Retail CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Retail CIO Outlook
Integration of blockchain technology with POS systems can offer many benefits for the retailers.
FREMONT, CA: To perform the transactions, the Point of Sale (POS) system is leveraged by retailers or businesses. POS system is not a standalone machine but a constellation of things that enable retailers to process customer-facing transactions efficiently and optimize business processes connected with these transactions. Here is how blockchain technology can improve the POS systems but before discussing that, it is a good idea to first understand the basics and components of a POS system.
The POS Software assists a retailer in managing the business and in controlling all transactions. In the current scenario, printed receipts are given to customers as an acknowledgment of a transaction. But through Blockchain, digital receipts will be created, which will virtually be indestructible and will always be accessible to the customer and the retailer alike. Because of the digital receipts on Blockchain, there will be no requirement of searching for the physical receipt while trying to return or exchange an item. Potentially there will be lesser unsatisfied customers who will have a service declined because of a missing receipt. Additionally, as digital receipts don't want to be printed, it is eco-friendly and a cost-saving method for the retailer.
Presently, all sales reports of a retailer must be transferred to an accountant after a particular time for auditing. With Blockchain's deployment, since a legal authority will also be a stakeholder in the blockchain point of the sales ecosystem, that person can directly access time-stamped records related to taxation and payment. This makes it possible to conduct annual or quarter audits rapidly without the need to send these reports separately to an accountant. Blockchain technology can also allow payment through digital currencies. The payment can be automatically deducted from the customer's crypto wallets when they place an order and can be transferred to the wallet of the business owner. These transaction details will be stored on the Blockchain, which can be later used for taxation and audit purposes.
See Also : POS Solutions Companies
Read Also
