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POS Software for Retail Outlets

POS Software for Retail Outlets

A well-known giant in the IT and consulting space conducted the 2014 North America Consumer Payments Survey with a sample size of 4000, in order to understand and anticipate the forthcoming changes in the mode of payment preferred by consumers when they check out of retail stores. The results of the survey are startling enough to serve as a wake-up call for the honchos of organized retail, especially for those who are sure enough that data analytics is the only area they need to invest focus on.

By 2020, it is expected that 18% of the shoppers who were part of the survey are likely to use Bitcoins and other digital currencies for paying their bills at point-of-sale or POS counters. More importantly, 40% of those who were surveyed gave an affirmative reply when asked if they had made at least one payment by using their smartphones in last seven days or so, which was a meager 16% back in 2012. All these statistics unmistakably indicate the gradually growing global trend of diminished usage of cash, credit cards and debit cards – instruments of financial exchange that dominate the POS transactions across the world.

Demographic analysis of the data collected during survey suggests that individuals born in the late 1980s or later are leading the trend. A new breed of consumers has emerged with gross annual family income surpassing $150,000 and they are not reluctant to flush retail stores with digital currencies during payment. In fact, among the shoppers belonging to the high-income group, 19% have adopted digital currencies as the chosen mode for transacting at POS counters. As a result, it is expected that by the end of this decade, cash payments will be reduced by 12%, accompanied by a slump of 6% and 3% for debit cards and credit cards respectively – demonstrating a decline in the popularity of plastic money for the first time in 50 years.

Most certainly, top executives of every big name in the organized retail sector are grappling with multiple issues. With the threat of losing competitive edge in alluring the young and tech-savvy consumer segment that is cash rich, also comes the cost-benefit ratio of investing on futuristic payment acceptance mechanisms. When the majority of consumers with modest spending power are still quite comfortable with conventional methods, decision makers are facing the dilemma of prioritizing one segment over the other.

However, as with other cases of common people adapting to new technologies, there is also a flip side that needs to be considered. According to experts, the wide scale availability of POS hardware and software that will facilitate payment by using smartphones is a big question. The hardware, being manufactured by a handful of companies, will hit the market pretty soon in a coherent manner. On the other hand, innumerable big and small software firms that codes standard as well customized POS software for retail outlets will have to start from the scratch, simply because of the hardware compatibility issues. Since this is an emerging genre of technology that is yet to be embraced by the mass, there will be disparity regarding the packaging and pricing of software. Consequently, it will not be feasible for retailers to simultaneously install and maintain both the types – the one that favors mobile payment and the other, which is commonplace. Thus, for average retailers, the conventional transaction methods will still bear the same significance.

Author’s Bio:-

Steve Jo is an authority when it comes to POS software for retail outlets. He is the chief software architect of Swadesh Software Private Limited.

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Why Use EPOS in Small Business

Why Use EPOS in Small Business

Science and technology has changed our lives totally, our way of living is entirely changed and this took place in a very short time. If we look back we witness so many changes in the art of living that totally changed standards of life. When I say technology and science changed the lives of masses I totally believe on what I am saying.When science gives remarkable changes in every walk of life than how can we think even that shopping can be left out from its influence.

The ever developing and changing word has been introduced by a term EPOS. EPOS stands for Electronic Point of Sale. EPOS basically helps you to process your most popular products from warehouses to point of sale in the shortest time. It covers almost everything .EPOS allows payments by bank, debit or credit cards it verifies transactions, provides sales report, coordinates inventory data and performs numerous tasks, which were normally done by the employees.

EPOS terminal basically is responsible for rapid updates of inventory list and provides instant stock updates. To error is human and technology is continuously making efforts to minimize the rate of errors. EPOS is no doubtvery helpful for the business enterprisers to run their business more effectively. It can help the enterpriser to improve his demand forecasting. We all know very well that business is all about forecasting. It will make you shine if you make correct forecast on the other hand it can mess up the momentum if done in a wrong way.

People often think that this is a system to facilitate large scale business though I don’t think so. Improvement and positivity should be availed by everyone. For those who really think that EPOS is not for small business let me change your idea about EPOS. I can give several reasons to encourage the use of EPOS in small business. Let’s have a quick and short overview of this system. -If you connect to EPOS enterpriser can increase his control over his business and can surely increase profitability of the business. -This system provides sales information within no time. This can help the owner of a small business in the same way as it is helping the larger industry -Debit and credit cards is no more sign of elite class only. People feel more confident using debit and credit cards. In an era of debit and credit cards by adding electronic funds transfer you will not only safe the time spent on each transaction but also avail secure mode of payments. -EPOS also can help the enterpriser to know about the movement of his stock. -The most interesting and important thing EPOS can do for you, is to keep a check on the worker and employees. It is always of great concern for the employer how to monitor performance of the staff. This software provides a way of recording the activities of the staff members. This ensure reduced frauds and helps the owner to keep everyone honest which is otherwise not so easy, -Accuracy in pricing is always an issue. EPOS aims at eliminating staff errors on counting. It helps you to keep your pricing consistent.

The list is endless. Here are the benefits which a small enterprise also wants to enjoy. I hope I have given some solid reason to use this system even if you are running a small business. If large scale retailers are ready to invest in a system they must be satisfied with its performance. Small business never means it cannot turn into large scale enterprises, use of this system can give them a chance to move with the fast growing business world.

E-Till Solutions specializes in offering customized and most affordable epos pharmacy Systems, dry cleaning pos Systems and Restaurant EPOS Systems in UK.