“Point of sale is a place where customers make payment for goods or services and where sales and taxes may be due.”

This is the most fundamental definition of point of sale or POS, and the explanation has been in place since the introduction of the POS. With technological advances, companies are now using Android and cloud-based POS systems to replace traditional cash registers and stationary credit card readers, and this change has enabled them to add many additional features.

The key to providing consumers with a great shopping experience while increasing business demand is a versatile POS strategy. Nowadays, consumers have become smarter, faster, and more aware, to put it more bluntly, consumers are more demanding than ever. Consumers want a positive experience, whether they shop online or in multiple retail stores. With each passing day, the point-of-sale industry has changed and evolved to meet business needs in a much more customer-focused way.

Advancements of POS

As the technology started to upgrade, the advancements in POS systems began to aggravate. With each update, POS became a comprehensive payment processing system with many added benefits.

Apart from payments and managing taxes, POS has many premium features.

Some of its added benefits include:-

• Better inventory management
• Customer management
• Stable Invoicing
• Customization of catalogs
• Loyalty programs
• Fewer errors

The Global Market

The global POS market has been projected to grow substantially around the clock. Some of the main causes for the anticipated growth are forecasted to be increasing interest in Customer Relationship Management (CRM) and new payment processing features. Moreover, the cash-carrying trend is reducing day by day and the success of digitization of the payment industry is at a new high which can be a boon for the POS terminals.

Many big businesses are using POS systems to keep track of consumer behavior which helps in attracting more sales. Small and medium businesses too have comprehended the advantage of POS terminals. Numerous industries have been moving towards these technologies by merging physical and digital commerce for the benefit of the trade.

Cloud POS vs In-premise POS: A complete comparison

The Impact on India

The Indian market has been steady compared to the global market. Until the previous decade, cashless payments were mostly avoided. Slowly the government started emphasizing on digitization of the commerce industry. With schemes such as the Digital India campaign and Pradhan Mantri Jan Dhan Yojna, the Government tried to introduce India to a new faceless, paperless and cashless economy. Not much came to their success until the onset of demonetization in 2016. Demonetization in India forced everyone to go cashless which proved to be a blessing for the POS terminal.

Although POS terminals were just being introduced in India after demonetization, the POS industry realized its greatest margins during the pandemic.

As a result of the ongoing pandemic, the use of mobile wallets has accelerated. A need for safer and contactless methods of making payments and ease of use associated with POS terminals will eventually drive demand for these terminals and we at QueueBusterare aiming to be a part of this revolution and contributing significantly to this transition for the better and digital India.

The Foreseeable Future

With the advancement of POS technology which will be more cost-effective, smarter, and integrated into core business processes, retailers will have greater opportunities to create a customer-centric environment.

By integrating desktop and mobile checkout solutions, the technology will improve customer loyalty and optimize sales opportunities. In the near future, owing to these attributes, QueueBuster is striving to provide a more practical and productive sales strategy for every business.

You can find out more information by visiting QueueBuster