POS (point of sale) refers to the time and location of the purchase or the in-store digital devices used to process and record payments, such as PCs or tablets. It may also refer to the brick-and-mortar store where transactions take place.
With the rapid digitization, plenty of devices are now capable to process transactions, including:
- Tablet and iPads
- POS terminals
Besides POS hardware, any store also needs POS software. Modern POS systems can do almost anything. First of all, they help in sales management (e.g. generating sales reports, issuing invoices, servicing various payment methods), customer service, (e.g. booking tables), and staff and warehouse management.
Cloud-based POS software is becoming increasingly popular as the data doesn’t have to be stored locally anymore which allows for an omnichannel experience, better data security, and remote access which makes purchases possible virtually anywhere.
What is POS marketing?
POS marketing refers to the practice of applying multiple advertising and product differentiation techniques to increase sales. The primary task of POS marketing is to support sales goals, and influence customers to make a purchase of a specific product while already at the point of sale. However, POSs can affect the customer in various ways. They can:
- Provide the customer with information on product prices, their value, or bonuses.
- Influence the customer’s mood and emotions.
- Make the customer linger longer near a given shelf or generally at the store.
Of course, POSs can also be located outside the shop itself, e.g. in front of the entrance, in the vicinity of the store. They can also be billboards, posters, or even promotional newsletters delivered to homes.