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POS – Point Of Sale, The Electronic Cash Memo

POS – Point Of Sale, The Electronic Cash Memo

Point of Sale (POS) system is an efficient electronic means of ordering, billing and keeping track of stock. It is a system widely used in hospitality and retail outlets all over the world. This system is user friendly, accurate in transactions, faster and therefore is being replaced by the manual system of selling food and beverages to customers. In this age of internet and advanced information technology trends, POS is the most happening thing in every the hospitality industry.

Able to seamlessly connect ordering through to check out, POS systems are extensively used in restaurants, hospitals, pubs, bars, caf, fast food joints, industries etc. A detail look into what is a POS is as explained below.

A typical POS system includes a computer, touch screen terminal, printer, cash drawer, barcode scanner, and screen for customer display. Along with this, it also includes integrated system for processing credit/debit cards, a device for capturing signature, a device for customer pin pad, weighing scale. There is a new development also in this system called the wireless POS.

Each of the industries might have different needs through the POS. So, one has to have the ability to modify the POS as per their needs and requirements. It also should be user friendly so that not much of training is necessary for the sales person using this system. These days most of the Point of Sale systems are touch screen based, and hence the further necessary instructions are all easily understood. This will be a self help cum self explanatory system. But in case of any software or hardware breakdown one needs to get support from the POS manufacturers.

Vectron has wide experience in this field since they are in the POS business for over 20 years. They have a large customer base of more than 1800 venues using Vectron POS Systems. The clients have given testimonials which are available on their website – vectron.com.au.

Venue owners looking for a POS System can confidently purchase the same from Vectron. The support staff at Vectron is very friendly as well. So, the customers are guaranteed support from them at any time required.

Our POS – point of sale systems can help you build your competitive edge. We take the time to get to know you as a client and provide a POS solution perfectly suited to your venue. for more details on POS and Point of sale than please visit our website.

http://www.sooperarticles.com/technology-articles/software-articles/pos-point-sale-electronic-cash-memo-864945.html

Latest Trends in EPOS Systems Industry

Latest Trends in EPOS Systems Industry

A successful electronic point of sales system is that which makes all business operations convenient and efficient, increases sales and profitability of business, assists in offering better customer services and analysesperformance of various business sections. The main objective for installing an EPOS system is to keep track of overall sales and performance of business. A good EPOS system is one which generates reports of business and offers facility to compare sales and profits of businesses during a specific period of time. The information obtained through EPOS systems paves the ways for manager and entrepreneurs to formulate future business growth and marketing strategies. There is no doubt that decision making process is one of the most important and critical parts of any organizations and it rely greatly on correct information to be effective.

Among the latest trends being used in electronic point of sales systems is the use of touch screens which make display screen quite user-friendly and entries can be made with much more speed in Till machines. Touch screen displays in electronic point of sales system make it possible for human users to make a direct interaction with Tillmachine without any requirement for using keyboard and mouse. Touch screens systems also occupy limited space at counter and these are a powerful medium of increasing customer satisfaction as customers do not have to wait in queue on counters due to faster data entering facility of touch screen POS systems.

During the last several years a big trend in electronic point of sales industry has been witnessed that those small scale businesses are now switching or planning to switch their businesses on EPOS technology as well which were not able to use these sophisticated systems some years before. Due to the increasing competition in EPOS industry, electronic point of sales systems providers are now striving to offer their clients as much affordable systems as possible. Also customized EPOS systems developed for specific needs of any particular industry are now increasing in demand as such systems allow entrepreneurs to invest only in those areas which are necessary for a business. Nowadays these systems are now available with different EPOS accessories and customers have the choice to purchase only those EPOS devices which in their view are necessary for their business. Small businesses are now inclining towards using this latest EPOS technology as a mean for capturing their target markets, increasing profit margins and getting competitive advantage over their competitors.

Latest POS systems are now available with online connectivity feature. This feature provides an opportunity to get online orders from their customers and also place orders to manufacturers and wholesalers for their stock. POS systems with mobile connectivity are helpful for administering and monitoring various business branches from one single place simultaneously. Such online EPOS systems are a powerful source for boosting online sales of a business.

Also POS systems integrated with accounting software are now available in market. Such Electronic point of sale systems not only help manage cash flow of business but also provide convenience in accounts management as all business transactions are not needed to be entered in accounting software. Different accounts sheets are also automatically generated through such EPOS systems.

E-till Solutions is a premium provider of Pharmacy point of sales, wholesale EPOS, dry cleaning pos and Hospitality Epos systems along with several other retail EPOS systems in UK.

http://www.sooperarticles.com/business-articles/management-articles/latest-trends-epos-systems-industry-1066345.html

How to Increase Profits on Your Business(2)

How to Increase Profits on Your Business

When talking about cash registers, we often imagine that calculator that has a drawer underneath that we see in supermarkets. It is not often that technologies like this change the way business is managed nowadays.

