Get All Access for $5/mo

How Point of Sale Is Changing the Future Of SME Business Through Digitalization PoS which is currently the need of the hour is largely aiming at changing the future of SME business through its cloud-based features

By Pravinkumar Bhandari

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

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.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.