partner of choice for its Wholesale and ERP software solution.Childers Oil Company is a family operated business based out of Whitesburg, Kentucky. Founded in 1966, the company's roots are in providing bulk petroleum services to retail and industrial customers. Since their inception, they have become a major player in the Kentucky, West Virginia, and Tennessee markets, with a mission to provide innovative, first-class products and services to customers in the Southern Appalachian Region. During their Business Process Review (BPR), Childers Oil and iRely identified improvement opportunities and the right set of software modules for Childers' wholesale distribution business, co-creating a software and implementation program to fit their needs. Childers Oil was particularly interested in iRely's intuitive user interface, Power BI integration, and the cost savings tied to iRely's Intelligent Document Processing program. iRely's reporting capabilities and Power BI integration will help us see data that is relevant to our industry and company. This is really what gets our team excited," shared Lucas Trent, IT director at Childers Oil. "Knowing that iRely has a long-term ownership agreement was very important to us. We wanted a stable product from a stable, long-lasting company. "We are very excited to welcome Childers to our customer community, Using our cloud-based software can provide enormous benefits to Childers as they automate their accounting and are able to quickly consolidate financials and generate detailed reports on their business." Justin Houck, iRely Director of Sales. Childers Oil is one of several organizations recently added to the growing iRely customer base. About iRely: iRely's commitment to customer success has made the company a global leader in digital transformation, providing best-in-class software for commodity management, energy distribution, retail, grain operations, and agribusinesses. iRely has leveraged its deep industry experience to build lasting partnerships, delivering end-to-end enterprise resource planning (ERP) and commodity trading and risk management (CTRM) solutions to their global customer base.

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