The earliest form of mechanical calculators dates back to the seventeenth century, and the abacus, the forerunner to the modern calculators, dates back all the way to the time of the Egyptians. In 1883, James Ritty invented the very first mechanical cash register. This is what you may have seen somewhere in old stores in the back roads or rural areas or towns.

The cash register has been at the forefront of business management ever since and with the addition of the paper tape to the original design, tracking of sales in those times were made easier. But ever since the 1980’s, the cash register has been seen with a whole lot of improvements to how it functions. For one thing, electronic cash registers were beginning to see prominence in most stores, and it is starting to replace the venerable mechanical cash register of the old.

By the 1990’s, there has been a new revolution with cash register design and implementation. More powerful computers made it possible to design electronic cash registers with more features and expanded connectivity. But still, there is one feature that has not gone through change, and this is the way sales are counted. Even though electronic cash registers are more powerful, they still cannot automatically count the sales or the inventory or the stock levels, and humans still has to do the manual counting for it.

When the first true integrated POS or Point of Sales System was invented, it heralded the new generation of smart systems that can not only record the sales on the cash registers, it can also tie all inventory systems together using one system to give you the one big picture at any time you need to see it.

Being a true computer by itself, a POS system can be directly compared to your home computer a few years back. The only differences would be that the POS was designed to run POS software 24 hours a day, lower power consumption and different internal design of its electronic systems.

The biggest addition to most POS systems being manufactured right now is the use of a POS software that can be installed in any of these POS systems. The POS software is just like any program you may write if you were a software designer. A lot of POS software makers also create their programs from one of a number of software programming packages or programming languages.

The nice thing about the POS hardware today is that they use a standard set of commands that they follow, due in part to them being a true computer and following the set standards for all the computers being made today.

With these standard commands, a software maker only has to use his imagination to allow these commands to be used intuitively by the user when working on the touch point of sale system. This allows for easier training and faster transactions eventually.

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Touch Screen Electronic Cash Register For The Retail Business

Touch Screen Electronic Cash Register For The Retail Business

People are running after point of sales what is also known as POS but they do not know that traditional cash register can be the better option for both small and big business. There are several types of it. The good thing is if you start with the lowest and the oldest model, you can upgrade it to the latest model at any time. This is one of the biggest advantages of the traditional electronic cash register. If you are buying it for the first time for your business, make sure to compare the power of the device with the needs of your business. If your business need high powerful device then you should try the high memory cash register and if your business does not need the high performing device then you can buy the low memory register.

Higher memory device offers solving the complex task and you can also save records in it. Touch screen cash register can be the best option for them who would like the visual performance at the same time with the work done. Any shop cannot survive nowadays without the device to manage the sales. The cash managements system is the latest idea by the inventors and businesspersons cannot think of running a business without it. This can save money in it safely when they daylight is available and the doors of the shop is open. There is no need to use the security cameras to track the work of the employees if they are stealing money. There is no way to steal money from this device. You can also get the regular updates.

Electronic cash register usually last for a long time. You can sue your first device for more than 10-15 years. This is one of the biggest advantages of this device. The electronic register is also user friendly. It is not as much complicated as the POS systems. Anyone can use the device that does not have the computer knowledge too. Since there is no need to have the computer knowledge to use this, so anyone can use this device.

POS device is so much costly where the touch screen cash register is cheap. You can buy one under the warranty and there is a way to upgrade that too. Most of the people get confused when they are starting their business. They do not know which one they should choose. The POS or the cash register.

If you have low budget then you should go for the second option and if you have high budget then you can buy the technology enriched POS device. There is one common advantage of the POS is the complexity of the device. You need to have the basic computer knowledge to run this device. You should also know to how to track and control form the outside of your shop. Through there is complexity but POS is some way better than the electronic cash register.

POS Central is an expert in POS Systems and POS Software development. Find out more about POS Software, POS hardware, receipt printers, barcode scanners etc. Or for more information visit our website http://www.poscentral.com.au.

http://www.sooperarticles.com/technology-articles/office-automation-articles/touch-screen-electronic-cash-register-retail-business-1121530.html

Why Get Electronic Cash Registers For Your Retail Store

Why Get Electronic Cash Registers For Your Retail Store

If you are running a retail store and clueless when it comes to processing and recording sales transactions or collecting and storing money received from buyers, an electronic cash register can bring an end to all your problems in no time. Getting an electronic cash register not only helps your staff in performing the necessary arithmetic related to sales transactions, but it also creates and maintains high standards of security of checks, cash, discount coupons, and receipts.

