Are you Coming to this year’s GITEX?? If yes and you are willing to start a business then this blog is for you. We will be showcasing our Remote PoS Solutions there, so you will be able to see a live demo.
Here’s the detailed blog about PoS and how you can start your own PoS business within 24 hours!
From the clunky cash register to the web based POS system software – the management process in the retail stores and restaurants have gone through a slow but very promising technological change.
An increasing trend in Cloud based PoS systems among retailers and restaurants makes it one of the most sought after tools in stores and restaurants.
In this article, we will go through the Past and the present of the PoS system. In addition, During the whole article, we will guide you through the best features of the modern-day PoS system and how it can help you to manage your staff, inventory, and other store related operations.
Not only this but the article also hides the best startup idea on PoS system which can make you your own boss! Yes, you heard it right!
Let’s proceed and dive deeper into the journey of the latest cloud-based PoS software and know what it used to be
Table of Content
What is PoS?
I know when I say Point of sales (PoS) you imagine a big bulky machine near the exit of a store. What you are seeing is true but a complete revolution has occurred. Let me explain to you what is a new-age PoS software is with a twist.
The latest PoS now comes in a compact form. As a result; now it is much more efficient in handling your staff, inventory, billing, and sales.
Let’s rewind the history of PoS and see how the ancestor of the system used to look like and what it consisted of!
The Past of PoS Systems
Well, the Image is self-explanatory. In detail; cash registers were used to give businesses the ability to ring up sales, store recipes, and, calculate taxes. You could also use it to generate the end-of-the-day reports for balancing the register and perform the basic sales tracking.
But Lack of analytics & reporting and inability to embed new technologies made cash registers obsolete.
The Present of PoS Systems
Today the cash register is old man’s weapon now. Nowadays PC based POS systems and tablet-based PoS systems are trending.
Today’s POS comes with a lot of features that facilitate you to run your business smooth. They have the ability to track the inventories, log employee hours, manage customer relationship, and a lot more.
You can choose today from a wide variety of hardware. For the basic requirement, you can buy a tablet, cash drawers, credit card scanner, and receipt printer. In addition, there are other components you can buy such as a barcode scanner, a kitchen printer, scales, and extra tablets for servers to get the orders digitally.
These days PoS systems come in two models.
Let’s clear the doubt between these two
What is the Traditional PoS System?
This kind of system stores the data on the local servers and run on a closed internal network.
For example, it’s like storing your family photos on the desktop of your own PC.
These systems come with a lightweight, and with significantly lower hardware cost than a cash register. All you need is to install a customized software according to your use. The PoS provider helps you integrate the software and the system.
What is a Cloud-based PoS system?
Cloud based PoS systems are also referred to as software as a service or web-based PoS. In this kind of system, your data is stored on the remote server and makes the information accessible online.
It’s like using Gmail and Facebook. You can get your data from the cloud anywhere. So you can manage your store on the go.
One of the benefits of cloud PoS systems is, I small of It can be a great startup idea.
It allows monthly subscription packages. So the store or restaurant owner can start using the software for a decided monthly subscription fee.
Let’s compare them profoundly:
|Traditional (legacy) PoS||Cloud-based PoS (web-based PoS)|
|Cost||$30000-$45,000 annually||$7000 – $20,000 one time investment|
|Software used||On-premise installation||Cloud hosted(online)|
|Hardware||Stationary terminal||Tablets & Mobiles|
|Payments||Upfront license fee + monthly maintenance||One time investment|
|Data storage||Internal back office server||Remote cloud servers|
|Maintenance||On premise||Secure remote access|
|Limitations||Stationary hardware, data accessibility, system integration||Internet-reliant|
Why Existing POS System Software Needs Upgradation?
You might ask why should I upgrade my traditional PoS system software? They work fine!
Well, your staff needs a compact system and you need an anytime-anywhere management software.
Many retail shop owners spend a small fortune over buying and updating such retail PoS systems. Although; there are certain problems with existing software based PoS systems that we aim to solve.
The PoS system cost is high and also the maintenance and upgrading price is more compare to cloud POS system.
Huge Machines and devices take up space of the store where you could have set up a whole new shelf.
The older billing systems in restaurants, cafes, Stores, Shops, and hotels are very bulky and hectic to use.
Bills are just a waste of paper and energy to set up printers and maintaining them. New trends are direct email or SMS.
Management becomes hectic with such systems and if the system goes down everything halts, which means a loss to the business.
Why Cloud Based POS Systems Are the Best?
It comes with a mobile app for customers as well!
There is a complete revolution coming that has changed how PoS systems look and work. Since 2014, iPad and Mobile PoS apps are on the rise and has made its way to almost every major country. And so these web-based PoS systems have leveraged that benefits to make your store operation mobile.
It’s one of the best mobile PoS systems that offer centralized or single-view systems for vendors to stay in command of various channels and stores. Many new features added which were never tried before with older legacy PoS system.
The main aim was to resolve all the challenges that vendors faced while using the on-premise PoS systems.
The Cloud-based PoS systems are trending SaaS (Software as a Service).
Benefits of the Cloud Based PoS Systems
First of all, we have reduced a lot of PoS system hardware to the minimum so that the problem of bulky systems is solved.
In restaurants and cafes, waiters can go to the table and take the order directly on the iPad. Print receipts and orders remotely from any location to the cash counter or the kitchen.
Do you need printed receipts or additional hardware for your store? Our app is capable of integrating all the billing system hardware that are IoT enabled.
Fingerprint-based system access for all the employees of the store.
All the hardware are connected using IoT so there are no worries of the system going down or manage it from anywhere.
The customers can give order straight from the table using the Cloud PoS customer app and their order will be served directly to the table.
The sales receipts can be sent via emails/SMS so there is no need of wasting time and money behind paper bills.
Deals, loyalty programs, and Offers can be offered to the users via the app. This is a feature that we have brought for the first time in a PoS system. None of this was possible with older PoS machines.
Social Media Platform Integration for vendors and users to share their favorites and store specials for the day.
The Admin has privileges like employee management, inventory system, orders, deliveries, accounting software, etc.
Admin vendors can receive a detailed report of any factor that they wish to observe like sales for the month, total inventory cost, orders, etc.
What Your Customers Get from Web Based Mobile POS System?
Besides the vendor app, there is a very profitable reason to go with Cloud-based PoS. It offers a mobile app for your users/customers to order from your stores.
The end-users need to download a single app for all their nearby shopping needs. Every vendor that is integrated with this Cloud PoS will be shown to the users in their app.
They can choose their preferred vendor and then choose all the items that they want to purchase. If the vendors provide delivery services, the user can choose that or pick their parcel from the store.
Now let’s come to the business model for the same!
How Web Based Point of Sale as a Service Can Be a Great Startup Idea? (PoSaaS)
If you want to start your own business then selling PoS software to the retail store and restaurants can be the best business idea. POS software system for sale is the perfect business start-up for any entrepreneur who wants to make it huge in 2021.
You might ask how does it work?
You can build your own PoS system by hiring a restaurant app development company. Later you can sell the software (in this case an app) to various vendors on a monthly subscription-based model.
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Cloud-based PoS Systems seem a very promising alternative to current PoS system software. It is probably the best mobile PoS solution out there that gives a lot more than any other solution in the market.
If you run a restaurant or a retail store then web based PoS can be a silver bullet solution for your business. Not only users but for someone who wishes to make a fortune from this amazing PoS system, it’s an excellent startup idea.