POS (Point Of Sale) - Definition & Meaning
What is POS (Point Of Sale)?
POS is a point where final payment or transaction is completed for purchased goods and services. It is sometime referred to as Point of Purchase also. A customer initially decides upon the product to purchase which is brought to POS to complete its transaction. All these data is stored as Point of Sale data in a database.
Example: Intel sells its Chip products to its national distributor where the transaction is captured in the database. Further this distributor sells it to its resellers spread across the globe and all this is captured in a POS database. It helps to keep record of all the transactions that have taken place and also enables to study its customers buying pattern as well.
Also POS systems have helped retail malls to revolutionize industry. It uses various state-of-art technologies to capture and store data into its database system. The same data is used to improve customer’s next purchase by studying its purchase habits and requirements.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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