One of the biggest advantages of these cash registers is that every transaction is recorded accurately and it becomes very easy for store owners and managers to find out the nature and value of sales and profits. Moreover, these devices help the retail store staff to find out exactly how much to charge and return to customers after payment that means faster processing, less of queues, and happy customers. Since a touch screen cash register or electronic cash register can be opened only by an authorized user, the risks of theft is eliminated to a significant extent.

In addition to these advantages, these cash registers give back more than the initial investment and considered often a better option than traditional point-of-sale systems. Moreover, these helpful devices are characterized by small footprint and power consumption, basic functions and reporting, low initial investment, compliance with tax regulations, improved efficiency of store processes and sub-processes, enhanced transaction processing function, and storage of cash, checks, receipts, and coupons efficiently and securely.

The fact that these e-registers facilitate tracking of customer transactions and speedy checkout time means that it is easy to identify the buying behavior and preferences of customers so that necessary marketing strategies can be centered around such data. Moreover, these devices are also useful in calculating sales tax, make reports, and identify sales by staff (individually and/or collectively). If you want more and improved benefits, it is best to opt for an advanced point-of-sale (POS) system that would add more value to cover the initial cost and promotes the delivery of better workflow for staff and easy management of large numbers of groups and customers. A POS system can also make complex business logic easy and possible along with back office integration and streamlining of inventory management besides providing additional functionalities to improve customer service and characterized by delivery of superior reporting and analysis features.

In short, an electronic cash register or a touch screen cash register can be the best option for you to manage your retail store in an effective and cost-efficient manner without putting a burden on your resources.

POS Central provides detailed information on Cash Registers, Cash Registers for Sale, Electronic Cash Registers, Used Cash Registers and more. Check out our website for more information: http://www.poscentral.com.au/

http://www.sooperarticles.com/business-articles/furnishings-supplies-articles/why-get-electronic-cash-registers-your-retail-store-1098311.html

The Benefits of Using a Cash Register

The Benefits of Using a Cash Register

You can purchase both mechanical and electronic cash registers for your business and these will enable you too quickly and efficiently process customer purchases and keep accurate records of your daily sales transactions. Cash registers provide a number of useful services across a wide range of sales businesses including retail stores, food and drink outlets, cinemas, supermarkets and more.

Fast Checkouts

Cash registers will ensure that the checkout stage of your business is as fast and seamless as possible as they can be used to quickly calculate the total sales price of each transaction and also provide the sales clerk with the exact change that needs to be given. A sales receipt can be provided for customer that details the transaction and may also include additional details such as the date/time, sales clerk ID name/number and refund policy. You can even make use of sales receipts to advertise upcoming events in your store such as seasonal sales or new product launches.

Increase Security

Cash registers can improve the security on your shop floor as the cash drawers will be securely locked until a successful sales transaction is put through. This will trigger the cash drawer to open so that the sales clerk can add money/vouchers and also access change for the customer. Cash registers prevent the need to keep money out in view of the public and also reduce the chances of theft or embezzlement on the shop floor as each transaction is fully recorded against the time, date and also the sales clerk operating the register. Senior sales staff can be provided with an override code or passkey in order to access the sales drawer in case a refund needs to be given or the customers has received the wrong change.

Multiply Payment Options

With electronic cash registers you can purchase integrated credit card readers. This allows you to accept instant credit card payments which can be processed securely through PIN readers. You will also be able to accept cash, cheques, vouchers, loyalty cards and other payment methods and this will enable you to provide a good range of payment options for your customers.

Audit Reports

Cash registers will record detailed information about each sales transaction. This can not only provide you with a way to corroborate stock levels but it will also provide you with a clear audit trail which you can use to ensure that your incomings and outgoings balance correctly.

Cash registers are an essential tool for modern businesses and provide a secure, accurate way to process customer sales transactions and also record daily sales information.

http://www.sooperarticles.com/shopping-articles/electronics-articles/benefits-using-cash-register-110996.html

Impact of E-commerce on the Business

Impact of E-commerce on the Business

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Impact of E-commerce on the Business

SHAIKH MOHAMMED FAISAL, Matrix 012010110114

MSU Graduate School of Management, January 2011

Abstract
Electronic commerce (also referred to as e-commerce) is synonymous to a marketplace on the internet and has exploded over the last 10 years. It consists primarily of distributing, buying, selling, marketing, exchanging and servicing of products or services over electronic systems such as the internet and other computer networks with no barriers of time. This means e-commerce is becoming an increasingly essential tool for organizations in general, and for small and medium-sized enterprises (SMEs) in particular, in gaining competitive advantage and in accessing global. E-commerce is also advantageous to consumers since there is no geographical boundary for companies and a variety of products is available at anytime and anywhere with better prices. While the conventional commerce literature holds sufficient evidence to support the effect of culture on purchase decisions, less empirical evidence is available to support this phenomenon in the e-commerce context reported the influence of citizens’ attributes, including gender, education, income, age and households with regard to opportunities to access information and communication technologies (ICT’s).

