How Point of Sale Is Changing the Future Of SME Business Through Digitalization
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The point of sale (PoS) terminal in India is witnessing a healthy growth every year. The market in India is pushed by several factors mainly increasing penetration of digital currency on account of the financial inclusion initiative led by the central government and a relentless drive towards a cashless economy.
Moreover, the COVID-19 pandemic has bought many challenges in the retail and SME business. Like all other sectors, MSMEs too got blown away but the damage is much severe, severity to that level where around 23 per cent of MSMEs have closed down in the last three months. Now, as businesses are coming back to life, the MSMEs have slowly started their operations as well.
Due to the mandatory social distancing and zero contact, all the business has now started opting for digital solutions which are helping them to tackle the COVID-19 challenges and boost their daily productivity.
PoS which is currently the need of the hour is largely aiming at changing the future of SME business through its cloud-based features.
The stock/inventory management: The inventory management PoS feature helps retailers, SMEs and MMEs to manage their stock remotely from anywhere allowing them to track the number of items, to know how many are in the stock, what to reorder, and when. Thus helping the merchants in keeping up to the high demand for goods and reducing the manual work of daily stock management
Multiple digital payment: One of the most in-demand features of the PoS solution is its multiple digital payment features. With social distancing being the top preventive measure to curb the virus, customers and businesses both are opting for a card or contactless digital payments. Currently, the most used digital payment feature is the QR code which is a two-step process where payment is done by scanning a QR code. The instant credit and debit payment process provides both the customer and merchant a seamless experience without any physical contact
Data analysis feature: The data analysis feature of a PoS solution allows the merchants to work seamlessly by providing them accurate data in regards to their sales and profits earned from each store on a real-time basis. This data report further helps the merchants to keep track of the productivity and growth of their business.
The customer-facing display: This feature offered by the PoS solution allows the customers to watch the transaction happen on the screen and helps to maintain high-level transparency in the transactions where customers can immediately point out if there are any mistakes in the order before a bill is generated.
The multilingual feature: Most PoS supports multiple languages helping merchants from different language backgrounds to work, smoothly especially in tier II and III, and other remote areas.
Currently, the PoS is working as a protective umbrella providing a safe contactless business solution during this pandemic. It is one technology that is reshaping the working of most business industries smoothly especially the kiranas, SMEs and retailers are evolving their future from traditional to digital.