The full form of POS is the Point of Sale. It relates to a place like a market, supermarket, etc., where a transaction occurs when paying for or purchasing a service or item. Simply put, it is a virtual or actual area where you pay for a product to be purchased from the seller or exchange cash for a service or good, such as a store, showroom, grocery store, online shopping cart, and so on.
- This can be a physical store or a virtual sales point, including mobile or computer electronic equipment; when checkout occurs, orders are issued, and expenditures are paid using POS terminals & systems.
- The POS can comprise various input and output devices, including a touchpad screen, computer, printer, and magnetic card reader.
- Aside from that, the definition of “Point of Sale” has evolved due to developing technology and applications.
- This concept has been brought into the digital world by e-commerce, so no matter where shopping trips take place in the future, they will always be the final stop.
- For instance, a system at a POS in a retail store can include the cost of all of its food products and enable the inventory, sales and account data to be evaluated.
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