Introduction
In the emerging global economy, e-commerce and e-business have increasingly become a necessary component of business strategy and a strong catalyst for economic development. The integration of information and communications technology (ICT) in business has revolutionized relationships within organizations and those between and among organizations and individuals. Specifically, the use of ICT in business has enhanced productivity, encouraged greater customer participation, and enabled mass customization, besides reducing costs.

With developments in the Internet and Web-based technologies, distinctions between traditional markets and the global electronic marketplace-such as business capital size, among others-are gradually being narrowed down. The name of the game is strategic positioning, the ability of a company to determine emerging opportunities and utilize the necessary human capital skills (such as intellectual resources) to make the most of these opportunities through an e-business strategy that is simple, workable and practicable within the context of a global information milieu and new economic environment. With its effect of leveling the playing field, e-commerce coupled with the appropriate strategy and policy approach enables small and medium scale enterprises to compete with large and capital-rich businesses.

What is e-commerce?
E-commerce is usually associated with buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network.1 Though popular, this definition is not comprehensive enough to capture recent developments in this new and revolutionary business phenomenon. A more complete definition is: E-commerce is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals.2

Economic drivers of e-commerce
Five broad themes have emerged as important for understanding the economic and social impact of electronic commerce:

1. The effect on the marketplace…
Electronic commerce transforms the marketplace. E-commerce will change the way business is conducted: traditional intermediary functions will be replaced, new products and markets will be developed, new and far closer relationships will be created between business and consumers. It will change the organization of work: new channels of knowledge diffusion and human interactivity in the workplace will be opened, more flexibility and adaptability will be needed, and workers’ functions and skills will be redefined.

2. The catalytic role…
Electronic commerce has a catalytic effect. E-commerce will serve to accelerate and diffuse more widely changes that are already under way in the economy, such as the reform of regulations, the establishment of electronic links between businesses (EDI), the globalization of economic activity, and the demand for higher-skilled workers. Likewise, many sectoral trends already under way, such as electronic banking, direct booking of travel, and one-to-one marketing, will be accelerated because of electronic commerce.

3. The impact on interactivity…
E-commerce over the Internet vastly increases interactivity in the economy. These linkages now extend down to small businesses and households and reach out to the world at large. Access will shift away from relatively expensive personal computers to cheap and easy-to-use TVs and telephones to devices yet to be invented. People will increasingly have the ability to communicate and transact business anywhere, anytime. This will have a profound impact, not the least of which will be the erosion of economic and geographic boundaries.

4. Openness…
Openness is an underlying technical and philosophical tenet of the expansion of electronic commerce. The widespread adoption of the Internet as a platform for business is due to its non-proprietary standards and open nature as well as to the huge industry that has evolved to support it. The economic power that stems from joining a large network will help to ensure that new standards remain open. 

5. The relative importance of time are fundamental to understanding the economic and social impact of electronic commerce�Ц
Electronic commerce alters the relative importance of time. Many of the routines that help define the “look and feel” of the economy and society are a function of time: mass production is the fastest way of producing at the lowest cost; one’s community tends to be geographically determined because time is a determinant of proximity. E-commerce is reducing the importance of time by speeding up production cycles, allowing firms to operate in close co-ordination and enabling consumers to conduct transactions around the clock. As the role of time changes, so will the structure of business and social activities, causing potentially large impacts.

The impact of e commerce on the business
Rapid technological progress in information and communication technologies (ICTs) along with their widespread diffusion have led to speculation about “frictionless” economies in which transaction costs are nearly zero, barriers to entry and contestability disappear, and markets clear instantly. Some think that electronic commerce, with producers selling directly to consumers over computer networks such as the Internet, will eliminate existing intermediaries (“disintermediation”) and drastically reduce transaction costs. These lower production costs will encourage the entry of new businesses and thus increase competition and pressure to pass lower costs on to consumers as lower prices. In addition, consumers will be able to search among thousands of merchants for the lowest prices, thereby increasing the downward pressure on prices and leading to a shift in market power from producer to consumer. In general, it is thought that electronic commerce can significantly improve the efficiency of economies, enhance their competitiveness, improve the allocation of resources, and increase long-term growth.3

Because electronic commerce is still at a very early stage in its development, much of this thinking is based on speculation or anecdotal evidence. This chapter begins to analyze these claims by looking first at price declines in key technologies that enable electronic commerce: information processing, communication, and data storage. The price declines in these supporting technologies allow firms to replace old inputs and processes by new, less expensive inputs, thereby changing the firm’s production function and reducing its production costs. Because these are information and communication technologies, the main impact is on transaction costs. However, given the intangible nature of e-commerce, new transaction costs are generated, many of which are associated with creating trust and managing some of the risks perceived to exist on the Internet. The impact of e-commerce on transaction costs is analyzed both for firm specific transaction costs and for costs incurred between firms. Equally important is the redistribution of some of these costs among the various parties, including consumers. Finally, the potential impact of changes in firms’ costs on prices is examined.

The impact on production costs
Assessing the collective impact of these technological developments and their associated price declines on production costs, productivity, and prices is very difficult. Indeed, the impact of computers alone on productivity has been extraordinarily difficult to ascertain and has led to a sub-field of economics that tries to explain the “productivity paradox”: why the widespread introduction of computers has not resulted in increases in the official productivity statistics.4 As work on this question progresses, it is becoming clear that the paradox is unlikely to have a single solution, and the issue of whether or not computers significantly increase productivity has not been resolved. 

Changing firms’ cost structure
The impact of electronic commerce on firms’ internal production and transaction costs falls into three broad categories: the cost of executing the sale, costs associated with the procurement of production inputs, and costs associated with making and delivering the product. This list probably represents only a subset of the cost impacts associated with electronic commerce as firms implement the technology, since by and large they only represent savings over existing processes and thus do not factor in quality improvements. Similarly, beyond mere substitution, it is likely that electronic commerce techniques may foster completely new ways of conducting business. While these are hard to envision, they may lead to more significant cost savings. For example, when electricity first replaced water power, it typically used the same site near the water and the machines were vertically aligned to take advantage of the belts connected to the water wheel. While this represented an improvement over water power, large productivity gains were only obtained when new, horizontal buildings were constructed to fit the technology, allowing for the formation of assembly lines. A similar pattern may occur for electronic commerce.5

Order placement/execution
By placing the necessary information on line in an accessible format, electronic commerce merchants generally transfer transaction costs (e.g. obtaining product information, selecting the product) to the customer. As a result, even when customers execute the transaction in a traditional way (off-line), for example by buying a PC over the phone or coming to an auto dealer’s showroom to test drive a car, they come “pre-qualified”. They know more precisely what they do and do not want and are more likely to buy. This greatly increases the efficiency of the sales process. Micron Computers reports a productivity gain of a factor of ten: their Web sales people spend on average two minutes on the phone with a customer who has looked at their Web site but 20 minutes with traditional customers. Auto dealers report similar gains: they spend about $25 to deal with an e-commerce generated bid but several hundred dollars for a face-to-face transaction. 

Customer support/after-sales services
In what are increasingly knowledge-based economies dominated by sophisticated products, customer service and after-sales services are a major cost for many firms. Traditionally, this meant placing service personnel in the field to visit clients, staffing call centers, publishing extensive documentation, or issuing software. For many firms, these costs are substantial, accounting for more than 10 per cent of operating costs. Through electronic commerce, firms are able to move much of this support on line so that customers can access databases or “smart” manuals directly; this significantly cuts costs while generally improving the quality of service. A classic example is the Federal Express Internet site which allows customers to order package pick-up, generates a bar-coded label for the package, permits customers to pay for the service and allows them to track the delivery.6 With over 1 million “tracks” a month, half of which would have meant phone calls to FedEx’s call centre, the system has saved FedEx millions in labor costs. Forrester Research estimates that it generally costs $500 to $700 to send a service representative into the field, $15 to $20 to handle a customer question over the phone, and about $7 to set up and maintain an Internet-based customer service system.

Staffing
Changes in the nature of what constitutes a store and the productivity of sales and customer services staff have a direct impact on the number and nature of staff hired. By and large, e-commerce shops require far fewer, but high-skilled, employees. Amazon.com, the e-commerce books merchant, has 24,300 employees (for sales of $24.5 billion), while Barnes & Noble, the largest physical US bookstore, has 39,000 (for sales of $5.1 billion). While these numbers are not strictly comparable, they give a rough sense of the difference in employment levels and sales per employee ($1,010,000 per Amazon employee versus $131,000 for Barnes and Nobel).7&8 

Federal Express reports that their online customer service system has represented a savings of 20,000 new hires (about 14 per cent of their total labor force). Cisco reports that, thanks to its e-commerce Web site, they did not have to hire 1,000 new staff for their sales/support group (out of a total of 4,500 sales and marketing employees and 11,000 total staff). GE reports that their TPN has resulted in the transfer of 60 per cent of their staff involved with requisition and that labor costs associated with procurement have declined by 30 per cent. These cases suggest that personnel savings are significant and represent a major cost savings associated with electronic commerce. The nature of employment is also changing: employment that supports an e-commerce Web site is relatively highly skilled; it is more akin to a fixed asset (e.g. a building) than traditional retail employment, which is relatively low-skilled and has a variable cost. This will limit to some degree the cost savings obtainable.

Purchase orders/procurement
Just as electronic commerce can significantly reduce selling costs, it can also lower the costs associated with buying. While the actual transaction takes place outside the firm, the costs associated with procurement constitute significant internal costs. Even for low-value requisitions for office supplies or travel, the typical purchase order costs between $80 and $125 to process, a sum that in many cases exceeds the value of the material being bought, owing to the error-prone and time-consuming process generally required to control purchasing costs and the fact that a typical purchase must go through several departments. Attempts to circumvent these processes usually result in even higher costs because negotiated discounts are not obtained or incompatible material is ordered. Internet-based e-commerce procedures now make it possible to apply EDI-type systems to relatively small purchases, thereby drastically reducing errors, ensuring compliance with organizational norms, and speeding the process. Estimates of the savings gained range from 10 to 50 per cent, although in many cases the largest savings are not monetary: MCI reports that using e-commerce to buy PCs reduces its computer purchase cycle from four to six weeks to 24 hours, Bell South has cut the time needed to approve an expense report from three weeks to two days, and by replacing its EDI system with an Internet-based system, the US General Services Administration (GSA) has more than halved the time needed to complete a purchase.9

Inventories
Directly related to savings in time associated with procurement are savings in inventory carrying costs: the faster an input can be ordered and delivered, the less the need for a large inventory. In aggregate, in the United States, the average value of non-farm inventories represents some 2.3 per cent of yearly final sales and 4.2 per cent of sales of final goods. Since services are typically not inventoried, this may be a more appropriate indicator (http://www.bea.gov). This is about the same as the sales of all motor vehicle equipment in the United States. Approximately 37 per cent of all inventories are “carried” by manufacturers, while 25 and 27 per cent of total non-farm inventories are held by wholesale and retail trade, respectively. Each stage of the value-added chain therefore holds considerable inventories. It is estimated that for retailers, the cost of carrying an inventory for a year is equivalent to at least 25 per cent of what they receive in payment for the product.10 Therefore, a two-week reduction in inventory represents a cost savings of 1 per cent of sales. As most retailers operate on margins of 3 to 4 per cent, this is significant.

In addition, the links that electronic commerce provides along the supply-chain make it possible to pass this information on to partners, thereby lowering their costs and probably the overall price. This practice, known as collaborative planning forecasting replenishment (CPFR), is estimated to lead to a reduction in overall inventories of $250 to $350 billion, or about a 20 to 25 per cent reduction in current US inventory levels. While this estimate seems optimistic, pilot studies on the US auto market obtained a 20 per cent. Even a 5 per cent reduction would have a significant economic impact. Gains can also be achieved from having the correct type of stock on hand so that customers can buy what they want, when they want it.

Distribution
Although shipping costs can increase the cost of many products purchased via electronic commerce and add substantially to the final price, distribution costs are significantly reduced (by 50 to 90 per cent) for digital products such as financial services, software, and travel, which are important e-commerce segments. For these products, the cost reduction associated with electronic commerce could have large economic impacts and further fuel the migration of these sectors to electronic commerce. In the case of airlines, electronic tickets now account for almost all tickets for some major carriers; this has resulted in substantial savings and is forcing similar action in other industries. For sectors such as music, where songs can be downloaded directly from the producer, or news, where the journalist e-mails the reader directly, huge savings are reaped over traditional forms of distribution. This reduction in distribution costs is especially important for international trade, as the ability to “download” some products without incurring shipping costs is thought to be a strong stimulus to trade, particularly for small and medium-sized enterprises (SMEs). Even for tangible goods, e-commerce methods can reduce the administrative costs associated with trade and customs clearance by over 25 per cent.

Conclusion
Given the current relative size of electronic commerce with respect to other factors that may contribute to overall labor market turbulence (e.g. technology, trade, policies), the impact of electronic commerce on employment can only be very small, but, in the longer term, its effect may be felt more strongly. The direct employment impact of electronic commerce will depend on complementarily, substitution and market-size effects. Electronic commerce may also create new markets or extend market reach beyond traditional borders. The final effect on jobs will depend crucially on development of demand for electronic activities.

Direct job creation associated with electronic commerce is still fairly small and mainly driven by employment growth in the software sector. Evidence of substantial direct job displacement by e-commerce is lacking at this stage but it is most likely to occur in the retail, post office and financial sectors.

Electronic commerce is driving demand for IT professionals but it also requires IT expertise coupled with strong business applications skills. Therefore, it generates demand for a flexible, multi-skilled work force. Apart from contingent skill needs to support electronic commerce transactions and applications, there will be a more structural and long-term shift in the skills required to perform economic activities online. E-commerce is likely to accelerate existing up skilling trends in the OECD work force.

Reference
1. Business Software Alliance, 2001. E-commerce and Developing Markets: Technology, Trade and Opportunity.
2. Coward, Chris. August 2002, Obstacles to Developing an Offshore IT-Enabled Services Industry in Asia: The View from the US. A report prepared for the Center for Internet Studies, University of Washington.
3. E-commerce/Internet: B2B:2B or Not 2B? Version 1.1, Goldman Sachs Investment Research (November 1999 and September 14, 1999 issues).
4. Lallana, Emmanuel, Rudy S. Quimbo and Zorayda Ruth B. Andam. 2000, E-Primer: An Introduction to E-commerce. DAI-AGILE, a USAID-funded project.
5. Mann, Catherine with Sue E. Eckert and Sarah Cleeland Knight. 2000, Global Electronic Commerce: A Policy Primer. Washington DC: Institute for International Economics.
6. Press Release from ICDL, June 2010, e-Commerce in GCC to reach USD 100 billion in 2010.
7. http://seekingalpha.com/article/11538-chart-e-tailer-stocks-revenue-per-employee (Barnes & Noble data).
8. http://37signals.com/svn/posts/2283-ranking-tech-companies-by-revenue-per-employee (Amazon data).
9. http://www.articlesbase.com/ecommerce-articles/impacts-on-business-1882952.html
10. http:/ezinearticles.com/?The-Impact-of-E-Commerce-on-the-Global-Economy&id=5490986

Articles for Reference Reading
From The McKinsey Quarterly 2000 (The New World of Personal Financial Services). No. 3:
– “Will the Banks Control Online Banking?” by Sandra Boss, Devin McGranahan, and Asheet Mehta.
– “The Future for Bricks and Mortar” by Matthias M. Bekier, Dorlisa K. Flur, and Seelan J. Singham.
– “Banking on the Device” by David Maude, Raghunath R, Anupan Sahay, and Peter Sands.
– “How E-tailing Can Rise from the Ashes” by Joanna Barsh, Blair Crawford, and Chris Grosso.
– “Building Retail Brands” by Terilyn A. Henderson and Elizabeth A. Mihas.
– “M-Commerce: An Operator’s Manual” by Nick Barnett, Stephen Hodges, and Michael J. Wilshire.
– “The Real Business of B2B” by Glenn Ramsdell.

http://faisalshaikh.articlealley.com/impact-of-ecommerce-on-the-business-2166859.html

What is EPOS

What is EPOS

Electronic Point of Sale (EPOS) systems are used throughout businesses to collect, calculate and store payment for products and services sold. Traditional Point of Sales equipment have been referred to as Cash Registers and/or a Till system. In their basic form cash registers are manual systems built and used to calculate sales, print receipts and basic reports and come with cash draws for storing tender.

The evolution of Electronic Point of Sales Systems. The digital era is upon us… and it’s easier to manage then you think

Electronic Point of Sales systems have become increasingly widespread over the last 40 years, and it is the Touch Screen Terminal that lies at the very heart of the Electronic Point of Sales hierarchy in modern business point of sales culture. Touch Screen Terminals such as the Toshiba STA-20 or Samsung 4700 are computerised systems that utilise a Microsoft Windows platform to run Front of House software, and it is this software that provides the basic tools needed to operate quick sales transactions, Product Look Up (PLU), table & clerk security management and basic reports. Stand-alone and multiple terminal units can be linked to a variety of Electronic Point of Sales Peripherals including thermal and kitchen printers, bar code scanners to increase Product Look Up (PLU) recognition, mag stripe readers for security & loyalty cards and receipt & report distribution.

Furthermore, multifunctional Electronic Point of Sales applications, such as Back Office, Loyalty, and Cloud based software, can be linked to EPOS Touch Screens through a number of networks, to increase and add additional management, reporting and profit increasing features. Subsequently, the intention and aim of an Electronic Point of Sales system is to support a business owner and multiple levels of staff to exert full management and control over a business. In effect, Electronic Point of Sales systems work using exceptional organisational, cost effective and profit-increasing methods to ensure full professionalism and a high quality quick service is provided to consumers, in order to increase customer satisfaction and ease customer frustration.

For additional information on Electronic Point of Sales Products and Support Services and Training visit http://www.lbs-epos.com

http://www.sooperarticles.com/technology-articles/what-epos-1337401.html

How EPOS Systems Make Your Business Successful

How EPOS Systems Make Your Business Successful

Electronic point of sales systems are computerized systems equipped with latest technology to facilitate both customers and merchants in increasing business performance, sales and customer satisfaction. Epos systems have come up with lots of features which make business operations efficient and easily manageable. Epos solutions provide facility to run several business processes and receive query from customers 24/7. Latest electronic point of sales systems are available with auto pilot facility which facilitate to process business operations without any requirement for human interference.

Business operations can be performed much more rapidly and without any chance for human errors. On one hand these electronic point of sales solutions help entrepreneurs increase sales of business and on the other hand this technology facilitates customers and helps to increase customer satisfaction. Data can be put quite rapidly in till machine with the help of hand held scanners which saves time and efforts for business. Sales receipt can be issued to customers and different discount schemes can be offered to increase loyalty of customers with your business. Moreover, these systems also assist in monitoring business inventory more efficiently and keeping track of product status.

One more advantage of using such epos systems is that recurring billing can be easily set up and scheduled which offers customers and business owners a convenience in making payments at scheduled dates of every month. Different sales report can also be generated with the help of these systems which can further be utilized in assessing overall business performance and identifying weak areas of business. These systems also aid in placing orders for inventory as a list of manufacturers or wholesalers can be sorted out and orders can be placed to most suitable and affordable suppliers. Now, electronic point of sales systems are available with accounting feature as such systems are now being integrated with some of the best accounting software to manage accounts of business more efficiently.

All these features mentioned are a wonderful source for saving time and money for your business in managing various business activities. This results in reduced fixed costs, increased profit margins and more profitability for businesses. Although it looks to be quite expensive and costly for businesses to invest in electronic point of sales systems especially for those businesses which are relatively smaller in scale but the invaluable benefits obtained from such systems in the long run cover all the expenses on the installation of such businesses.

However, there is one important thing which is needed to be considered before making a purchase for an electronic point of sales system that one must buy only those epos systems which are customized according to specific needs of a business. Make sure that you invest only on those devices of epos systems which are essential for your business to manage. This will help prevent wasting your investment on unnecessary electronic point of sales systems accessories. The only thing you need to bother is to take some time to find a system which is best suitable according to your budget and business requirements.

E-till Solutions is one of the best epos systems providers in UK. E-till Solutions offers dry cleaning pos systems, pharmacy point of sales systems, wholesale POS and Hospitality Epos systems customized especially according to the individual requirements of various businesses.

http://www.sooperarticles.com/business-articles/management-articles/how-epos-systems-make-your-business-successful-1063156.html

Electronic Cash Registers Bring Convenience to Convenience Stores

Electronic Cash Registers Bring Convenience to Convenience Stores

Today’s selection of registers will help you keep your business flowing smoothly, ultimately pleasing both your employees and your customers.

Breaking Out of the Flintstone Age with Electronic Cash Register

First, we had pencil and paper. Then we moved to the old fashioned, almost typewriter like cash registers. If you go into a traditional ‘mom and pop’ store nowadays, you may still find that some of these are still in operation. However, when you travel to your local name brand department store, you will see that with the volume of people that are served, having a higher level of technology makes it more efficient to scan and operate. What you don’t see is the savings given to these companies by not having to purchase ink and receipt paper that is difficult to find, or having to locate a technician that is able fix a broken component. By coming out of the Flintstone era and investing into a new piece of technology you can create more efficiency and find accessorizing parts with ease.

The Advantage of Electronic Cash Registers

Electronic cash registers have many advantages. First of all, businesses that utilize this technology have the ability to scan barcodes or employ self-check-out lines in busy settings. Instead of having to mark the prices of each individual product, these cash registers allow for a digital scan providing your customers and employees with a whole new level of convenience. The second major advantage is that replacing ribbons and paper is almost effortless, which means that rushed customers do not have to wait during this task. This product will end up saving your employees time, and therefore customers will be happier with a whole new level of convenience with the utilization of this simple machine.

How Much Will You Pay for an Electronic Cash Register?

If you are operating a small business you can purchase an electronic cash register for just under a hundred dollars. However, if you are managing a franchise or a busy retail location, investing in a top of the line, state of the art machine can run you into the thousand dollar range. The amount of business and generated profit that you accumulate will help you to gage what kind of investment that you need to make. Also, checking out the cost of maintenance and supplies will play a factor in your overall decision. Enhancing your business by stepping into the modern technological era will bring you extended benefits over the long term. Though it can be quite the initial investment, you will make your staff and consumers content by employing machinery that elevates expediency and efficiency. Investing into electronic cash registers will help you to expand your business potential, make your pricing options easier, and help you to manage your accounting with ease.

Please visit our website for a great selection of electronic cash registers, and choice of stock of paper till rolls.

http://www.sooperarticles.com/business-articles/furnishings-supplies-articles/electronic-cash-registers-bring-convenience-convenience-stores-1079645.html